By Kargwan Cruz
Investing.com – Netflix Inc (NASDAQ 🙂 closed the day 1.44% higher, after it announced that it will partner with Microsoft (NASDAQ 🙂 to boost its new advertising offerings, in partnership in technology as well as in sales.
The streaming giant has slowed its rapid growth, having failed to maintain the exceptional performance shown at the time of quarantine during the pandemic.
Now, the company has opened up about the possibility of serving ads despite initially rejecting this alternative.
“Microsoft has a proven ability to meet all of our needs as we build a new ad-supported offering together,” Greg Peters, COO of Netflix (NASDAQ :), said in a statement.
“Microsoft has provided the flexibility to innovate over time on the technology and sales sides, as well as strong privacy protections for our members,” he added.
In fact, Microsoft made $10 billion in ad sales last year.
After announcing the partnership, Microsoft cut its losses today, closing slightly down 0.37%, on a day when markets closed in the red due to a jump in US inflation above what was expected.
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