Breaking Down Coinbase’s Latest Quarter, Earnings Exclusives with FuboTV CEO and Doximity CEO & the FTC Probes Two Uber Deals

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 11 August 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors start off the show with all the details on Coinbase’s latest earnings report. Initialized Capital Founder and Early Coinbase Investor Garry Tan joins to further break down Coinbase’s quarter and outlook. Then, CNBC’s Eamon Javers is here to cover what may be the biggest crypto theft ever with $600 million stolen. Later, Unity Software CFO Luis Visoso joins to discuss the company’s strong quarter and planned acquisition of remote desktop and streaming company Parsec. Later, FuboTV CEO David Gandler joins in an earnings exclusive to discuss the company’s most recent quarter. We also have all the details on the FTC probing a partnership between Uber and Gopuff in addition to reviewing Uber’s planned purchase of Drizly. Then, we have a second earnings exclusive with Doximity CEO Jeff Tangney on the company’s first earnings report since going public, plus details on how the company is battling vaccine misinformation on its app.

Transcript

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0:00.0	I'm Julia Borsden, and you're listening to CNBC's Tech Tech.
0:03.5	Our show is live weekdays at 11 a.m. Eastern, listen in.
0:28.7	Good. Good Wednesday morning. Welcome to Tech Check. I'm Carl Ketania with John Ford and Dear Drubosa. Coming up on the show today, Coinbase's first outside investor, the CFO of Unity
0:34.2	Software on their big cloud deal, plus earnings exclusives with the CEOs of Fubo
0:38.7	TV and Doximity, and then a mega deal in the cybersecurity space, Norton LifeLock merging
0:44.6	with a vast PLC.
0:47.6	Well, Carl, we start off our feed this morning with Coinbase, of course, shares of the
0:52.3	crypto exchange.
0:53.4	Seeing a boost this morning as a company reports strong second quarter earnings.
0:57.5	It's second as a public company, $1.6 billion in net profit and nearly 4,900% boost from a year earlier.
1:05.0	Monthly users in trading volume also seeing double-digit gains from the first three months of the year.
1:10.0	But could volatility
1:11.6	in crypto scare off future investors? That's a question here. Coinbase says it expects trading
1:17.0	volume will be lower in the third quarter. And for good reason, Bitcoin fell more than 41%
1:22.2	in the second quarter and 95% of Coinbase's second quarter revenue came from transactions. Coinbase countering,
1:29.6	quote, we're used to the volatility. We embrace the volatility. And guys, why wouldn't they?
1:34.2	Especially if that means more transaction, more volume. What stuck out to me here, that was that
1:39.2	institutional volume, greater than 50% growth, retail volume was half of that. But on that front, guys,
1:47.6	we've talked to some big players in the space this week. And we know that competition is increasing.
1:52.2	Falcon X yesterday. That's a platform dedicated specifically to institutional crypto investors.
1:59.0	And then Binance, right? Remember, CZ? He said that he really wanted to
2:02.8	get regulation, compliance in place, and that's likely a bid to get some of these big players as well.
	...

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