3. Netflix's next chapter
Netflix triggered all kinds of sentimental warm-and-fuzzies Tuesday when it announced it would end its DVD-by-mail service. (People were still using that, really?) But the company got down to business in its earnings report after the bell by focusing on an issue that really matters to its customer base right now: password sharing. Netflix had sought to roll out broadly a paid-sharing policy during the first quarter. But after seeing how some non-U.S. markets responded to it, the company said it would now unveil it during the second quarter, including in the United States. The takeaway, according to Netflix: At first, subscribers dropped off, but eventually they returned and boosted revenue. "While this means that some of the expected membership growth and revenue benefit will fall in Q3 rather than Q2, we believe this will result in a better outcome from both our members and our business," the company said.
4. A new frontier for Apple
Apple began a new era Tuesday by opening its first store in India, a heavily populated market with a growing middle class. Indeed, India may well have surpassed China as the world's most populous country. And the expansion is so momentous for Apple that CEO Tim Cook is visiting India this week. CNBC reporters Kif Leswing, Seema Mody and Arjun Kharpal break down the significance:
5. Gensler's crypto clash
SEC Chairman Gary Gensler sat in the hot seat Tuesday on Capitol Hill, as House Republicans grilled him over his agency's regulation of the crypto industry. Rep. Patrick McHenry of North Carolina, the Republican chairman of the House Financial Services Committee, accused Gensler of forcing crypto firms overseas, thus stifling innovation in the U.S. "Regulation by enforcement is not sufficient nor sustainable," McHenry told the SEC chief. "You're punishing digital asset firms for allegedly not adhering to the law when they don't know it will apply to them." Gensler stuck to his approach, however. "We have a whole field in crypto that understands the law, and if they are providing exchange services, broker dealer services, clearing services of crypto security tokens, they should come into compliance," Gensler said at another point in the four-hour hearing.
— CNBC's Mike Calia wrote this newsletter. Brian Evans, Lillian Rizzo, Kevin Breuninger, Dan Mangan, Kif Leswing, Seema Mody, Arjun Kharpal and Christina Wilkie contributed.
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