Saturday, June 3, 2023

This week: Netflix and American Airlines results; house sale

A look at some of the key business events and economic indicators coming up this week:

Netflix introduces its latest quarterly snapshot on Tuesday.

The video streaming service giant is expected to report that its first-quarter earnings fell and revenue rose compared to a year ago. While Netflix delivered overall earnings and revenue growth in 2021, the company scored just 18.2 million subscribers worldwide last year, its slowest annual growth in five years. The recession in 2021 followed a blockbuster 2020, when Netflix garnered over 36 million subscribers.

Housing Market Barometer

The National Association of Realtors released the latest monthly snapshot of US home sales on Wednesday.

Economists estimate that sales of previously occupied US homes slowed last month to a seasonally adjusted annual rate of 5.73 million properties. This would follow an annualized pace of 6.02 million homes in February, when sales fell as competition for an almost record shortage of properties in the market and rising mortgage rates would have buyers.

Current home sales, in millions, seasonally adjusted annual rate:

October 6.19

November 6.33

December 6.09

January 6.49

February 6.02

March (Estt.) 5.73

Source: FactSet

still in red

Wall Street expects American Airlines’ latest quarterly report card to appear less red.

Analysts expect the company to report Thursday that its losses narrowed from a year ago to the first quarter as its revenue grew. While not back to pre-pandemic levels, airline bookings are rising ahead of the summer travel season. Also, airlines are facing higher costs for fuel and labor. American is adding workers after struggling with its operations last summer and fall.

World Nation News Desk
World Nation News Desk
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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