Spreadex Market Update
FTSE rises to four and a half year high
Apple Inc. has posted its slowest profit growth in 10 years and the weakest sales increase in 14 quarters resulting in the share price plunging by 9 percent to $467.66. This has been attributed to higher costs and rising competition making it harder to sustain revenue expansion. Yesterday’s results underscored the rising costs of product overhauls amid competition from Samsung Electronics Co. Even as Chief Executive Officer Tim Cook guided Apple to record revenue and iPad and iPhone sales, investors worry about management’s ability to keep producing hit products more than a year after the death of co- founder Steve Jobs.
Netflix's Internet video service warded off stiffer competition to add 2 million U.S. subscribers during the final three months of the year to produce an unexpected profit for the company. The surge in new customers left Netflix with 27.1 million U.S. subscribers to its service that streams movies and TV shows to Internet-connected devices. Netflix's expansion also gathered more momentum as the company ended the quarter with an additional 1.8 million subscribers outside the U.S. That means Netflix entered this year with 33.3 million video-streaming subscribers worldwide.
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