Good morning! Netflix has delayed its password-sharing crackdown, Facebook has launched a $725 million data privacy settlement, and Apple has launched high-yield savings accounts with a 4.15% interest rate.

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BUSINESS

Netflix Delays Password Sharing Ban

Netflix has announced that it will proceed with the rollout of its paid account sharing option in Q2, having delayed it during Q1. Earlier in the year, the company began tightening its policy on password sharing in a handful of countries, but chose not to expand further after discovering areas for improvement.

Here's the breakdown:

• Netflix will roll out its paid account sharing option in Q2 after delaying it during Q1, which may have contributed to its subscriber growth challenges in the March quarter.

• Despite a "cancel reaction," Netflix reported a net increase of 1.75 million global streaming subscribers, less than expected by Wall Street analysts.

• The earnings report marks the first for new co-CEOs Greg Peters and Ted Sarandos, as Netflix seeks to grow new revenue opportunities after a tough 2020.

• Engagement on Netflix's new ad-supported subscription offering is above expectations with minimal switching from standard and premium plans.

• Netflix reported revenue of around $8.2 billion, in line with projections, but its quarterly income fell 18% to $1.3 billion, and it expects quarterly profits to decrease by more than 19%.

• Netflix will also officially end its DVD rental service this fall.

RYSE

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TECH

Facebooks $725M Privacy Settlement

Facebook users can now file claims to receive a portion of Meta’s $725 million settlement resulting from a class action lawsuit, which accuses the social media giant of allowing Cambridge Analytica and other third parties to access private user information.

Here's the breakdown:

• Facebook users can now apply to receive a piece of Meta's $725 million settlement related to the Cambridge Analytica scandal.

• Meta reached a settlement to resolve a class action lawsuit alleging that it permitted Cambridge Analytica and other third parties to obtain private user data and deceived users regarding its privacy policies.

• Facebook users who had an active account between May 2007 and December 2022 are eligible to apply for a cash payment as part of the settlement.

• The claim form can be filled out online or printed and submitted by mail, and must be submitted by August 25 to be included as part of the settlement.

• Assuming there are no appeals, settlement payments will be distributed after the court's approval.

FINANCE

Apple’s New Savings Account

Apple has launched a high-yield savings account with a 4.15% annual percentage yield, available in conjunction with its credit card, marking its latest step into the financial services space.

Here's the breakdown:

• Apple launched a high-yield savings account with a 4.15% annual percentage yield in partnership with Goldman Sachs, available with Apple's credit card.

• The accounts require no minimum deposit and are protected by the Federal Deposit Insurance Corp, with a maximum balance of $250,000.

• The Apple savings account does not allow direct spending, and money needs to be transferred to a checking account or Apple Cash.

• Though online banks offer rates up to 5% APY, the 4.15% rate combined with Apple's brand recognition could attract new customers.

• Apple's services revenue reached $78 billion in the fiscal year that ended in September, up about 14% from the previous year.

APPENDIX

• Thousands of flights have been delayed as a technical issue affected Southwest Airlines' computer systems, grounding planes and causing widespread disruption.

• Mortgage demand from homebuyers in the US has dropped by 10% as interest rates rise, leading to a slowdown in refinancing activity.

• Netflix has announced that it will bring its DVD-by-mail service to an end, signaling the end of an era as the company moves towards streaming.

• David's Bridal has filed for bankruptcy as the wedding retailer struggles with falling sales, high debts, and increased competition from online retailers.

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