By Connor Hart
Netflix reported its most profitable quarter ever despite slowing subscriber growth. The streaming company added 5.07 million subscribers in the third quarter, compared with 8.76 million net new subscribers during the same period a year earlier, when its password-sharing crackdown initially took hold. The company posted revenue of $9.83 billion, up 15% from a year earlier and ahead of Wall Street's expectations. Net income rose 41% to $2.36 billion. Shares rise 5%, to $721.75, in after-hours trading.
MGP Ingredients expects a downbeat third quarter and lowered its full-year outlook, as weak demand and high inventories have hurt the company's whiskey sales. The distilled-spirits and food-ingredients producer expects sales to fall 24% to $161.5 million, while net income is expected to drop 82% to $23.9 million. For the year, MGP now expects sales between $695 million and $705 million, down from a prior outlook of between $742 million and $756 million. Shares fall 18%, to $66.85, in postmarket trading.
Bausch Health turned down recent debt-restructuring proposals from bondholders including Apollo Global Management and GoldenTree Asset Management, The Wall Street Journal reported. It rejected the proposals, aimed at restructuring debt without filing for bankruptcy, as it explores a sale of its Bausch + Lomb vision care subsidiary that could bring in billions of dollars to pay creditors and reward shareholders.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 17, 2024 19:42 ET (23:42 GMT)
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