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Netflix beat Wall Street expectations

Netflix beat Wall Street expectations on both earnings and revenue. The company added 35 million paid subscribers on a year-over-year basis, sending the streaming giant’s stock higher.

KEY FACTS

  • Netflix reported earnings of $5.40 per share and revenue of $9.82 billion in the third quarter of 2024 ended Sept. 30, beating analysts’ consensus estimates of $5.12 and $9.77 billion, respectively, according to FactSet.
  • The company saw a roughly 14% jump in global subscribers to 282 million from 247 million in the third quarter of last year – although subscriber growth slowed as the platform added just over 5 million paid members last quarter, compared to 8 million in the second quarter of 2024 and 8.76 million in the third quarter of 2023.
  • Revenues are up 15% year-on-year.
  • After months of strong subscriber growth (largely stemming from the introduction of a cheaper advertising tier in May and the implementation of password-sharing measures), the stock hit a record high of $736 last Friday, surpassing its previous high of $733. placed just the day before.

KEY STORY

Analysts had expected the price hike to support strong revenue growth as the explosion in subscriber growth from a crackdown on password sharing began to wane. Netflix’s last major price increase in the US was in October 2023, when it raised the “Basic” plan to $11.99 per month and the “Premium” plan to $22.99 per month. Netflix Originals continued to drive engagement in the third quarter with shows like Emily in Paris Season 4, The Perfect Couple, according to a UBS analyst report.

New Operating Hours Law To Transform Cyprus Hospitality Industry

Legislative Overhaul Targets Sectoral Modernization

The parliamentary Energy Committee is reviewing a proposal that could significantly reshape operating hours for hospitality and entertainment venues across Cyprus. The initiative also includes provisions for the establishment of recreational centres and is intended to close existing regulatory gaps while strengthening the competitiveness of the tourism and dining industries.

Industry Categorization and Operational Adjustments

The draft law introduces a new classification of service venues and adjusts operating schedules according to season. Following strong reactions from professional associations and other stakeholders, the government revised the bill before its submission for closed-door committee discussions. In line with parliamentary procedure, the detailed debate and final amendments will be decided exclusively by elected members of parliament.

Seasonal Flexibility And Specific Amendments

Under the revised proposal, pubs and bars would operate on different seasonal timetables. From May 1 to September 30, opening hours would run from 7:00 AM to 2:30 AM on weekdays and Sundays, with an extension until 3:30 AM on Fridays and Saturdays. From October 1 to April 30, weekday and Sunday operations would end at 2:00 AM, while weekend hours would extend until 3:00 AM. These changes replace earlier rules that allowed restaurants, taverns, cafés, pizzerias and snack bars to operate from 6:00 AM to 1:30 AM.

Refined Hours For Entertainment Venues

The legislation also sets updated schedules for event halls, reception venues and music or dance centres. During the summer period, these establishments would be permitted to operate from 8:00 PM to 2:30 AM on weekdays and Sundays, with later closing times on weekends. In winter, weekday and Sunday operations would end at 2:00 AM, again with extended hours on Fridays and Saturdays. Earlier drafts proposed uniform early closures, but the revised version introduces more flexibility to better reflect market demand.

Local Authority Flexibility

Municipal councils would retain the right to temporarily adjust operating hours for recreational venues for up to six months per year. This provision is designed to give local authorities room to respond to tourism peaks, festivals or regional economic needs while maintaining a consistent national framework.

Final approval of the reform is expected to come from the full House of Representatives, with the bill scheduled for submission before the April session ahead of the upcoming parliamentary elections.

The Future Forbes Realty Global Properties
Aretilaw firm
eCredo
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