Snap (SNAP), Netflix (NFLX): Netflix has hired two ad executives from Snap. Snap Chief Business Officer Jeremi Gorman and Vice President of ad sales Peter Naylor will be joining the streaming giant in September. Netflix COO Greg Peters said, “Jeremi’s deep experience in running ad businesses and Peter’s background in leading ad sales teams together will be key as we expand membership options for consumers through a new ad-supported offering.” The streaming giant is planning to launch its new ad-supported tier early next year. On Tuesday, The Verge reported Snap is laying off 20% of its employees, including cuts in its hardware division and a restructuring of its ad sales organization.
Chewy (CHWY): Shares fell after the pet retailer cut its outlook for the year as consumers continue to face high inflation. For the second quarter, Chewy posted new sales of $2.43 billion, beating Wall Street’s estimate of $2.48 billion. Gross margin of 28.1% expanded 60 basis points year over year, driven by moderating fuel costs and ongoing efforts to improve supply chain and logistics capabilities.
CrowdStrike (CRWD): Shares gained after the company beat on both the top and bottom lines and raised its guidance. CrowdStrike posted sales of $535.2 million on adjusted earnings of 36 cents a share and now sees full year 2023 EPS to $1.31-$1.33 from $1.18 to $1.22. CrowdStrike CFO Burt Podbere noted in the earnings release that the guidance raise “reflects our technology advantage and strong industry tailwinds combined with a pragmatic view of current macroeconomic conditions.” CrowdStrike shares have plunged 32% in the past year.
ChargePoint Holdings (CHPT): Shares jumped after revenue topped analyst estimates, driven by strong demand. Sales totaled $108.3 million for the quarter, up 93% from a year ago and the company’s first quarter of more than $100 million in revenue. ChargePoint CEO and President Pasquale Romano wrote in the earnings release that “demand continues to grow for our portfolio of industry-leading charging solutions for every vertical and in both North America and Europe.” For the third fiscal quarter, ChargePoint expects revenue of $125 million to $135 million and full year sales of $450 million to $500 million.