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Breaking Down Tesla’s 3-for-1 Stock Split, Intuit CEO Sasan Goodarzi on Earnings Beat & TikTok’s Impact on Elections and Advertising 8/24/22

TechCheck

CNBC

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

4.566 Ratings

🗓️ 24 August 2022

⏱️ 44 minutes

🧾️ Download transcript

Summary

Our anchors begin today’s show with CNBC’s Lauren Thomas sharing new reporting on Peloton’s deal to sell equipment and apparel on Amazon, and “Margins” Editor Ranjan Roy discusses Tesla’s 3-for-1 stock split after the close. Then, Intuit CEO Sasan Goodarzi breaks down the financial software firm’s latest earnings beat, and our Julia Boorstin offers a look ahead to TikTok’s potential impact on elections and holiday advertising. Next, we stick with TikTok as Bernstein analyst Mark Shmulik weighs in on whether the platform has ruined the internet. Later, data management company Cohesity CEO Sanjay Poonen takes a deep dive into several cloud names posting Q2 results this afternoon. 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 Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.

0:08.5

Good Wednesday morning. Welcome to Tech Check. I'm Deerreboza in San Francisco with Carl Kintini and John Ford out east.

0:14.2

Today, a breakdown of the consumer across the tech ecosystem. Into it, the top gainer on the S&P, a small business demand proved stronger

0:21.6

than ever. More on those numbers with the CEO himself, Suzanne Gazzari, in just a moment.

0:26.6

Plus, what Peloton's new partnership with Amazon means for the D2C names, as names across the

0:32.0

space get a boost. And finally, is TikTok ruining the internet? More on how it is changing the digital landscape.

0:38.5

That's all later this hour, John. Yeah, we're going to start, though, with a read on small

0:42.6

business strength into a chair's popping on an earnings beat, strong outlook, dividend raise.

0:48.7

You can see them there up more than 5% so far this morning. It's the top gainer in the S&P so far. This is a prime example of a pandemic name where the fundamentals are continuing to work.

1:00.9

And the stock, the stocks that get the hype aren't necessarily the ones that are going to continue to perform.

1:07.8

Now, Intuit has benefited over the last couple of years as small businesses went digital

1:11.7

during the pandemic to survive into it didn't chase trends. Instead, aggressively invested in its

1:17.9

core mission, buying companies like Credit Karma and MailChimp. Those two acquisitions have left

1:23.7

the company more diversified and closer to becoming what I would call the next Microsoft

1:29.0

for small business and consumer back office. We're going to break down these results with CEO

1:34.5

Sasan Gaddaarzi in just a moment, Carl.

1:37.9

Meantime, John, while the consumer may be strong for Intuit, not the same story for Peloton,

1:42.4

as you know, but shares are surging on news of this new partnership with Amazon,

1:46.9

some calling the move a last gasp from a retailer that has struggled to navigate post-pandemic headwinds.

1:53.5

Lauren Thomas is a retail reporter at CNBC.com.

1:56.0

She talked to Peloton's chief commercial officer, broke the story today, Lauren.

1:59.8

A fascinating piece.

...

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