Netflix Says Tax Dispute Hurt Solid Quarter

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.Netflix Inc. said a tax dispute with Brazil cut into third-quarter earnings, marring results that otherwise fell in line with Wall Street estimates.The world’s most valuable entertainment company posted quarterly operating income of $3.24 billion, according to a statement Tuesday, about $400 million below its own forecast and analysts’ estimates. The company’s outlook for the current quarter is largely in line with Wall Street projections.Netflix had to pay about $619 million to settle a multiyear tax dispute with Brazilian authorities going back to 2022. The company had identified the potential risk in previous filings – but not in its earnings guidance — and said it would have beaten forecasts if not for the expense. Future payments will be smaller.“We don’t expect this matter to have a material impact on future results,” the company said.Today's show features: Bloomberg Intelligence Senior Media Analyst Geetha Ranganathan breaks down quarterly earnings from Netflix Dr. Gracelin Baskaran, Director of the Critical Minerals Security Program at the Center for Strategic and International Studies, on the global market for rare Earth minerals Bloomberg New Economy Editorial Director Erik Schatzker on the reasons behind the $20 billion currency swap deal between the US and Argentina Andrew Krei, Co-CIO of Crescent Grove Advisors on the market outlook and the steep drop in gold and silver prices See omnystudio.com/listener for privacy information.

There are no comments yet.

Please log in to write the first comment.