Netflix & Tesla Kick Things Off for Tech Giants

Netflix & Tesla Earnings

Both companies report their results for the third quarter of the year, today after Wall Street closes, a period during which their stock performance was underwhelming, in line with most of the Magnificent Seven and the broader tech sector. Meta Platforms and Alphabet, which report next week, along with NVIDIA bucked the trend.

In fact, is at a tough juncture ahead of the release, having moved below its EMA200 and breaching the 38.2% Fibonacci of its 2023 low/high rally, despite the fact that it posted strong Q2 results in July. The report showed that its decision to launch an ad-supported tier and crackdown on password sharing had a beneficial impact, since it led to more subscribers and higher revenues. Markets will comb through today's incoming results for the progression of these strategic initiatives, the financials and any news around pricing, among other things.

Tesla Motors Inc has already reported a sequential decline in Q3 deliveries, in another sign of weak demand, despite multiple price cuts over the past several months. This has led to lower profitability, which could continue due to the lower sales and prices, so margins and pricing strategy will be again in the spotlight. We will also be looking forward to any news around the delivery timeline of the still elusive Cybertruck, as well as progress on the AI and self-driving front.

Nikos Tzabouras

Senior Financial Editorial Writer

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

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