Tech’s Covid resistance
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Tech earnings began in earnest this week with the pandemic playing a significant role in fourth-quarter results from Netflix, Intel and IBM.A coronavirus-induced cash flow boost from our need to be entertained by the likes of Bridgerton means Netflix will not have to borrow to fund its content budget from now on, as global subscribers passed 200m and it raised monthly fees.
IBM overnight revealed an accelerating decline in revenues, which were some $200m below expectations, at $20.4bn. It blamed business uncertainty caused by the pandemic, which prompted software customers to sign shorter contracts than the multiyear licences they typically buy.
The combination of electric vehicle mania and blank cheque companies has proved a volatile one
