Netflix just won't chill. The streaming service reported better than expected first-quarter earnings on Monday.
"It's primarily driven by the quality," said Kyle Robertson, the founder and editor-in-chief of StartU, a digital publication covering start-ups. He said the streaming service's 7.4 million new subscribers in the first quarter were likely attracted by content more than the volume of Netflix's titles.
The Netflix CEO Reed Hastings has said the company will spend between $7.5 and $8 billion on original content this year as it prepares to do battle with Disney's new streaming service.
"They have competition coming from all quarters," said Paul Verna, principal analyst at eMarketer, said in an interview on Cheddar. "It's only a matter of time before Apple starts to seriously get into the streaming video world with a subscription service."
In recent news, Netflix has been battling an international feud with the Cannes Film Festival, resulting in the streaming platform pulling its movies from the festival. In the earnings note, Hastings explains a new rule that means a film competition at Cannes cannot be watched on Netflix in France for the next three years. Never wanting to do that to its international users, Netflix will continue to sit out until further notice.
Netflix also announced expectations for the second quarter, when it aims to add nearly 1 million domestic subscribers and more than 4 million new international users.
For the full interview, [click here](https://cheddar.com/videos/netflix-wont-chill).
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
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Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
