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Netflix missed the earnings target set by stock market analysts during the video streamer's latest quarter, a letdown that the company blamed on a tax dispute in Brazil. The results announced Tuesday broke Netflix's six-quarter streak of posting a profit that eclipsed analysts' projections. The Los Gatos, California, cited an unexpected USD 619 million expense tied to the Brazilian tax dispute for the earnings shortfall while hailing its lineup of distinctive TV series and films for keeping its audience engaged and delivering a mix of subscriber fees and increased ad sales that helped it deliver revenue that matched analyst forecasts. Investors, though, were not placated by the explanation as Netflix's shares still fell by about 5 per cent in extended trading after the numbers came out. Analysts varied in their interpretation of the third-quarter report. Investing.com analyst Thomas Monteiro worries Netflix is using the Brazilian tax hit as a way to mask signs of a slowdown in ...
Venezuela's Supreme Court has issued a USD 10 million fine against TikTok for not implementing measures to prevent viral video challenges that have allegedly led to the deaths of three Venezuelan children recently. Judge Tania D'Amelio said TikTok had acted in a negligent manner and gave it eight days to pay the fine, while also ordering the video service company to open an office in Venezuela that would supervise content so that it complies with local laws. The judge did not explain how Venezuela would force TikTok, whose parent company is based in China, to pay the fine. Venezuela has blocked dozens of websites in previous years for not complying with regulations set by its telecommunications commission. TikTok did not immediately respond to requests for comment from The Associated Press. In November, Venezuelan President Nicolas Maduro blamed TikTok for the death of a 12-year-old girl who allegedly died after participating in a TikTok challenge that involved taking tranquilizer