Netflix, Inc. (NASDAQ:NFLX) [Detail Analytic Report] unveiled an innovative tool to help users viewing streamed television shows on mobile devices avoid costly bills and save mobile data, NDTV reported. The move comes shortly after the online streaming media giant extended its service to nearly every nation on the planet, wooing possible subscribers in vast array of places where smartphones are preferred devices for connecting to the Internet. Eddy Wu, director of product innovation at Netflix stated in a blog post that as they have launched Netflix across the globe, they have seen big differences in how much people are streaming on smartphones and what kinds of mobile data plans they have.
Wu added now they are offering a new tool to help people better control how much data they use when streaming on cellular networks. A default setting in Netflix applications will allow people stream about three hours of shows or films per gigabyte of data, aiming to provide good video quality in the process. Their testing found that, on cellular networks, this setting balances good video quality with lower data usage to help avoid exceeding data caps and incurring overage fees, Wu stated.
According to Wu, their goal is to give people more control and greater choice in managing data usage whether they’re on an unlimited mobile plan or one that’s more restrictive. Netflix memberships grew a record high 6.74 million in the first three months of 2016, hitting 81.5 million globally, with some 42 percent of those outside the US. Netflix in January significantly extended its worldwide footprint to 190 nations, making its Internet TV service available in 130 new markets including India but not China.
News Corporation (NASDAQ:NWSA) [Detail Analytic Report] announced loss of $149 million in its fiscal third quarter, after reporting a profit in the same quarter a year ago. On a per-share basis, the New York-located firm reported that it had a loss of 26 cents. Earnings, revised for non-recurring costs and to account for discontinued operations, were 4 cents a share. Commenting on the results, Chief Executive Robert Thomson stated that the Q3 results were materially affected by a $280 million pre-tax charge at News America Marketing to resolve a legacy lawsuit and related claims, and continued currency headwinds, which impacted revenues by $72 million and EBITDA by $9 million.
Thomson added they believe, however, that the firm is on track to see improvements in the current quarter, with the extension of their digital real estate business, foreign currency comparisons hopefully beginning to ease, and cost saving initiatives taking firmer root. The results missed Wall Street estinates. The average estimate of experts polled by Zacks Investment Research was for earnings of 5 cents a share.
News Corporation declared its third quarter revenue of $1.89 billion, which also trailed Street forecasts. According to analysts surveyed by Zacks has anticipated $1.94 billion. Thomson stated that their pursuit of digital growth continues apace and they enhanced their status as the world’s largest digital property firm with REA’s completion of the iProperty buyout in Southeast Asia.
President and Chief Executive of AMC Networks Inc. (NASDAQ:AMCX) [Detail Analytic Report] Josh Sapan commented during first quarter earning call that the firm is continuing to build on the momentum and strength of 2015 with a strong start to 2016. Q1 2016 revenues, AOCF and operating income were healthy and growing. Their performance continues to be driven by the strength of their brands and the popularity of their original programming, particularly The Walking Dead, Better Call Saul and Fear the Walking Dead, with viewers and advertisers.
Sapan added with the refinancing of their debt on favorable terms and the authorization of a $500 million share buyback program, their firm remains focused on creating and delivering value for investors. AMC Networks announced net income of $113.4 million in its first quarter. The New York-based firm disclosed that it had profit of $1.55 a share. The results trailed Wall Street expectations.
AMC Networks reported its first quarter revenue of $706.6 million, topping Street forecasts. According to Zacks, analysts have expected $691.6 million. Shares of AMC Networks have plummeted 15 percent since the starting of the year. The stock has slumped 20 percent in the previous twelve months.