International News 22/07
-
Netflix Subscribers Only Increased by 4.82 Million in the Second Quarter of 2024
In the second quarter of 2024, Netflix saw a slight increase of approximately 4.82 million subscribers, representing the lowest growth rate since the first quarter of 2023. However, the company saw a notable increase in advertising revenue, with a 16.4% growth to US$9.53 billion in the same period. This represents the fastest growth rate in advertising revenue since the second quarter of 2021. In May, Netflix revealed that it had reached 40 million monthly active users globally, representing 40% of all new subscribers in available countries. This figure demonstrates a significant increase in subscribers compared to the 23 million recorded in January. Despite the slower subscriber growth, the increase in advertising revenue indicates the potential for increased monetisation in the future.
Oil Prices Move Thinly on China's Economic Weakening
World crude oil prices saw a slight increase following a one-month low due to China's economic downturn. The growth figures for the second quarter of 2024 indicated that China's economy expanded at its slowest pace since Q1 2023, which constrained the increase in oil prices. However, the impact of China's economic conditions was offset by expectations of a US rate cut in the coming months. Oil analyst Gaurav Sharma stated that these two factors offset each other, resulting in a net neutral impact. On Wednesday, oil prices showed a stabilising trend, with Brent crude futures rising by 0.39% to $84.06 per barrel and US West Texas Intermediate (WTI) crude futures rising by 0.63% to $81.27. Analysts are monitoring the situation closely for any developments from the Third Plenum in Beijing this week, as China's oil demand growth is of great significance. In the United States, crude oil inventories decreased by 4.4 million barrels, a figure that exceeded analysts' expectations.
https://internasional.kontan.co.id/news/harga-minyak-bergerak-tipis-karena-pelemahan-ekonomi-china
Supported by Drug Sales, Johnson & Johnson's Performance Soars in the Second Quarter of 2024
In the second quarter of 2024, Johnson & Johnson (JNJ) surpassed analysts' expectations in terms of revenue. The pharmaceutical business achieved robust sales of the oncology drug Darzalex and the prophylactic drug Stelara. Revenue was recorded at $22.4 billion, exceeding the expected $23.3 billion. Similarly, the profit per share increased to $2.82, exceeding the predicted $2.70 per share. Sales of Stelara reached $2.89 billion, exceeding the analyst estimate of $2.77 billion, while sales of Darzalex rose to $2.88 billion, in line with the average analyst estimate. However, the company may experience a decline in Stelara sales in the future due to the introduction of new competitors in the market. J&J's CFO, Joe Wolk, anticipates that Stelara will be eligible for favourable insurance coverage in 2025. Despite the potential challenges posed by biosimilar competition, the company maintains an optimistic outlook for growth in its pharmaceutical business.