Coinspeaker ValueAct Takes Interest in Nintendo with a Stake of Over $1 BillionActivist venture capital firm ValueAct Capital Partners has indicated an interest in Nintendo. The venture capital firm expressed this in a letter. Sources say that ValueAct has a stake of about $1 billion in the video game maker. This was indicated in a letter obtained by prominent newsmaker Reuters.ValueAct according to the letter is looking towards digital channels and innovation to grow Nintendo. The activist firm started buying stock about a year ago. The general decline in the stock market gave ValueAct an opportunity to increase its stake.ValueAct Believes in NintendoValueAct believes that Nintendo can offer more to the world. The video game firm has been a household name, especially for Millenials. Characters such as Super Mario and his sidekick Luigi, Donkey Kong, and the different kinds of Pokemon are all fond memories of this age group.The venture capital firm also believes that there are more opportunities in software development. Nintendo in their eyes could also become an entertainment company.2.6 million shares or about 2% of the company was picked up by ValueAct. The markets rose by almost 2% on the news. A Nintendo spokesman said:“We are aware that ValueAct is holding a stake and we’ve been engaged in dialogue with them. We don’t disclose content of our dialogue with our investors.”This raises the prospects of a potential acquisition in the future. This comes at a time when the stay-at-home restrictions have pushed increased online activity.As the lockdown situation continues, there is an increase in videogame sales. In the United States, for instance, videogame sales have risen to an all-time high. This rise is the first of its kind in a decade.Nintendo’s “Animal Crossing: New Horizons” has been one of the top-selling video games so far.Nintendo Has a Great FutureValueAct may be onto something with its interest. Nintendo could become the next entertainment behemoth with the right strategies. ValueAct already is putting its mouth where its money is.Nintendo already has an upcoming theme park and feature film as a test of this. Should all the pieces fall together, we may be looking at a rival to entertainment giants Netflix, Disney, and others.ValueAct making such a bold statement is not new. The activist firm has done this before. This time, it appears optimistic. The firm said:“We believe Nintendo will be one of the largest digital media services in the world, in a category with the likes of Netflix, Disney+, Tencent Interactive Entertainment and Apple Music.”This places the investment firm as one of the critical forces that can drive Nintendo in the right direction. Nintendo like all the technology giants of its era faces challenges. These challenges are mostly challenges of adoption.This move by ValueAct could be the key to bringing the videogame company that made the lives of Millenials memorable into the 21st century.ValueAct Takes Interest in Nintendo with a Stake of Over $1 Billion
Coinspeaker U.S.-Listed PDD Stock Rose 1.66% Yesterday as Pinduoduo Is Serious Rival to Alibaba and JDPinduoduo Inc (NASDAQ: PDD) stock jumped by nearly 2% on April 21, to retest its all-time high. Its stock and business at large have largely benefited from the ongoing coronavirus crisis. As other traditional stock markets continue showing signs of tumbling further, Pinduoduo stock market is soaring up in the sky. Today, in the pre-market, PDD is trading at $51.69 (+1.47 %).This is largely attributed to the nature of its business, e-commerce, at a time when social distancing is pushing people to prefer online shopping. With the virus thriving with no vaccine until maybe a year or so, the current figures might get higher if it’s not tamed otherwise.At the time of reporting according to the Johns Hopkins University of Medicine, the global confirmed cases stood at 2,578,930, while the fatalities tally around 178K.With that in mind, Pinduoduo sales might surge in the second quarter in comparison to the first quarter. The company is ranked third-largest e-commerce player Alibaba and JD.com which command a huge market percentage in China.However, Pinduoduo is appealing to its customers in that it offers a group buying function. This works where the more people who buy a product leads to a lower price. This is a social shopping model that encourages users to share links to items they purchase with friends and participate in group buying.Pinduoduo Business Model amid Growing Stock PriceAccording to the set rules of the group buying function, each item has a minimum number of buyers required to complete the purchase. However, if the number is not met in 24 hours, it will prompt the group buy to be canceled automatically and the money refunded to those who had already committed their money.Pinduoduo customers get to enjoy a cheaper price in the group buys function in comparison to buying the item directly.As a result, 100% of the business revenue has been coming from its online marketplace services. Including commissions, the company gets from sales on its platform, besides its ad system.The company, however, is getting stiff competition from Alibaba and also from JD.com e-commerce businesses, whereby the two rivals have an extra business like cloud computing. The company has been penetrating the Chinese market at a fast pace, whereby its sales percentage has been rising exponentially.However, in the last quarter of 2019, the company recorded net loss while its rivals recorded a net profit.In a bid to take advantage of the huge market due to coronavirus, the company has raised $1.1 billion in a private share placement. The company issues newly Class A ordinary shares representing approximately 2.8% of the total outstanding shares.U.S.-Listed PDD Stock Rose 1.66% Yesterday as Pinduoduo Is Serious Rival to Alibaba and JD
Coinspeaker Ripple Labs Sues Google’s YouTube for Letting Scams about Free XRP on the PlatformThe San Francisco-based blockchain payments company Ripple Labs has decided to drag Google‘s Youtube platform to the court for failing to police against fake XRP giveaway scams. Ripple claims that this led to huge reputational harm to the company along with monetary damage to its users.Along with YouTube, Ripple has also named several other social media platforms like Twitter and Facebook. However, it seems that the lawsuit is currently directed only towards YouTube. The blockchain company wrote:“This lawsuit calls on the video platform to do a number of things. First, to be more aggressive and proactive in identifying these scams, before they’re posted. Second, faster removal of these scams once they are identified and lastly, to not profit from these scams.”The complaint specifically stated that the “giveaway scams” are targeting social media users who have lost thousands of dollars in funds. In a series of tweets, Ripple CEO Brad Garlinghouse said that YouTube is the epicenter of all the scamming platforms. He added:“Across the industry, social media companies have failed to police their platforms from being abused by the entirely preventable imposter giveaway scams. Hundreds of people (including some of you) have been hurt, yet big tech continues to drag their feet. These scams accurately impersonate individuals and companies, and are often spread through fake social media profiles”.Besides, the Ripple lawsuit also cites one instance where the scammers managed to steal $15,000 in XRP tokens from a victim.Ripple Goes All-Out against YouTubeIn the lawsuit, Ripple said that it had appraised YouTube of such scams on at least 25 different instances, However, the video streaming platform failed to act in a timely manner. The lawsuit states:“Ripple has repeatedly demanded that YouTube take action to stop the Scam and prevent further harm. Yet YouTube refuses, even where the same scheme is replicated time and again on its platform. YouTube’s response has been woefully inadequate and incomplete. As a result, Ripple and Mr. Garlinghouse continue to suffer substantial reputational harm,”The lawsuit has also asked courts to force YouTube to shut down all the alleged scams which use Ripple’s registered trademarks to promote these scams. The lawsuit mentions:“The Court should compel YouTube to fulfill its legal obligations, to discontinue its policy of willful inaction, and to prevent further irreparable harm to Ripple’s brand and Mr. Garlinghouse’s reputation, which, in turn, will prevent further financial injury to the individuals who are duped by the Scam. Absent a court order obligating YouTube to act, the Scam will undoubtedly continue to flourish and create countless more victims”.Well, there’s no official statement from YouTube as of now, but a YouTube spokesperson reached out to The Block.“We take abuse of our platform seriously, and take action quickly when we detect violations of our policies, such as scams or impersonation,” stated the company’s representative.Ripple Labs Sues Google’s YouTube for Letting Scams about Free XRP on the Platform
Coinspeaker UAL Stock Down Over 60% YTD, United Airlines Seeks Government Bailout Option to SustainWith global travel and tourism coming to a major halt, the airline industry is going through its toughest period in history. Needless to say, the reason is pretty obvious with the ongoing COVID-19 pandemic. On Monday, the airline carrier United Airlines Holdings Inc (NASDAQ: UAL) declared its Q1 2020 result, reporting its biggest loss of $2.1 billion since the 2008 financial crisis. The United Airlines (UAL) stock crashed 3% further on Monday after its result. So far, UAL stock has corrected over 60% year-to-date. On Tuesday, UAL stock was up 0.32%. At press time, in the pre-market, United Airlines (UAL) stock is $27.38 (-1.79%) with a market cap of $6.89 billion.In its filing, United Airlines has applied for government loans under the stimulus bills released last month. Reportedly, United Airlines has requested a loan of $4.5 billion from the U.S. Treasury Department for a period of five years. Last week, UAL has expected that the government will offer them a stimulus of $5 billion. Of this, $3.5 billion will come as a direct cash grant to keep the operations running and prevent unemployment. The remaining shall likely come in the form of a 10-year low-interest loan.United Airlines Announces Fresh UAL Stock OfferingIn its latest measure to raise money, United Airlines said that it is planning a fresh stock offering. The airlines’ operator said that it plans to release around 39.25 million shares worth around $1 billion. Besides, it said it would give the Treasury Department around 4.6 million UAL stock at a price of $31.50 per share.The warrants will come with an expiry timeline of five years from the date of issuing them. Furthermore, if the airline manages to get $4.5 billion in government grants, it can increase the government ownership of the stock.In the first quarter, United Airlines’ revenue has tanked by 17% to $8 billion. This is below the estimated revenue of $8.2 billion as UAL lost $100 million in daily sales in the last two weeks of March. For the month of April, the carrier has slashed 80% of its flight capacity. Besides, it expects that the figure will increase to 90% by the month of May, and the same for June if the pandemic continues.United’s CEO Oscar Munoz and its president Scott Kirby said: “Travel demand is essentially zero and shows no sign of improving in the near-term”. With all the uncertainty around local as well as global travel, the future of the airlines’ industry looks very bleak.Other local competitors like Delta Airlines, American Airlines, Spirit Airlines are just working ways out to keep their neck above the water. Earlier this week, British airline operator Virgin Atlantic has also asked for a government loan from the U.K. government to keep their operations floating during these tough times and prevent further job losses.UAL Stock Down Over 60% YTD, United Airlines Seeks Government Bailout Option to Sustain
Coinspeaker FB Stock Up 3% in Pre-market, Facebook Takes $5.7B Stake in Indian Jio PlatformsFacebook Inc (NASDAQ: FB) stock showed not the best performance yesterday, closing 4.17% down at $170.80 per share. But it added 3.26% in the pre-market to trade at $176.37. The rise followed the announcement of Facebook about its investment in the Indian internet giant Jio Platforms.Putting as much as $5.7 billion to Jio Platforms, Facebook buys a 10% stake and becomes its largest minority shareholder.Facebook provided a comment:“This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country. In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways.”The deal followed Facebook’s WhatsApp securing approval to launch its digital payment service in India. It will now be able to make competition to the likes of Google Pay and Paytm.Currently, there are 400 million WhatsApp users in India. Facebook’s move is a big push to the country which will further increase the popularity of the app.According to the social media giant, the aim of the initiative is to create “new ways for people and businesses to operate more effectively in the growing digital economy.” It will supplement also Jio’s business activity with the “power of WhatsApp” to help businesses and shop connect on a larger scale.Facebook explained:“They account for the majority of jobs in the country, and form the heart and soul of rural and urban communities alike. In the face of the coronavirus, it is important that we both combat this global pandemic now, and lay the groundwork to help people and businesses in the years to come.”The first experience of this powering up will be JioMart that connects customers to mom-and-pop stores.About Jio PlatformsJio Platforms is a part of Reliance Industries Limited, an Indian multinational conglomerate that owns businesses in the energy, petrochemicals, textiles, natural resources, retail, and telecommunications industries. Besides, Jio Platforms has been a sort of an umbrella platform for all Reliance’s digital businesses. They include Reliance Jio, MyJio, JioTV, JioCinema, JioNews, and JioSaavn.Being the largest digital platform company in India, Jio Platforms has brought millions of dollars to the Indian economy. Its vision is to ensure a “Digital India” for 1.3 billion Indians and Indian businesses, entrepreneurs and farmers. Jio has already transformed the Indian digital services space. It has also put the country on the path to becoming a global technology leader.The deal with Facebook values Jio Platforms at a pre-money enterprise value of about $66 billion.FB Stock Up 3% in Pre-market, Facebook Takes $5.7B Stake in Indian Jio Platforms
Coinspeaker Snap Stock Jumped 20% in Pre-market on Strong Growth in Revenue and Daily Users in Q1 2020Snap Inc (NYSE: SNAP) stock surged with over 20% today in the pre-market, to trade at $15. The rise was attributed to the Q1 results which the company announced on April 21 (yesterday).The financial results, for the quarter that ended on March 31, 2020, saw the company record strong growth in revenue and also a surge in its daily users.Details for Q1 that Fueled Snap Stock SurgeAccording to the report, the operating cash flow improved by $72 million to $6 million in the first 2020 quarter, in comparison to $73 million in the previous year. The company also recorded an improved free cash flow by $73 to $5 million compared to the prior year.The report noted:“Common shares outstanding plus shares underlying stock-based awards totalled 1,589 million at March 31, 2020, compared to 1,544 million a year ago”.One notable increase was the revenue, which increased by 44% to hit $462 million compared to the previous year. Another positive point was the fact that the company recorded an improved net loss, $4 million to $306 million in comparison with the prior year.The other financial highlights noted by the company in the report was that the adjusted EBITDA improved $42 million to $(81) million in the first quarter if to consider the previous year.CEO Evan Spiegel said:“We are grateful for the opportunity to serve our community and partners during this difficult time”.He concluded:“Snapchat is helping people stay close to their friends and family while they are separated physically, and I am proud of our team for overcoming the many challenges of working from home during this time while we continue to grow our business and support those impacted by COVID-19”.Other than a strong balance sheet, the company also recorded an acceleration in the daily active users by 20% year-over-year, 39 million users. The report also noted that the total daily time spent by Snapchatters watching shows more than doubled in the first quarter compared to a similar time last year.The company promised to continue investing in its camera and also the augmented reality platforms. This was after 75% of its daily active users engaged in augmented reality every day on average.Moving forward, the company said it’s working on innovations that will better serve its large and engaged community.As with most traditional stock markets in the United States, Snapchat was hit hard by the coronavirus outbreak, however, it’s recovering steadily.Snap Stock Jumped 20% in Pre-market on Strong Growth in Revenue and Daily Users in Q1 2020
Coinspeaker BitTok CEO J.D. Salbego: Bitcoin Halving Coming, BitTok to Help Users Get Wealth GrowthIt is the twelfth year since the birth of Bitcoin, and the global digital asset market has gradually changed from the blue ocean to the red ocean. Bitcoin will be halved in May 2020, and the halving of digital assets is coming. However, the current market is generally weak. Considering all aspects, what do you think of the current market? J.D. Salbego: Though we saw a drastic drop in price and with almost bi-polar dynamics for a short while once the pandemic was official, our markets have stabilized and doing better than a lot of traditional markets which is a key indicator of the current investors optimism about the value of BTC and the future of digital currency as a better and safer store of value than our current governments who can just print TRILLIONS of dollars whenever they please. NOT, just a recent response to this horrible pandemic, but have been continuously over time. With the BTC halving coming up, currently, more investors are holding in hopes that the halving will see surges in BTC price, volume, and potentially other correlated top assets like ETH, XRP, etc. With these market indicators and perceptions, investors are looking to seize this major event as an opportunity to hedge their investments. On the flip side, and not public yet (I would say, you get the exclusive here first), there is a concerned sentiment within our industry with effects of the coronavirus shutting down supply chain channels, and BTC miners who had originally prepared for this great event by ordering new chips and systems, now faced with the stark reality that they might not be able to meet the computing power demands of the halving. This potentially could jam the system without enough CPU power to mine the transaction volumes needed if this major event surges markets as many anticipate. Exchanges are quite significant in the global digital asset circulation. With the development of digital assets, the competition between exchanges is intensifying. What do you think of the current situation and the development of the exchange industry?J.D. Salbego: I think we’re in a pivotal moment in digital asset exchange history where the industry is closer to mass adoption and institutionalization than ever before. As our industry, technology, and crypto financial products mature, it brings new breeds of legitimate exchanges like ours (BitTok Exchange), who bring more transparency, regulated compliance, proprietary technology – and furthermore bringing real value to investors and projects looking for great trading and crypto driven products. As well, we provide a valuable relationship with an exchange that is here for the long-term, not just a quick buck and then disappear into oblivion. At present, digital assets have gradually realized global expansion is necessary, and at the same time, the competitor landscape is fierce. With such market conditions, what is BitTok’s positioning, goals, and current strategy within this situation?J.D. Salbego: Our goal is to be a leading and fully regulated global digital asset exchange, delivering both innovative valuable products and services for both users/investors and projects. Secondly, we’re reinventing the exchange & project relationship with unique technology and partnership business model structures. Thirdly we’ve strategically structured our company to be vertically integrated with cross-functional divisions (including a VC fund division), to maximize and diversify revenue streams, and to enable maximum optimization, growth & execution of delivering products and services. We’ve had huge success with our trading volumes, user growth and recent crowdfunding partnerships. Currently, BitTok has more than one million registered users, more than 100,000 daily users, and more than 5,000 community members. Also to align with our goals of always bringing value to our users and a growing suite of new products and digital assets, in the future we’re considering listing financial derivatives such as futures, options, contracts, and swaps.At present, we’ve already established local markets in China, Singapore, Vietnam, and Indonesia and have established a deep connection and long-term cooperation with local community managers and institutional, retail, and large private crypto investors networks. We’re set to expand markets in Q4 2020 into the Middle East with headquarters, banking, and localization, and in Q1/Q2 2021 to South Korea and Japan markets.And what makes a company great other than its products? It’s the team and people that drive our company that make us successful. We have an exceptional team all with international leadership backgrounds including Kevin Pang, Desmond Ng, Charles Wu, etc. They all have exceptional track records, rich experience in the international technology, blockchain, and Fintech industries, and have achieved a notable amount of commercial successes. Just recently and highly noteworthy, we’ve been granted an exemption to legally and compliantly operate by Singapore Monetary Authority (MAS), while under license review, along with other major companies like Binance, Huobi, OKCoin, Google Payments, PayPal, etc. We’re one of the only new exchanges globally allowed this honorable recognition and support by a government authority like MAS. What this shows is the great work we’ve been doing in the market while only being less than a year old. This is a major step and foresight into the future success of BitTok and our community as a whole.Digital asset exchanges have two core points in terms of products, one is financial attributes and the other is technological advantages. What is the strategy of BitTok in these two aspects?J.D. Salbego: With the financial attributes of our products, one aspect is our strategic position to innovate the digital asset crowdfunding system, while delivering real value to both projects and users on our exchange. As part of our two-fold value system, projects receive exclusive access to our high value investor network, distribution channels, and proprietary technology – on the other side, users/investors gain exclusive access to unique financial product opportunities (valuable assets, ownership and ROI structures, high appreciation growth) from projects they couldn’t receive otherwise. For existing assets on our trading platform like BTC, ETH, XRP, USDT, EOS, DASH, etc. we provide deep liquidity pools, a robust order matching system, and many of top tier advantages.In regard to technological advantages, we have unique and highly valuable proprietary tech features in our crowdfunding platform that no other exchange has in the market currently. Our trading engine is high frequency trading (HFT) tested to allow supreme transaction speeds. As well, our architecture design is precise with code auditing, penetration testing, security hardening, multi-layer / multi-cluster security, and advanced cold wallet storage. Technically, BitTok’s core system adopts a bank-level distributed disaster recovery deployment method to ensure that the system always runs stably in the event of any equipment failure or even natural disasters. The important function of digital asset exchanges is to help high-quality digital assets achieve circulation and reflect their value. What is BitTok’s approach to project selection?J.D. Salbego: Our exchange is founded upon strong principles. We actually have 5 pillars of principles we live by: 1) we seek partners not customers, 2) community validated & driven, 3) project screening & due diligence, 4) regulatory compliance, and 5) active, effective, and continuous project monitoring. We list only those projects that we believe as we prioritize long-term relationships, we thrive upon growing liquidity, market shares, and the investor community. As our 1st principle pillar is, we are absolutely dedicated to working together, growing together, and thus, sharing success together with our partners. With that being said, we have 10 elements of value in our criteria system. It’s too much to list here, but some of the key elements we look for are: unique technology and product solving a problem, credibility, experience, and reputation of founding team, existing or future token economy and active investor community support, a real use case for blockchain, etc.Superb platform management is the basis for long-term development and success of any exchange. As security and regulatory compliance is the top priority of BitTok and the user’s experience on your exchange is exceptional, how does BitTok go about to achieve its advanced technological design of its platform while under proper legal and compliant frameworks? J.D. Salbego: We focus first on robust high-level security architecture as managing and protecting our user’s assets is our number one priority. With that, BitTok guarantees the asset security of the platform through 100% cold storage. As well, our internal control system involves a 2FA system, early warning system, dual database cross-validation, real-time security detection, and private key management. In terms of legal compliance, BitTok conducts compliance operations within the limits prescribed by the legal and regulatory authorities. As I mentioned in another answer, on March 27 the Monetary Authority of Singapore (MAS) officially announced the list of companies that have received payment service exemptions under the Payment Service Act (PSA). BitTok is among them and has become a digital asset exchange that has obtained an exemption from regulatory authorities.Secondly, we focus on creating a superior user experience designed to be interactive, while delivering simplicity and flexibility within our social trading environment. We continually refine, upgrade, and enhance our technology and features. With our focus of scaling and always delivering a high-quality product and trading platform to our users, we will develop new features to meet the needs of our growing user base as we expand. From customer service, all the way up to myself the CEO and the rest of our senior management, we truly listen to our users and actively monitor their needs and suggestions. BitTok CEO J.D. Salbego: Bitcoin Halving Coming, BitTok to Help Users Get Wealth Growth
Coinspeaker Apple (AAPL) Stock Lost 3%, Shipments to Drop by 20-25% Despite Increased iPhone SE OrdersiPhone shipments are going to drop by 20-25%. Sources say that top Apple Inc (NASDAQ: AAPL) analyst Ming-Chi Kuo has indicated that it will be a tough run for the technology giant to be at par with its projections. The TF Securities analyst also said in a research note that the new low-cost iPhone SE is doing well in the markets. This was based on the analysis of shipping times. And we all know that logistics analysis is rarely wrong. Meanwhile, yesterday, Apple (AAPL) stock price was $268.37 (-3.09%). In the pre-market today, teh stock started to rise. Now it is at $272.94 (+1.70%). iPhone Shipments Will Drop This YearKuo has predicted that the iPhone shipments are coming as demand drops across the board due to the movement restrictions. Apple had already indicated its inability to meet its profit targets for March. This warning was made before COVID-19 spread globally. The whole world now will be down until the pandemic abates. Apple made a daring and innovative move recently. It introduced a low-cost iPhone. The iPhone SE was also launched without any fanfare. The situation at hand, of course, calls for this.New iPhone SE from Apple Is Highly-Demanded NowThe new iPhone uses a design that was launched first in 2014. Priced at $399, the iPhone may go head-to-head with other low-budget phones. This comes at a time when Google’s Android operating system is the King of the hill. Kuo has indicated that the welcome given to the iPhone SE is a reflection of this. He also thinks that more consumers will be using cheaper phones at this time.He wrote: “The most difficult challenge from COVID-19 for smartphone brands is the negative impact on consumer confidence or purchasing power after the pandemic outbreak, resulting in consumers preferring to choose lower price/spec models or to stop purchasing smartphones,” Kuo goes further to talk about his expectations for iPhone shipments. “We cut 2Q20 iPhone shipment estimation by 30% to 35–37 million units due to negative impacts from COVID-19. But it may have further downside risk,” said he. Apple Needs to Shift Its FocusKuo also urged investors and its supply chain partners would focus on the needs of consumers according to demand. He noted that this demand is going to be affected by the COVID-19 situation. The analyst was also certain about the introduction of new iPhone models to the market this year.Apple has reportedly completed most of its intellectual property work. Its Asian manufacturing partners are expected to complete the other processes. Kuo also indicated that mass production of the iPhone is expected to start based on design complexities and 5G support.While people may not agree with Apple’s approach in the past, they just might be getting it right this time. The trillion-dollar company has made profits from selling expensive products. It will make even more money by selling cheap products.It is from unique innovations in its business model that may produce Apple’s next trillion dollars. Who knows?Apple (AAPL) Stock Lost 3%, Shipments to Drop by 20-25% Despite Increased iPhone SE Orders
Coinspeaker NFLX Stock Down 0.84%, Netflix Reports Incredible Rise of Subscribers Count in Q1 2020On Tuesday, the media-services provider Netflix Inc (NASDAQ: NFLX) delivered its Q1 2020 report. Despite some results outperformed analysts’ expectations, Netflix (NFLX) stock closed 0.84% down at $433.83. After hours, it slightly rebounded to trade at $434.60.The lowest point Netflix shares have had so far this year was on March 16, when the stock closed at $298.84. The all-time high closing price was $439.17 on April 16, 2020. In general, NFLX shares are 34.08% up, partly due to people streaming more video as a result of spending more time at home. The average Netflix stock price for the last 52 weeks is $332.08.Netflix Q1 ResultsNetflix reported revenue of $5.77 billion and $1.57 per share for the first quarter of 2020, which exceeds prediction of $5.75 billion but falls short of the anticipated $1.64 earnings per share.What has really astounded in Netflix’s Q1 report is the rise in the number of its subscribers. During the Q1 2020 fiscal quarter, the company has added as much as 15.77 million paid subscribers globally. This is nearly twice more than 8.2 million net paid subscribers expected.The spike of daily sign up to Netflix’s page was in March. Besides, that month, the number of daily active users on the Netflix mobile app especially increased in countries like Greece, the Philippines, Italy, and India.In a letter to shareholders, Netflix wrote:“There are three primary effects on our financial performance from the crisis. First, our membership growth has temporarily accelerated due to home confinement. Second, our international revenue will be less than previously forecast due to the dollar rising sharply. Third, due to the production shutdown, some cash spending on content will be delayed, improving our free cash flow, and some title releases will be delayed, typically by a quarter.”With the new users, Netflix’s audience around the world has grown to 183 million paid subscribers.In Q2 2020, Netflix is planning to add another 7.5 million global paid subscribers. However, the company noted this figure is “guesswork”, as it is difficult to say when the pandemic is over and quarantine ends.Netflix CEO Reed Hastings said:“We don’t use the words guess and guesswork lightly. We use them because it’s a bunch of us feeling the wind and it’s hard to say. But again, will internet entertainment be more and more important over the next five years? Nothing’s changed in that.”In the third quarter of this year, the company expects lower net subscriber additions, as more economies may open to recover after the coronavirus crisis.NFLX Stock Down 0.84%, Netflix Reports Incredible Rise of Subscribers Count in Q1 2020
ADA price followed a bullish path above $0.0320, but it faced hurdles near $0.0370 against the US Dollar.
It is currently correcting lower and trading below the $0.0350 level.
There is a key contracting triangle forming with resistance near $0.0355 on the 4-hours chart (data feed via Kraken).
The price could continue to move down if it breaks the $0.0340 support area.
Cardano price is currently showing signs of weakness against the US Dollar, similar to bitcoin. ADA price must surpass the $0.0360 and $0.0370 resistance levels to turn bullish.
Cardano Price Analysis
This past week, cardano price started a strong increase from the $0.0320 support area against the US Dollar. The ADA/USD pair surpassed the $0.0350 resistance to move into a positive zone.
The price even spiked above $0.0365 level and settled above the 55 simple moving average (4-hours). However, the bulls failed to remain in action and the price formed a short term top near the $0.0369 level.
As a result, there was a downside correction below the $0.0360 level. The price even traded below the 23.6% Fibonacci retracement level of the upward move from the $0.0305 swing low to $0.0369 high.
However, the $0.0340 level is currently acting as a decent support along with the 55 simple moving average (4-hours). The 50% Fibonacci retracement level of the upward move from the $0.0305 swing low to $0.0369 high is also acting as a support.
It seems like there is a key contracting triangle forming with resistance near $0.0355 on the 4-hours chart. The channel support is near the $0.0340 level, below which the price is likely to accelerate lower.
The next major support is near the $0.0320 level, where the bulls are likely to appear again. Any further losses may perhaps lead the price towards the $0.0300 support zone.
On the upside, there is a key resistance zone forming near the $0.0360 and $0.0370 levels. A successful close above the $0.0370 level is likely to start a strong upward move towards the $0.0400 barrier in the near term.
The chart indicates that ADA price is showing a few bearish signs below the $0.0360 and $0.0370 levels. Having said that, the price might recover and surge nicely as long as there is no daily close below $0.0320.
4 hours MACD – The MACD for ADA/USD is struggling to gain momentum in the bullish zone.
4 hours RSI – The RSI for ADA/USD is now close to the 50 level.
Key Support Levels – $0.0340 and $0.0320.
Key Resistance Levels – $0.0360 and $0.0370.
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