Earnings season is kicking into high gear as Netflix reports its Q2 results after today's closing bell. It's all going to come down to churn rate over the past three months, with the streamer previously projecting a loss of 2M subscribers for the period. That's 10 times the 200K net losses it experienced during Q1, when the stock plunged 35% in a single day after posting its first quarterly sub decline in a decade (NFLX shares have cratered 68% YTD).
Apple is joining a slate of tech giants that are tapping the brakes on their hiring plans due to concerns about a possible economic slowdown. The decision isn't part of a company-wide policy, but will rather be implemented in different business groups depending on product sales, supply chain issues and consumer demand. Apple still intends for an aggressive slate of product releases through 2023 despite the move to limit job growth and expenditures.
The Russian state-owned gas monopoly, Gazprom, has declared that due to unforeseeable circumstances it is not in a position to comply with gas contracts in Europe, and has claimed “force majeure” on its supplies. Officials in Germany and elsewhere in Europe have become increasingly concerned about the possibility of a complete shutdown of gas supplies from Russia. These fears intensified after Nord Stream 1 — a key gas pipeline from Russia to Germany — was closed earlier this month for maintenance work, with some doubting that flows will be fully restored after the work is concluded on July 21.