The Week in Business: A Suddenly Vulnerable Netflix

on Jul22
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It has been a hot week, with no relief in sight. If you’ve spent it assembling a wall of fans and air-conditioners, you may have missed some business and tech news. Don’t worry, that’s why we’re here. (And here are some great no-cook dinners to help you beat the heat.)

Netflix lost more than 10 percent of its stock market value after the company said it had lost 126,000 subscribers in the United States last quarter — its first-ever such decline. The service also reported weak growth in overseas markets. The slide comes as competitors like Disney, AT&T and NBCUniversal are starting streaming services and, in some cases, taking their own hugely popular shows with them, like “Friends” and “The Office.” Another reason for the weak performance: This was the quarter that Netflix’s price increases went into effect.

Members of Congress grilled Facebook over its plans for a digital currency, Libra. The company is hoping to provide financial services without being treated, and regulated, as a bank. Lawmakers said they weren’t sure they could trust the company enough to let that happen. (An astrological coincidence? The digital currency exchange founded by the Winklevoss twins — they’re the ones who fought a legal battle with Mark Zuckerberg over the ownership of Facebook — is called Gemini.)

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