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Ex-Nissan boss Ghosn says Renault/Nissan results ‘pathetic’

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© Reuters. Former Nissan chairman Carlos Ghosn gestures during a news conference at the Lebanese Press Syndicate in Beirut

PARIS (Reuters) – Former Nissan (OTC:) Motor Co Ltd Chairman Carlos Ghosn took a swipe at his old employers in a newspaper interview on Sunday, calling the Renault (PA:) and Nissan results “pathetic”, driven as much by a lack of joint leadership than the COVID-19 pandemic.

Ghosn, who was also the chairman of Mitsubishi Motors (OTC:) Corp, was arrested in Japan in late 2018 on charges of underreporting his salary and using company funds for personal purpose – charges he denies. He fled to Lebanon from Japan.

“There is a market confidence problem in the alliance. Personally, I find the results of Nissan and Renault pathetic. The two companies are looking inwards. There is no longer any real mix of management between Renault and Nissan, but a distrustful distance, ” he told Le Parisien newspaper.

Ghosn compared the share price fall from November 2018 to June 2020 of competitors General Motors Co (NYSE:) and Toyota Motor (NYSE:) Corp of 12% and 15% respectively to Nissan dropping 55% and Renault 70%.

“All of these manufacturers are facing the same COVID crisis, but Renault and Nissan are being punished more than the others,’ he said.

Ghosn fled Japan to Lebanon, his childhood home, in December as he awaited trial on charges of underreporting earnings, breach of trust and misappropriation of company funds, all of which he denies.

Ghosn was questioned in Lebanon in January. He has said he will cooperate fully with the Lebanese judicial process, but it is unclear what cooperation there will be between Tokyo and Beirut.

French prosecutors have also stepped up their investigation into alleged misappropriation by Ghosn of funds at Renault and had summoned him in France on July 13, but he did not attend.

“There is a technical obstacle. My passport is in the hands of the attorney general in Lebanon, because Japan has issued an international arrest warrant for me,” Ghosn said.

“I also want to be sure that my security is assured and that I am guaranteed freedom of movement.”

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Source:- Investing.com

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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