TOP NEWS
Netflix Subscriptions Disappoint
The streaming giant underwhelmed in its second quarter, as its U.S. subscriber numbers dropped for the first time in nearly a decade—130,000 people cut the service. But worldwide, the bigger picture is that Netflix's subscriber numbers have not been meeting its own forecast of blockbuster expansions amid increased competition from Disney, Apple and others. WSJ
How AbbVie Keeps Prices Sky High
AbbVie's flagship drug, Humira, has turned the drugmaker into a global pharma giant, and the company has aggressively blocked competition in order to boost its sales. The drug treats a slew of conditions, and for many patients, it's a life changer—but there's a dark side to Humira's dominance. Fortune
IBM vs. the Cloud
IBM's earnings were a mixed bag in the second quarter, as revenues fell for the fourth straight quarter but exceeded analysts estimates, and the stock couldn't quite decide how to interpret the earnings after the close. One bright spot: revenue from the Cloud and Cognitive Software unit rose by $5.65 billion, above analyst expectations, a sign that IBM's efforts to catch up with its rivals in the cloud are gaining momentum. CNBC
Russia Backs EU Efforts to Boost Trade with Iran
Russia has signaled it will back the EU's efforts to sidestep U.S. sanctions on Iran. The payments channel, called Instex, was designed by Brussels to keep up trade with Iran and walk the country back from breaking limits on its uranium enrichment process. But just 10 EU countries are members, and the initial credit line is far below the level of trade before U.S. sanctions. FT
Striving for Customer Success
It's one thing to want a customer to succeed, it's another to focus your organization around customer success and outcomes. In this first-of-its-kind market study, Deloitte explores the process and benefits of going beyond establishment of a Customer Success function.
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AROUND THE WATER COOLER
Louvre Removes the Sackler Family's Name
The Louvre is the first major museum to remove the Sackler family's name from its walls over the opioid epidemic. Members of the Sackler family own Purdue Pharma, the maker of OxyContin. The family has also been known for its donations to major art institutions, who have faced calls to remove the family's name and turn down donations. New York Times
How Huawei Conquered the Faroe Islands
The tiny string of islands in the North Atlantic has one of the fastest 4G networks on earth—and now it hopes to be one of the leaders in 5G, too. The islands have done so via a close relationship with Huawei, but U.S. spying charges against the Chinese company have now thrown that goal into question. Politico
Is FaceApp a Security Risk?
The face editing app—which can make your face look older or younger—is a viral phenomenon. It was also developed in Russia. Now, some politicians are saying it's a security risk: U.S. Senate minority leader Chuck Schumer called on the FBI to investigate and the Democratic National Committee has warned presidential candidates not to use it. Reuters
Wealthy Influencers Look to Wall Street
Top influencers can pull in seven figure salaries, and the influencer advertising market is expected to be worth as much as $10 billion by 2020. So what do influencers need now? Bankers, who will understand the highs and lows of an industry where incomes can be unpredictable and many of the biggest stars are young. Bloomberg
This edition of CEO Daily was edited by Katherine Dunn. Find previous editions here, and sign up for other Fortune newsletters here.
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