This Week: Netflix earns, US home sales, AmEx earns
Jul 18, 2022, 12:10 AM | Updated: 12:12 am
A look at some of the key business events and economic indicators upcoming this week:
MORE SUBSCRIBER WOES?
Netflix serves up its second-quarter results Tuesday.
Wall Street expects the pioneering streaming service will report that its earnings declined slightly from a year earlier, even as revenue increased. That would echo the company’s results in the first three months of the year, when Netflix suffered its first subscriber loss in more than a decade. In April, Netflix projected a loss of another 2 million subscribers during the April-June period.
HOUSING MARKET BAROMETER
The National Association of Realtors issues its June snapshot of U.S. home sales Wednesday.
Economists predict sales of previously occupied U.S. homes slowed to a seasonally adjusted annual rate of 5.36 million properties last month. That would follow an annual pace of 5.41 million homes in May, when sales slowed for the fourth consecutive month. Sharply higher mortgage rates have discouraged house hunters, even as the inventory of homes for sale has begun to edge higher.
Existing home sales, in millions, seasonally adjusted annual rate:
Jan. 6.49
Feb. 5.93
March 5.75
April 5.60
May 5.41
June (est.) 5.36
Source: FactSet
MIXED RESULTS?
Wall Street expects that American Express’ latest quarterly report card will show mixed results.
Analysts predict the company will report on Friday that its second-quarter earnings declined from a year earlier, while its revenue increased. In the first quarter, American Express’ profits fell roughly 6% from a year earlier at the same time that spending on its namesake cards jumped 30% as its cardmembers returned to their habits of shopping, traveling and dining.
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