The end is in sight for Quibi, PayPal adds cryptocurrency support and Netflix tests a new promotional strategy. The much-hyped streaming video app led by Jeffrey Katzenberg and Meg Whitman, which raised nearly $2 billion in funding, is shutting down, according to reports in The Information and The Wall Street Journal. Katzenberg, a longtime Hollywood executive, had blamed the coronavirus pandemic for a lackluster launch in May — an app designed for on-the-go viewing didn't have much appeal when people were largely stuck at home.
The stock market has gotten increasingly volatile lately, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) has been the focal point for many investors. After pushing to a nearly 1% gain early on, the Nasdaq fell into negative territory briefly before posting gains of around 0.25% at 2:30 p.m. EDT. There were several countervailing trends affecting the Nasdaq on Wednesday.
Video-streaming giant Netflix (NASDAQ: NFLX) reported third-quarter results on Tuesday evening. Management used the report and the earnings call to give investors and customers an update on how the production of Netflix originals is shaping up after the spring's COVID-19 pause. Original content is a key ingredient in Netflix's business plan, so this was a welcome update.