Netflix, Snap, CrowdStrike and more
snap (SNAP), Netflix (NFLX): Netflix has hired two ad managers from Snap, Netflix confirmed to Yahoo Finance. Jeremi Gorman, Snap’s chief business officer, and Peter Naylor, vice president of ad sales, will join the streaming giant in September. Greg Peters, COO of Netflix, said in a statement to Yahoo Finance, “Jeremi’s extensive experience running advertising businesses and Peter’s experience co-leading advertising sales teams will be critical as we expand consumer membership options with a new ad-supported offering. The streaming giant plans to launch its new ad-supported tier early next year. On Tuesday, The Verge reported that Snap is laying off 20% of its employees, including cuts at its hardware division and a reorganization of its ad sales organization.
Tough (CHWY): Shares fell after the pet supply retailer lowered its outlook for the year as consumers continued to face high inflation. For the second quarter, Chewy recorded $2.43 billion in new sales, beating Wall Street’s estimate of $2.48 billion. Gross margin of 28.1% increased 60 basis points year-on-year due to fuel cost reductions and ongoing efforts to improve supply chain and logistics capabilities.
HP (HPQ): The stock fell 6% after the company lowered its full-year guidance as PC sales fell. HP now expects full-year adjusted earnings of $4.02 to $4.12, down from $4.24 to $4.38 previously and missing the market estimate of $4.30. HP posted third-quarter revenue that fell 4.1% year over year to $14.7 billion, while diluted earnings per share fell short of consensus at $1.04. Personal systems revenue was $10.1 billion, while print revenue was $4.6 billion.
CrowdStrike (CRWD): Shares rose after the company beat both sales and earnings numbers and raised its guidance. CrowdStrike posted revenue of $535.2 million with adjusted earnings of 36 cents per share and now expects full-year 2023 EPS of $1.18-$1.22 from $1.31-$1.33 -Dollar. CrowdStrike CFO Burt Podbere noted in the earnings announcement that the increase in guidance “reflects our technology lead and strong industry tailwinds combined with a pragmatic view of current macroeconomic conditions.” CrowdStrike shares have fallen 32% over the past year.
ChargePoint Holdings (CHPT): Shares jumped after earnings beat analyst estimates on strong demand. Revenue for the quarter totaled $108.3 million, a 93% increase from a year ago and the company’s first quarter of more than $100 million in revenue. Pasquale Romano, CEO and President of ChargePoint, wrote in the earnings release that “demand for our portfolio of best-in-class charging solutions continues to grow across all industries and in both North America and Europe.” For the fiscal third quarter, ChargePoint expects revenue of $125 million to $135 million and annual revenue of $450 million to $500 million.
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