Netflix said it added 1.7 million new subscribers in Q2, instead of the 2.5 million it told Wall Street to expect. CEO Reed Hastings attributed this to press coverage of the company's price hike earlier this year, which he referred to as "un-grandfathering." These growth issues have been giving Netflix trouble with Wall Street throughout this year.
[Peter Kafka | Recode]
In what was almost certainly Yahoo's final earnings report before the firm gets sold, Marissa Mayer delivered results that missed Wall Street projections. No one cares, because they are focused on the buyer and price. On the investors' call, Mayer aggressively avoided the topic.
[Kara Swisher | Recode]
The opening night of the Republican National Convention was a giant mess. It appears that Melania Trump plagiarized Michelle Obama's 2008 DNC address. "Duck Dynasty" dude Willie Robertson and former child actor Scott Baio stumped (badly) for Trump. Expect more of the same tonight, with a lineup that includes UFC President Dana White.
[Michael D. Shear and David E. Sanger | The New York Times]
After two decades at the top of Fox News, Roger Ailes is going to be booted from the job by the Murdochs, New York's Gabriel Sherman reports. Ailes's exit follows a lawsuit from ex-anchor Gretchen Carlson alleging that Ailes sexually harassed her, and subsequently released accounts from other women claiming the same thing.
[Noah Kulwin | Recode]
Before Amazon ever set foot in India, the commerce startup Flipkart was king. But now Amazon is ramping up its billions of dollars of investment in the country, and former executives at the once-dominant Flipkart now say (on the record) that the company probably can't beat Jeff Bezos.
[Saritha Rai | Bloomberg]
