00:00As investors navigate an increasingly uncertain market environment,
00:04corporate earnings and company updates remain key indicators of business health and future prospects.
00:09Here's a round-up of the latest corporate developments from overnight that could help shape your investment decisions today.
00:16Netflix laying off 6% of its workforce or roughly 1,000 employees in its biggest cut since 2022,
00:24according to an internal memo seen by Reuters, as the streaming pioneer faces tough competition from viewers from legacy rivals
00:32and YouTube.
00:33The bulk of the job cuts would be in Netflix's product, tech legal and human resources teams,
00:38the email co-CEOs Greg Peters and Ted Sandrodos sent to employees on Wednesday's show.
00:45According to the memo, Netflix said its mission to entertain the world requires the company to remain disciplined
00:51in how it allocates people and resources even as it continues to grow and deliver its full-year forecast.
00:58The streaming giant said its business remained strong and on track despite its share price having fallen about 25%
01:05year-to-date.
01:06Netflix shares, however, aged up 0.7% on Wednesday.
01:10The company employed about 16,000 people at the end of last year.
01:16BlackRock surpassed Wall Street profit expectations and attracted US$205 billion in total inflows in the third quarter,
01:24sending the world's largest asset managers' shares up by as much as 5% in trading on Wednesday.
01:31CEO Larry Fink credited the ongoing strength in the benchmark US stock market index,
01:36the Standard & Poor's 500, and for the company's ability to trounce analysts' expectations for revenue and profit growth
01:43during the just-ended third quarter.
01:46As the index extended its gains, ending the period near its all-time highs,
01:50BlackRock posted a 38% gain in earnings per share and reported that revenues grew by US$7.8 billion,
01:59well above consensus forecast of US$7.5 billion.
02:04Morgan Stanley beat third quarter profit estimates on Wednesday as market volatility due to the interest rates decisions
02:11and the US-Iran war boosted equity trading, while advisory rules and M&A fee lifted investment banking income.
02:20The market turbulence led investors to re-align their portfolios,
02:24driving up trading volumes and boosting revenue at the bank's trading desks.
02:28Morgan Stanley posted equity trading revenue of US$5.8 billion, a nearly 41% rise from a year ago.
02:36Morgan Stanley's revenue from its fixed-income trading dropped 7.3% to US$2.01 billion.
02:44The slowdown also mirrored that of Goldman Sachs whose fixed-income, currency and commodities revenue
02:50came in 1% down from a year ago.
02:53For more information, visit unsurÙŽ.com.
