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Breaking Down Amazon Earnings, Adobe CEO on Walmart Partnership & Gopuff’s Latest $1 Billion Funding Round

TechCheck

CNBC

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

4.566 Ratings

🗓️ 30 July 2021

⏱️ 42 minutes

🧾️ Download transcript

Summary

Our anchors kick off this Friday morning with all the details on Amazon’s revenue miss and weaker-than-expected guidance reported yesterday. Then, Mark Asset Management CEO Morris Mark joins to further break down Amazon’s latest quarter. Sticking with earnings, CNBC’s Julia Boorstin has the details on Pinterest’s latest report bringing the stock price down over 18 percent this morning. We also have CNBC’s Kate Rooney cover Robinhood’s summer slowdown in monthly active visits and time spent on the app. Then, Wheelhouse CIO Ann Berry joins to talk more about Robinhood after the company made its market debut yesterday. We also hear from Adobe CEO Shantanu Narayen on the company’s new partnership with Walmart. Next, Gopuff Co-Founder and Co-CEO Yakir Gola is here to discuss the delivery startup company’s latest $1 billion funding round. Also, CNBC’s Julia Boorstin returns with the story on Scarlett Johansson suing Disney over her “Black Widow” contract.

Transcript

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0:00.0

I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern.

0:05.9

Listen in. Good Friday morning. Welcome to Tech Check. I'm Carl Kintanio with Deirdrevosa, John Fort, and Julia Borsden.

0:11.9

Today, Amazon shares are down big, flirting with the worst day since 2014. An Amazon Bull will defend their results coming up this hour.

0:20.2

Then call it a conflict of interest,

0:21.8

shares of Pinterest getting hammered after that monthly active user drop.

0:26.8

Later on, Robin Hood falls for a second straight day after that disappointing debut.

0:31.3

A Robin Hood Bear joins us basically to say, I told you so, Dee.

0:36.4

And we'll start with Amazon.

0:38.0

This is really a story about revenue.

0:40.6

After posting its first miss in three years, we guidance also not helping make the case

0:45.5

this morning.

0:46.7

Stock is down big today, already on pace for its worst day of the year of 2021 and closing

0:51.6

in on its worst session in nearly seven years.

0:55.0

CFO Brian Olsowski blamed the tough year-over-year comps after a pandemic surge.

1:00.0

But investors this morning, guys, seem to think that this is more than a typical growth slowdown.

1:05.0

And with this, guys, the era of Jassy begins.

1:08.0

Guidance was weak, but John, remember, I know you know this well, is that Amazon is

1:12.8

typically pretty conservative with guidance.

1:15.0

And at the midpoint of what it set out for Q3, that represents 13% growth year every year.

1:20.8

Yes, that would be its slowest rate of growth in 20 years.

1:23.7

But could this potentially be setting up Andy Jassy for a surprise on the upside?

1:28.8

Yeah. I don't know what this is yet, but I look at this quarter and I see that per member

...

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