Netflix profits soar after password sharing crackdown

Good Morning,

Netflix posted its best start to the year since 2020 and announced it would stop reporting subscriber tally, Bitcoin slides below $60,000 on reports Israel strikes Iran, Sharesies to host online trading of Fonterra shares, Infometrics reports that the economy not expected to improve until mid-2025, and the man who torched John Key’s electorate office admits $650k arson of Huntly Railway Building.

Let's jump in.

Before The Bell

Markets

• An Israeli counter-attack on Iran sent sharemarkets into further turmoil, with New Zealand and its defensive stocks faring the best in terms of falls. (GR)

• The Australian sharemarket hit a three-month low following the report, and ended the week 2.8 per cent lower – its worst five-session run in more than six months. (AFR)

Earnings and Data

• Weaker agricultural market conditions have forced rural services company PGG Wrightson (PGW) to cut its full-year earnings forecast by $7m. (RNZ)

• Netflix posted its best start to the year since 2020, adding 9.33 million customers to the first quarter of 2024. The company delivered sales of $US9.33 billion, rising 15 per cent and beating estimates. Net income grew to $US2.33 billion, or $US5.28 a share, also above projections. (AFR)

• Bitcoin slides below $60,000 on reports Israel strikes Iran. (RT)

• Asian shares and bond yields sank on Friday while safe-haven currencies, gold and crude oil jumped after reports Israel attacked Iran in a continuing series of assaults that have increased concerns of a wider Middle East conflict. (RT)

News Summary

• The NZ government has committed $41 million to clean energy transition at the Asian Development Bank's Energy Transition Mechanism. (RNZ)

• Sharesies to host online trading of Fonterra shares. (RNZ)

• Air NZ extends pause on Chicago, boosts key Asia route capacity. (NBR)

• Economy not expected to improve until mid-2025, according to Infometrics. (RNZ)

• Israeli missiles hit site in Iran. (RNZ)

• Fonterra appoints Anna Palairet permanent chief operating officer, COO. (Herald)

• Michael Hill Taupō attacked in daytime robbery. (Herald)

• Man who torched John Key’s electorate office admits $650k arson of Huntly Railway Building. (Herald)

• Donald Trump falls $127 million behind Joe Biden in money race as donor base shrinks. (Herald)

• Spark apologises after man’s Xtra Mail blunder loses 30 years of family tree research. (Herald)

• Union dismay over Te Whatu Ora hospital staffing limits to trim budget deficits. (NBR)

• 'Significant' disruptions on Auckland train network after rail problems. (RNZ)

• A Perth-based hedge fund that previously counted former RBA governor Glenn Stevens on its investment committee has gone belly up. (AFR)

• Macquarie pays $10m fine after failing to catch fraudulent withdrawals. (AFR)

• Nearly half of China's major cities are sinking, researchers say. (RT)

• Netflix to stop reporting subscriber tally as streaming wars cool. (RT)

• J&J wins trial over Florida woman who claimed its baby powder caused her cancer. (RT)

• India heads to the polls in world’s biggest election. (CNN)

Deal Flow

Investments / M&A

• UniSuper invests US$400 million into Macquarie green energy fund. (NBR)

Daily Picks

• Taylor Swift, ‘The Tortured Poets Department’ album review. (Herald)

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