Herald morning quiz: December 22

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Netflix Slashes Subscription Prices In India To Lure More Customers

Netflix Inc. (NFLX) has slashed prices in India by as much as 60% as the streaming giant seeks to increase its market share in the Asian country, which has been dominated by Walt Disney Co.’s (DIS) Hotstar and Amazon.com Inc.’s (AMZN) Prime Video streaming services.

Netflix Mobile plan, which previously cost 199 rupees ($2.62), now has been priced at 149 rupees ($1.96).

The Netflix Basic plan, which permits streaming on any device, including phone, tablet, computer and TV, but caps the resolution at 480p, now costs 199 rupees ($2.62) in India, down from 499 rupees ($6.56).

Netflix Standard, a plan that allows users to watch video on HD resolution and permits two simultaneous views, now costs 499 rupees, down from 649 rupees ($8.53). Netflix Premium, which allows four simultaneous views and streams in UltraHD (4K) video quality, now costs 649 rupees, down from 799 rupees ($10.50). Existing subscribers on any tier will be able to switch to the new offerings, the company said.

This is not the first time that Netflix has offered lower priced plans in India. In 2019, Netflix had launched a 199 rupees “mobile only” plan in India, which was a global first.

Netflix currently has nearly five million customers in the country, compared to 46 million Disney Hotstar subscribers and 19 million Amazon Prime Video subscribers, according to researcher Media Partners Asia. Price-conscious users of India prefer Hotstar and Prime Video as it only costs roughly $20 a year.

Citrix Systems Jumps 13% On Reports Of Potential Bid From Elliott Investment, Vista Equity

Shares of Citrix Systems, Inc. (CTXS) are gaining over 13% on Tuesday morning on reports that Elliott Investment Management and Vista Equity Partners are considering a joint bid for the software maker.

CTXS is currently trading at $94.89, up $11.24 or 13.44%, on the Nasdaq. The stock has traded between $78.07 and $145.19 in the 52 weeks period.

According to Bloomberg, the talks are at an early stage and Vista Equity may use Tibco as part of the bid.

In September, Bloomberg had reported that Citrix was working with advisers to explore a potential sale. The talks were said to follow activist investor Elliott Management taking a 10% stake in the company.

‘Digitisation push to see IT firms log 9-12% dollar revenue growth’

ICRA forecasts industry growth to moderate marginally to 6-9% in FY23

IT services companies are expected to log dollar revenue growth of 9-12% in FY22, driven by accelerated demand for digital technologies from enterprises globally and partly on account of last year’s low base due to the COVID-19 impact, ratings agency ICRA said.

Industry growth is expected to moderate marginally to 6-9% in FY23, partly also on account of the base effect, ICRA said on Tuesday.

“In line with the growth trajectory witnessed over recent quarters, Indian IT services companies are expected to report healthy growth over the near term due to aforementioned favourable factors,” ICRA Assistant Vice-President and Sector Head Deepak Jotwani said.

He added that the growth had been supported by uptick in all key verticals such as BFSI, telecom, manufacturing, retail and distribution.

However, concerns have emanated from elevated attrition levels due to strong demand for digital technologies and lack of adequate skilled manpower to service the same. Firms are reskilling employees to overcome this challenge.

Moreover, they have also been able to achieve higher employee productivity through increased deployment of technology.

Hiring by IT companies is at an all-time high buoyed by strong demand and net addition over past four quarters has been increasing exponentially, Mr. Jotwani noted.

ICRA said IT services companies remain focused on enhancing the share of fixed price contracts as it assures better revenue visibility.

Leon to open more than 50 outlets creating 1,000 new jobs

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The fast-food chain has 70 outlets across England, plus franchises in Ireland, Gran Canaria and the Netherlands.

Bosses said yesterday they plan more than 50 UK openings including drivethrus next year, with 1,000 posts – more than double the 20-plus sites announced earlier. Accelerated expansion after that would take staff hirings to 4,000.

The chain was bought by the forecourt billionaire Issa brothers this year – they also snapped up Asda.

Glenn Edwards, Leon managing director, said: “For the first time we will be taking Leon across the country.”

Funko Stock Gains 11%

Shares of Funko, Inc. (FNKO) are gaining over 11% on Tuesday morning despite no stock-related news from the figurine maker.

FNKO is currently trading at $18.68, up $1.97 or 11.79%, on the Nasdaq.

Funko, a pop culture consumer products company, designs, sources, and distributes licensed pop culture products in the United States, Europe, and internationally.