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Category: Business

  • Netflix loses 200,000 subscribers in Q1 2022, projects deeper losses in Q2

    Netflix loses 200,000 subscribers in Q1 2022, projects deeper losses in Q2

    Netflix lost 200,000 clientele in the most recent quarter, a significant loss for the streaming titan which has enjoyed exponential user growth over the previous decade. The company revealed that it fell far short of its own low estimates of 2.5 million new users by the start of 2022.

    Except for the Asia Pacific market, where it witnessed a net gain of almost 1 million customers, the streaming giant lost users in nearly every region.

    Netflix lost roughly 640,000 subscribers in the United States and Canada in the first quarter, a higher decline than its prior subscriber loss in the region last year, and 300,000 in Europe, the Middle East, and Africa, and 350,000 in Latin America.

    The decline is projected to continue into the second quarter when Netflix expects to lose another 2 million customers.

    Netflix co-CEO Reed Hastings stated in a pre-recorded interview that the company will look into creating an ad-supported tier in the “next year or two” – a move that Netflix officials had previously opposed.

    “Those who have followed Netflix know that I have been a vocal opponent of advertising complexity and a strong supporter of subscription simplicity. But, as much as I enjoy that, I prefer consumer choice, and letting consumers who want a lower price and are tolerant of advertisements to obtain what they want makes a lot of sense,” Hastings added. “Think of us as being fairly open to delivering even lower costs as a consumer choice with advertising”.

    .According to CFO Spencer Neumann, the streamer will also draw back some of its content investment over the next two years in order to boost revenue growth. During the pre-recorded interview, Neumann added, “We’re cutting back on some of our spend increases across both content and non-content expenditure and we’re trying to be wise and sensible about it, reining in some of that expenditure increase to match the realities of the business’s revenue growth”.

    Due to the company’s poor performance in Q4 and lowered estimates for the first quarter, Wall Street had low expectations for Netflix going into Tuesday’s earnings. Netflix’s move to cease service in Russia, where the streamer claims to have 700,000 customers, was also expected to have an impact on subscriber growth.

    Read more: Samsung Galaxy S23 to launch with high capacity battery, inspired by electric vehicles

    Netflix said in its shareholder letter that it would have added 500,000 customers in the first quarter if the losses in Russia were not taken into account.

    However, Netflix attributed its slowing growth in Q1 to a number of issues, including account sharing, the pandemic’s prolonged disruption, and, once again, greater competition from competing streamers.

    Netflix revealed in a shareholder letter on Tuesday that more than 100 million of its 222 million paid subscriptions were pooled with viewers outside of paying customers, with 30 million shared accounts in the US and Canada alone.

  • PKR continues losing streak against US dollar, sheds Rs1.48

    PKR continues losing streak against US dollar, sheds Rs1.48

    The Pakistani currency plummeted further against the US Dollar (USD) on April 20, with losses reported on the interbank exchange. At the completion of today’s session, the Pakistani rupee (PKR) lost Rs1.48 versus the US dollar.

    It declined by 0.80 per cent versus the greenback, closing at Rs185.92, after shedding Rs1.90 in the interbank market on Tuesday, April 19th, and concluding at Rs184.44. During today’s open market session, the Indian rupee (INR) fell to an intraday low of Rs185.95 over the US dollar.

    The local currency weakened against the dollar as businesses remained under pressure amid the ongoing dialogue between Pakistan and the International Monetary Fund (IMF). The Pakistani government is likely to undertake certain difficult and problematic steps in order to revive the local economy.

    Read more: PKR declines against US Dollar after winning for a week

    Oil prices rallied following steep losses the previous day as concerns about tighter supply from Russia and Libya arose, although industry data showed a decline in US crude inventories in the previous week.

  • Thal Express set to hit track back after 2 years on April 21

    Thal Express set to hit track back after 2 years on April 21

    Railways Minister Saad Rafique on Wednesday announced restoration of Thal Express between Multan and Rawalpindi after remaining suspended for over two years.

    According to ARY News, “It has been decided to restore the Thal Express (129-Up/130-Dn) running between Multan – Rawalpindi – Multan via Attock with effect from 21-04-2023,” the minister announced in a tweet.

    The Thal Express would run between Rawalpindi and Multan via Muzaffargarh, Layyah, Bhakkar, Kundian, Attock and Golra Sharif.

    Back in 2019, former prime minister Imran Khan inaugurated the Thal Express. Pakistan Railway had suspended the train service in 2008 due to financial losses and the shortage of locomotives.

  • Gold price jumps Rs900 per tola as Rupee declines

    Gold price jumps Rs900 per tola as Rupee declines

    The price of gold in Pakistan increased by Rs900 per tola as the Pakistani rupee continued its downward trend against the US dollar, crossing the Rs184 threshold in the interbank market once more. The yellow metal increased by Rs900 per tola and Rs771 per ten gramme to Rs133,300 and Rs114,283, respectively.

    Gold fell $15 per ounce on the international market, settling at $1,976 per ounce. When compared to the Dubai market, gold prices in Pakistan are roughly Rs4,000 lower.

    Silver prices in the local market, meanwhile, remained stable at Rs1,520 and Rs1,303.15.

    The rupee declined by 0.54 per cent versus the US dollar, closing at Rs182.54 after winning three paisas and settling at Rs181.55 on Saturday, April 16. During the open market session, the Indian rupee (INR) touched an intraday high of Rs181.00 versus the US dollar.

    Read more: PKR declines against US Dollar after winning for a week

    The consumer market is still torn between those who see gold as a hedge against inflation, growth concerns, and high volatility in other financial markets and those who do not.

  • 3Qs of FY-2022: Food exports up by 18.92% to $3.961 bln: PBS

    3Qs of FY-2022: Food exports up by 18.92% to $3.961 bln: PBS

    The national food exports recorded a huge increase of 18.92 per cent during the first three quarters of the current fiscal year as compared to the corresponding period of last year, informed Pakistan Bureau of Statics (PBS).

    The PBS data showed the number increased to $3,961.469 million during July-March (2021-22) from $3,331.257 million in July-March (2020-21).

    Rice exports, with an increase of 14.96 percent, increased from $1,560.429 million to $1,793.909 million.

    The Basmati rice increased from $408.117 million to $496.389 million, which is a 21.63 percent increase. Moreover, an increase in other rice products were recorded from $1,152.312 million to $1,297.519 million, which is a 12.60 sharing growth increase.

    The fish and its related items exports increased from $303.782 million to $309.979 million which is 2.04 percent increase. About fruit exports, the PBS data revealed that the numbers increased from $378.575 million to $294.538 million, which is a 4.22 percent increase.

    The exports of vegetables increased by 1.09 percent, from $245.739 million to $248.413 million; leguminous vegetables (pulses) by 100 percent, from zero exports to $0.068 million; tobacco by 59.35 percent, from $24.736 million to $39.418 million; spices by 18.05 percent, from $70.524 million to $83.251 million; oil seeds, nuts and kernals by 131.41 percent, from $76.348 million to $176.678 million; meat and meat preparations by 1.18 percent, from $247.010 million to $249.934 million whereas the exports of all other food items increased by 56.86 percent, from $424.114 million to $665.282 million.

    Meanwhile, on a year-on-year basis, the exports of food commodities went up by 10.22 percent during March 2022 as compared to the same month last year. They were recorded at $526.466 million against the exports of $477.668 million.

  • 90’s favourite Nokia is gearing up for a comeback with new devices

    90’s favourite Nokia is gearing up for a comeback with new devices

    Nokia was confronted with a major challenge following the judicial decision in the lawsuit brought against HMD Global. To refresh your memory, a business called VoiceAgeEVS LLC sued the Finish giant in German courts for illegally deploying VoLTE technologies in Nokia handsets.

    Nokia Mobile in response, filed a complaint, which was dismissed, resulting in the withdrawal of smartphones from some European countries. HMD takes intellectual property rights carefully, according to Nokia Mobile, and is ready to provide and acquire licenses on conditions that are fair, reasonable, and nondiscriminatory.

    Pursuant to VoiceAgeEVS LLC’s discontent with HMD’s legal exercises, a partial ban on Nokia smartphones was imposed. Nokia has already taken measures to ensure that enhanced voice service (EVS) is no longer integrated into its devices sold in Germany, allowing for uninterrupted distribution. In Germany, Austria, and other European nations, phones like the Nokia XR20 and X20 are now eligible for sale in online stores.

    Read more: PTA records 1.73 million new 3G, 4G users in one month

    Nokia C21 is the latest addition to the C-series family, as announced by HMD Global, the house of Nokia devices.

    The new Nokia C21 adds even more value to the popular C-series by preserving the exceptional build quality, hallmark security assurances, and all-day battery life. It costs Rs17,000 and offers improved photos, privacy, and speed for a more enjoyable experience.

  • PTA records 1.73 million new 3G, 4G users in one month

    PTA records 1.73 million new 3G, 4G users in one month

    The latest stats from Pakistan Telecommunication Authority (PTA) show that the number of 3G and 4G customers in Pakistan increased by 1.73 million to 113.11 million by the end of March 2022, up from 111.38 million at the end of February 2022.

    By the end of March 2022, the number of mobile users in Pakistan had risen by 1.79 million to 193.42 million, up from 191.63 million at the end of February 2022. The cellular population climbed from 87.17 per cent in February 2022 to 87.95 per cent in March 2022.

    The entire teledensity had risen to 89.09 per cent, up from 88.31 per cent in February.

    The overall number of Jazz 3G users was 6.489 million at the end of March, down from 6.607 million at the end of February 2022, a fall of 0.118 million. By the end of March, the number of Jazz 4G users had risen from 35.822 million to 36.518 million.

    The number of Zong 3G customers fell from 3.501 million in February to 3.447 million in March, while the amount of 4G users increased from 27.483 million in February to 28.033 million in March.

    Telenor’s 3G users totaled 3.911 million at the end of March, which was the same as at the end of February. The graph, however, shows a downward trend. Its 4G subscribers increased from 20.801 million at the end of February to 21 million by the end of March 2022.

    Read more: Textile exports soared 25pc to $14.3b: PBS

    By the end of March, there were 3.809 million Ufone 3G users, up from 3.873 million at the end of February. Ufone’s 4G user base expanded from 8.099 million in February to 8.6 million by the end of March 2022, a 0.501 million growth in the time period under consideration.

  • PKR declines against US Dollar after winning for a week

    PKR declines against US Dollar after winning for a week

    The winning days for Pakistani currency are over. On April 18, the Pakistani Rupee (PKR) overturned gains against the US Dollar (USD) and registered losses in the interbank market.

    At the completion of the session, the local currency had lost 99 paisas against the US dollar. It declined by 0.54 per cent versus the US dollar, closing at Rs182.54.

    The rupee declined by 0.54 per cent versus the US dollar, closing at Rs182.54 after winning three paisas and settling at Rs181.55 on Saturday, April 16. During the open market session, the Indian rupee (INR) touched an intraday high of Rs181.00 versus the US dollar.

    After the International Monetary Fund (IMF) decided to resume talks with Pakistan under the $6 billion Extended Fund Facility (EFF) programme, the rupee’s seven-day winning streak versus the dollar ended today.

    Considering global variables influencing the local currency, crude prices declined as concerns about slowing demand in China outweighed support despite a constrained global supply situation and the escalating Russia-Ukraine conflict.

    Read more: Global oil prices climb to highest in three weeks

    It is worth noting that the local currency has depreciated by 15.85 per cent (Rs24.98) since the beginning of the current fiscal year on July 1, 2021.

  • Social media influencers share first glimpse of Twitter’s edit button

    Social media influencers share first glimpse of Twitter’s edit button

    Social Media influencers have shared the first glimpses of the social microblogging site, Twitter’s edit button which is under testing progress. Earlier this month, Twitter announced that they are working on the edit button’s feature.

    Social media influencer, Alessandro Paluzzi shared a screenshot of Twitter’s edit button which is in progress.

    Another social media influencer, Matt Navara shared a video of the edit button feature.

    Twitter announced on April 1 that they are working on the edit button but many users thought that its a prank. However, on April 6, Twitter confirmed that they are currently testing a new feature of the edit button for Twitter.

    https://twitter.com/TwitterComms/status/1511456430024364037?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1511456430024364037%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.samaaenglish.tv%2Fnews%2F2022%2F04%2Ffirst-glimpses-of-twitters-edit-button%2F

    Twitter’s Vice President of a consumer product, Jay Sullivan said that editing has been “the most requested Twitter feature for many years”

  • Pakistani govt seeks help for balance of payments: IMF

    Pakistani govt seeks help for balance of payments: IMF

    The International Monetary Fund (IMF) has confirmed that the new government in Pakistan has reached out to it, seeking support for the country’s balance of payments. It said a delegation of the country would be in Washington this week for a follow-up meeting.

    “The IMF looks forward to continuing supporting Pakistan’s authorities on economic policies and reforms to ensure macroeconomic stability in the country amidst the current challenging global economic environment,” IMF’s Resident Representative in Islamabad Esther Perez Ruiz told Dawn News.

    She also confirmed that as part of the IMF’s “continued engagement with Pakistan” she last Friday met with finance minister-designate Miftah Ismail, ahead of the visit of Pakistan’s delegation to Washington during Spring Meetings.

    Top government sources confirmed that a delegation also comprising Secretary Hamed Yaqoob Shaikh and State Bank of Pakistan (SBP) Governor Dr Reza Baqir would be meeting the new IMF mission chief to Pakistan Nathan Porter on Monday evening, besides other fund officials.

    Pakistani delegation likely to meet fund officials this week

    Efforts were on to ensure that Mr Ismail also joins the Washington meetings physically and hopefully take this opportunity to call on IMF Managing Director Kristalina Georgieva and seek her support for the revival and completion of the stalled fund programme. These sources said former finance minister Shaukat Tarin had sought to arrange a meeting with Ms Georgieva during these meetings as negotiations with the fund staff had stalled following Feb 28 fuel subsidies and tax amnesty announced by former prime minister Imran Khan.

    The new finance minister would be more eager to seek blessings of the IMF’s top management at the outset for smooth engagements with the staff to put the programme back on track and ensure foreign inflows for the direly needed balance of payment support. There are, however, at least three issues that the authorities are trying to resolve as the spring meetings (April 18-24) are opening today.