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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
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