BUSINESS

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A widespread outage at Amazon Web Services (AWS) temporarily knocked several major platforms offline on Monday, exposing the global economy's deep dependence on a handful of cloud providers.

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Shares of Netflix declined Tuesday after the streaming giant reported quarterly profits that missed market expectations. Netflix posted a profit of $2.5 billion on revenue of $11.5 billion for the most recent quarter, citing a $619 million expense related to an ongoing dispute with Brazilian tax authorities. In a letter to shareholders, Netflix stated that its operating margin would have exceeded forecasts had it not been for the Brazil-related expense.

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British lender Barclays on Wednesday unveiled a £500 million ($670 million) share buyback, surprising investors as it reported its third-quarter results. The bank also raised its full-year outlook, saying it now expects a Return on Tangible Equity (RoTE) above 11%, slightly higher than previous forecasts.

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Nestle shares surged Thursday after the food giant announced plans to cut 16,000 jobs globally over the next two years. The move, aimed at streamlining operations and adapting to a changing market, represents a reduction of approximately six percent of Nestle's workforce. Newly appointed CEO Philipp Navratil stated that these "hard but necessary decisions" were essential for the company's future. The news propelled the Zurich stock market to the best performing in Europe.