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Closing Bell

Closing Bell: Netflix on Deck… So, what’s at stake for tech? 4/18/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 18 April 2023

⏱️ 43 minutes

🧾️ Download transcript

Summary

A lot is riding on the so-called FANG stocks this earnings season with tech performing well so far this year. But can Netflix keep that momentum going? We break down what to expect and what it might mean for the broader sector. Plus, Bank of America CEO Brian Moynihan discusses his company’s earnings, the state of the banks and the economy. And, retailing legend Mickey Drexler – Alex Mill Chairman and Former J. Crew and Gap CEO – weighs in on the consumer and where he sees the retail space headed from here.

Transcript

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0:00.0

All right here at the new york

0:02.0

welcome to closing bell I'm Scott Wopner live from post nine right here at the

0:05.2

New York Stock Exchange this make-or-break hour begins with the countdown

0:09.0

to Netflix earnings just about an hour away and the first of the really big NASDAQ reports to hit

0:15.1

the tape. The stock off to a pretty good start this year too which makes that release

0:19.4

all the more important and we're going to walk it right up to it. We also have a couple of big

0:24.0

exclusives coming up this hour. Bank of America CEO Brian Moynihan and

0:28.0

retailing legend Mickey Drexler. They'll be along in just a little bit here.

0:32.1

Here is your scorecard with 60 minutes to go in

0:34.3

regulation.

0:35.4

The Dow having a tough time getting much of anything going today.

0:38.7

Goldman Sachs, Johnson and Johnson, United Health Care, weighing a bit on that index index NASDAQ lower as you can see as well not too much but that does bring us to our talk of the tape all that is riding on the so-called

0:51.4

bank stocks with tech and communication services the two best sectors of the year by far

0:56.7

The big question now can Netflix keep that momentum going let's bring in our Julia Borston with exactly what you need to know for that report in about

1:05.2

an hour Julia.

1:06.2

Well Scott this is the first quarter for which Netflix has not forecast subscriber

1:11.4

addition so a key number that we're watching is the

1:14.8

company's own forecast for 4% revenue growth. Earnings per share are projected to

1:20.1

fall about 19%. So Netflix's outlook will give insight into two of its key initiatives.

1:26.7

First, there's the company's crackdown on password sharing with its slow introduction of what they call

1:32.3

new paid sharing options.

1:34.5

And then the second key issue is Netflix's lower cost ad support

...

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