Disney streaming users grow to 221 million
Disney said Wednesday it added 14.4 million subscribers to its Disney+ streaming service in the April-June fiscal quarter, putting it just ahead of Netflix in the streaming wars with about 221 million total streaming subscriptions.
Netflix ended June with 220.7 million subscribers after losing nearly 1 million subscribers in the past quarter.
Disney on Wednesday reported revenue of $21.5 billion in the three months through July 2, up 26% from the same time last year. Earnings per share came to $1.09 when excluding certain items.
Analysts polled by FactSet projected adjusted earnings of 97 cents per share on revenue of $20.99 billion for the quarter, according to FactSet Research.
Judge says Walgreens aided in opioid crisis
A federal judge has ruled that Walgreens can be held responsible for contributing to San Francisco’s opioid crisis for over-dispensing opioids for years without proper oversight and failing to identify and report suspicious orders as required by law.
San Francisco City Attorney David Chiu said the pharmacy chain failed to track opioid prescriptions, prevented pharmacists from properly vetting prescriptions and missed red flags about over-prescribing doctors. U.S. District Judge Charles Breyer ruled that for 15 years, Walgreens dispensed hundreds of thousands of pills, eventually contributing to the city’s hospitals being overwhelmed with opioid patients.
Walgreens said it would appeal the ruling, which it said was not supported by “the facts and the law.”
Russians buy last goods from H&M, IKEA stores
Russians are snapping up Western fashion and furniture this week as H&M and IKEA sell off the last of their inventory in Russia.
Sweden-based H&M and Netherlands-based IKEA had paused sales after Russia sent troops into Ukraine. They’re now looking to unload their stocks of clothing and furnishings as they wind down operations in Russia.
IKEA’s sales are online only, while the H&M store at a Moscow shopping mall saw a steady stream of young shoppers Tuesday. Both companies are laying off staffers as they scale down business in Russia.
H&M said Tuesday that 6,000 workers will be affected. IKEA said it has 15,000 workers in Russia and Belarus, but it didn’t immediately confirm how many would lose their jobs.
China says U.S. chip law is threat to global trade
China is criticizing a U.S. law to encourage processor chip production in the United States and reduce reliance on Asian suppliers as a threat to trade and an attack on Chinese business.
The law signed this week by President Joe Biden promises grants and other aid to investors in U.S. chip factories. It responds in part to warnings that supplies might be disrupted if China attacks Taiwan, the world’s leading high-end chip producer.
Beijing claims the self-ruled island as part of its territory. China’s Foreign Ministry says the U.S. chip law will “disrupt international trade and distort global semiconductor supply chains.” It says the law restricts business activity in China but gave no details.
– Compiled by Dave Flessner