Netflix shares tumble more than 10%Posted: Updated:
Shares of Microsoft rose to a new all-time high after delivering earnings ad revenue that topped Wall Street's expectations Thursday, driven by growing cloud sales. Revenue growth in its Azure business was 64%, helping boost its intelligent cloud unit to $11.4 billion in sales -- better than the $11 billion expected by analysts.
Meanwhile, Netflix earnings reflected that the company is struggling to retain subscribers as competition increases. Netflix shares tumbled more than 10% on news of the report, knocking about $20 billion off the company's market cap.
Boeing recorded a $4.9 billion charge to compensate airlines for thousands of canceled flights since its 737 Max jet was grounded after two deadly crashes. The aftermath of the accidents will squeeze out $5.6 billion dollars from its revenue and pre-tax earnings during the April through June quarter. Investors found a silver lining in Boeing's latest developments. The company added that it expects regulatory approval for the 737 Max to return to the skies early in the fourth quarter.