Netflix’ depressed stock got a bump on the news, rising 2% to about $180. The ad-supported service had a tortured start in a sideways announcement by co-CEOs Reed Hastings and Ted Sarandos on last quarter’s earnings call. The streaming king blindsided Wall Street by losing subscribers in Q1 and anticipating bigger losses in second quarter just ended, sending the stock into a downward spiral. Execs will give some details on the new tier and the state of streaming when the company reports its second quarter financials next week. Microsoft CEO Satya Nadella said the company is ‘thrilled to be named Netflix’s technology and sales partner” in the new offering, calling it a big day for Netflix and Microsoft . . .
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