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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
A federal appeals court has left in place a mid-January deadline in a federal law requiring TikTok to be sold or face a ban in the United States, rejecting a request made by the company to halt enforcement until the Supreme Court reviews its challenge of the statute. Attorneys for TikTok and its China-based parent company, ByteDance, are expected to appeal to the Supreme Court. It is unclear if the nation's highest court will take up the case, though some legal experts have said they expect the justices to weigh in due to the types of novel questions it raises about social media, national security and the First Amendment. TikTok is also looking for a potential lifeline from President-elect Donald Trump, who promised to save the short-form video platform during the presidential campaign. Attorneys for TikTok and ByteDance had requested the injunction after a panel of three judges on the US Court of Appeals for the District of Columbia Circuit sided with the US government and rejecte
TikTok's future in the US appeared uncertain on Friday after a federal appeals court rejected a legal challenge to a law that requires the social media platform to cut ties with its China-based parent company or be banned by mid-January. A panel of three judges on the US Court of Appeals for the District of Columbia Circuit ruled unanimously that the law withstood constitutional scrutiny, rebuffing arguments from the two companies that the statute violated their rights and the rights of TikTok users in the US. The government has said it wants ByteDance, TikTok's parent company, to divest its stakes. But if it doesn't and the platform goes away, it would have a seismic impact on the lives of content creators who rely on the platform for income as well as users who use it for entertainment and connection. Here are some details on the ruling and what could happen next: What does the ruling say? In their lawsuit, TikTok and ByteDance, which is also a plaintiff in the case, had challen