Amazon Surges on Strong Earnings, Snap CEO Evan Spiegel on Quarterly Results & House Legislators Pass the America COMPETES Act

TechCheck

CNBC

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4.5 • 66 Ratings

🗓️ 4 February 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors start today’s show covering shares of Amazon surging on the e-commerce giant’s Q4 earnings, with analysis on both those numbers and the week’s other big tech results from Satori Fund Founder Dan Niles. Then, Snap CEO Evan Spiegel joins for an exclusive interview after the social media firm posted strong earnings in its first profitable quarter ever. Next, CNBC’s Ylan Mui delivers breaking news on the House passing the America COMPETES Act, aimed at taking on China and bolstering both supply chain shortages and the semiconductor industry. CNBC’s Mike Santoli also covers the convergence of the retail and cloud sectors following Amazon’s earnings, and CNBC’s Frank Holland reports on Atlanta’s emergence as a growing hub for Black tech talent. Later, payment platform Bill.com Founder and CEO René Lacerte discusses the company beating the Street in its latest results. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm Deerreboza, and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern. Listen in. Good Friday morning. I'm Deerreboza with Carl Kintanilla and John Ford. Today, a tale of two
0:29.9	types of tech stocks after names like PayPal, Netflix, Facebook plunged. Taking tech markets with
0:35.1	them, investors are breathing a sigh relief this morning.
0:38.1	As the NASDAQ turns green, thanks to some strong results. A key name, sending things higher,
0:42.9	that would be Amazon popping this morning after reporting Q4 numbers. We will break down the report
0:47.3	and where things could go from here next. Don't think we forgot about SNAP either. Shares are
0:52.9	surging after the company's first profitable quarter ever.
0:56.2	CEO Evan Spiegel joins us alongside Julia Borson later this hour, Carl.
1:01.0	We're going to start, though, with big tech getting off the mat. Amazon shares lead a rally after Meta led that sell-off yesterday.
1:08.3	Some key drivers, not shipping, but strengthen cloud and advertising,
1:11.6	along with an almost $12 billion boost from its investment in EV company Rivian.
1:16.4	Amazon also raising prices for its prime membership for the first time in years.
1:20.7	It's important, though, to pull up back a bit and take a longer-term view. The stock has languished.
1:25.6	Today's move takes us back to where we were a few weeks ago
1:28.8	or where we were really in July of 2020. That's a theme for Snap and Pinterest as well. Big moves in
1:34.4	today's trade, but if you've been in the names for a year, you could easily be down 60 or 70%.
1:40.3	John, we're keeping an eye on the advertising business and also the acceleration in operating margin at AWS, which I think a lot of the desks this morning thought was the headline.
1:51.5	Indeed. And Carl, I got a different perspective on this quarter in the sense that I looked at where Amazon was in February 2020 before the pandemic hit. It was at around 2150-ish, and now it's above
2:07.8	3,100. So, I mean, has it languished over the past year? Yes, because it ran so much during the
2:14.0	pandemic. And I think part of what the results showed is that that run made a lot of
2:18.7	sense. As I said last hour, this was an impressive quarter to me, not necessarily just because of
	...

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