Netflix Says Tax Dispute Hurt Solid Quarter

<p>Watch Carol and Tim LIVE every day on YouTube: <a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>.<br />Netflix Inc. said a tax dispute with Brazil cut into third-quarter earnings, marring results that otherwise fell in line with Wall Street estimates.<br />The world&rsquo;s most valuable entertainment company posted quarterly operating income of $3.24 billion, according to a statement Tuesday, about $400 million below its own forecast and analysts&rsquo; estimates. The company&rsquo;s outlook for the current quarter is largely in line with Wall Street projections.<br />Netflix had to pay about $619 million to settle a multiyear tax dispute with Brazilian authorities going back to 2022. The company had identified the potential risk in previous filings &ndash; but not in its earnings guidance &mdash; and said it would have beaten forecasts if not for the expense. Future payments will be smaller.<br />&ldquo;We don&rsquo;t expect this matter to have a material impact on future results,&rdquo; the company said.<br />Today's show features:</p> <ul> <li>Bloomberg Intelligence Senior Media Analyst Geetha Ranganathan breaks down quarterly earnings from Netflix</li> <li>Dr. Gracelin Baskaran, Director of the Critical Minerals Security Program at the Center for Strategic and International Studies, on the global market for rare Earth minerals</li> <li>Bloomberg New Economy Editorial Director Erik Schatzker on the reasons behind the $20 billion currency swap deal between the US and Argentina</li> <li>Andrew Krei, Co-CIO of Crescent Grove Advisors on the market outlook and the steep drop in gold and silver prices</li> </ul><p>See <a href="https://omnystudio.com/listener">omnystudio.com/listener</a> for privacy information.</p>