The Daily Business Briefing: January 24, 2024

Netflix Gains Surpass Expectations

Streaming giant Netflix Inc. NFLX, headquartered in Los Gatos, California, has outperformed market expectations by adding a significant number of subscribers. Founded in 1997 by Reed Hastings and Marc Randolph, Netflix continues to evolve from its origins in Scotts Valley, California, to a premier subscription-based streaming service. The company, renowned for its extensive library of films and television series, along with a growing list of in-house productions, remains a solid player in the over-the-top content platform realm.

eBay Announces Major Layoffs

Online marketplace leader eBay Inc. EBAY, a San Jose, California-based multinational e-commerce company, has announced the impending layoff of 1,000 full-time workers. Known for its consumer-to-consumer and business-to-consumer sales model, eBay's workforce reduction underscores the challenging environment even leading tech companies are confronting.

Union Membership Declines as Stock Market Thrives

While the S&P 500 reaches new heights, closing at a record for a third consecutive day with an increase of 0.3% to 4,864.60, union membership across industries faces a downward trend, hitting a new low. Meanwhile, the tech-centric Nasdaq index also climbed, reflecting an uptick of 0.4%, showcasing the divergent trends of labor and financial markets.

Netflix, eBay, Unions