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TechCheck

Black Friday Ecommerce Expectations, Shopify President Harley Finkelstein & Apple’s Holiday Quarter 11/25/22

TechCheck

CNBC

Disruptors, Tech, Technology, Cnbc, Management, Business, Faang, Investing

4.566 Ratings

🗓️ 25 November 2022

⏱️ 44 minutes

🧾️ Download transcript

Summary

Our anchors begin today’s show with CNBC’s Kristina Partsinevelos and CommerceIQ CEO Guru Hariharan on shopping trends to expect this Black Friday and beyond. Then, our Julia Boorstin covers social commerce picking up steam and Shopify President Harley Finkelstein joins for more on ecommerce expectations this holiday season. Next, CNBC’s Eunice Yoon joins from Beijing to provide an update on lockdowns in China and their impact on Apple. Also, JPMorgan Analyst Samik Chatterjee is here to further break down the headwinds Apple is facing in its key quarter. Later, Mizuho Analyst Dan Dolev covers what’s in store for fintech as holiday shopping ramps up.

Transcript

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0:00.0

I'm Deirdreboza, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.

0:11.6

Happy Black Friday. Welcome to Tech Check. I'm Carl Cantanier with Julia Boorston. John and Deirdre have the

0:16.5

morning off today. Searching for a pulse on the consumer. We've got it today, along with the latest

0:21.4

data. Stock moves, winners on this shortened trading day for stocks. Plus more on where

0:26.8

e-com goes from here with an interview you do not want to miss. Shopify's Harley-Finklestink's

0:31.5

going to join us in a bit. Finally, the Apple breakdown as COVID cases surge in China and

0:36.6

questions continue to grow around iPhone

0:38.8

supply going into the holidays.

0:40.8

Very big show today, Julia, even with the shortened session.

0:44.9

Yes, and a happy Black Friday to you, Carl.

0:47.0

We are going to be kicking off today's feed with a read on the consumer as Black Friday

0:51.1

becomes a make or break holiday this year.

0:53.7

An investor's eye, a potential consumer slow down alongside what's been a rolling tide of layoffs,

0:59.9

guidance cuts, and negative sentiment from names ranging from Target to Amazon.

1:04.8

Christina Partsnevlos joins us now with the latest.

1:07.7

Christina?

1:08.3

Well, Julia, between stuffing our faces with turkey meals,

1:11.7

shoppers, we're able to get in a lot of shopping yesterday. Consumers spent a record $5.3 billion.

1:18.7

$5.3 billion. It's not on here, but I'll say $5.3. That is up by this year and almost 3%

1:25.5

increased year over year. And to put that into context, on an average day, it's about $2 to $3 billion in the United States.

1:32.7

And today Adobe is predicting that number will jump to $9 billion, which sounds like a lot, but it's only a 1% increase year over year.

1:39.8

New data, though, from Captify has Walmart as the most search retailer for online Black Friday deals, followed by Target as well as Coles.

...

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