BUSINESS

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Shares of Netflix declined Tuesday after the streaming giant reported quarterly profits that missed market expectations. Netflix posted a profit of $2.5 billion on revenue of $11.5 billion for the most recent quarter, citing a $619 million expense related to an ongoing dispute with Brazilian tax authorities. In a letter to shareholders, Netflix stated that its operating margin would have exceeded forecasts had it not been for the Brazil-related expense.

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In a media industry long accustomed to disruption, this week stands out as one of the most turbulent in recent memory. Warner Bros. Discovery (WBD), home to Warner Bros., HBO, and CNN, has officially placed itself up for sale after Paramount Skydance made a third, higher bid to acquire the company. The move has triggered a frenzy of speculation, with Netflix, Amazon, Comcast, and even Apple reportedly assessing their options.

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British lender Barclays on Wednesday unveiled a £500 million ($670 million) share buyback, surprising investors as it reported its third-quarter results. The bank also raised its full-year outlook, saying it now expects a Return on Tangible Equity (RoTE) above 11%, slightly higher than previous forecasts.

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In a move to combat international criminal activity, SpaceX has cut off Starlink satellite internet service to more than 2,500 devices used by scam compounds in Myanmar. These compounds, where people from around the world are trafficked and forced to work in generating tens of billions of dollars annually, are believed to be operating in more than 30 locations along the Thai-Myanmar border.

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A widespread outage at Amazon Web Services (AWS) temporarily knocked several major platforms offline on Monday, exposing the global economy's deep dependence on a handful of cloud providers.