On August 28, Apple hiked the price of streaming again. The monthly rate for American consumers rises to $14.99 per month.
The higher streaming prices are unlikely to result in cancellations. Consumers barely changed their consumption habits despite the industry raising prices. Apple faces heavy competition from Netflix (NFLX), Alphabet’s (GOOG) YouTube, Disney (DIS), and Paramount Skydance’s (PSKY) Paramount+.
The move came after Apple announced higher prices for its Mac mini. In June, it raised prices of Mac, iPad, and accessories by between 15% and 25%. Stock markets reacted by first selling off the stock but then accumulating shares. AAPL stock peaked at $344.57 in July.
Marvell Technology (MRVL) dropped over 10% to close at $216.62. In the last quarter, the company said that it has opportunities in the inference accelerator, storage controller, NIC, and memory interface controller markets.
In the software sector, Elastic (ESTC) jumped by 19.31% to close at $99.91. It traded as high as $108 last Friday in reaction to its earnings report. The firm reported adjusted earnings of $0.70. Revenue increased by 15.2% Y/Y to $478 million. For the year, Elastic expects earnings in the range of $3.29 to $3.37.
Elastic’s Peers include Datadog (DDOG), Oracle (ORCL), and Palo Alto Networks (PANW). Those firms have comparably strong profitability and stock momentum. Analysts revised their EPS estimates upward for those aforementioned companies except for Oracle.
