Arm Holdings Slides, Warner Bros. Discovery Misses, Airbnb CEO Talks Earnings and "Icons" 05/09/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 9 May 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber led off the show with one of the beneficiaries of the AI boom: Chip designer Arm Holdings down sharply as lower-than-expected revenue guidance overshadowed a Q4 beat. What’s next for the AI trade? Warner Bros. Discovery posted a quarterly miss. The company's streaming bundle partnership with Disney also in the spotlight. Airbnb CEO Brian Chesky joined the program to discuss the company's earnings beat, guidance that weighed on the stock and launch of its "Icons" experiences. Also in focus: Affirm among the earnings bright spots, more monthly sales gains for Costco, Apple's controversial new iPad ad, Norfolk Southern CEO vs. activists. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Cantonia, on the opening bell hour of CNBC Squawk on the Street.
0:12.0	Good Thursday morning, welcome to Squawk on the Street. I'm Carl Cantonia with Jim Kramer, David Faber,
0:18.0	at Post 9 of the New York Stock Exchange. Futures are a bit red as the Dow looks to snap the longest winning streak of the year.
0:24.5	So far, at least, lots of earning movers, Bank of England holds steady, jobless claims
0:28.7	pop to the highest level since August.
0:31.1	A roadmap begins with a potential crack in the AI stock boom, arm holdings, notching a surge in
0:36.3	profits in sales, but shares under some pressure
0:38.7	on weak guidance plus media moves warner brothers discovery missing estimates despite streaming
0:44.0	growth ad sales fell 11 percent Airbnb shares are also falling ahead of the open the company
0:50.0	sees robust demand for travel but its guidance disappoints investors. CEO Brian Chesky,
0:54.8	he'll be joining us in just a few minutes. Let's begin with some of these momentum names
0:59.7	today, including one of the beneficiaries of the AI boom, and that's Arm Holdings. Down sharply
1:04.4	as full-year sales guidance comes in below consensus, overshadowing a quarterly beat, but shares of
1:10.0	the chip designer are still up 90% from the September
1:12.5	IPO price of 51, a share, Jim. Revenue up 47, licensing up 60. Yeah, look, I think that
1:21.1	Renee Haas will be able to tell a good story that there was really one question on the conference
1:26.4	call by Goldman Analyst who was very, very good,
1:29.1	which knocked the stock down, which is explaining the down 7% sequential problem when it comes to some of the royalty arrangements.
1:38.6	And they were basically saying, David, that it was Internet of Things and automotive.
1:43.6	Now, that is not unusual. That is what everyone has been saying. Like an on semi has been saying that. Texas Instruments has been saying that. So they do have this component that is not wizardry. Wizardry was very strong, if you want to know the truth. Wizardry being AI. Yeah, explain. Wizardry is AI is what... Well, it's the...
2:00.9	Or generative AI and what they're...
2:03.0	Right.
	...

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