Breaking Down Zoom Earnings, South Korea Passes App Store Bill & Databricks CEO on New Funding Round

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 31 August 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

To start off the show our anchors bring you all the details on Zoom earnings reported after the bell yesterday. Then, Deutsche Bank Director of Equity Research Matthew Niknam joins to further discuss Zoom as the stock tumbles more than 15 percent this morning. We also have Mizuho Analyst Dan Dolev share his thoughts on Amazon and Affirm’s new partnership with Mizuho bumping up its price target for Affirm on the news. Next, CNBC’s Eunice Yoon joins with the details on South Korea officially passing its bill targeting app stores. Then, “The Verge” Editor-in-Chief Nilay Patel is here to share his thoughts on app store regulation. Plus, CNBC’s Scott Cohn joins live outside the San Jose courthouse where Elizabeth Holmes’ trial is set with the latest details on the case. And Later, Databricks Co-Founder and CEO Ali Ghodsi joins as the company announces a $1.6 billion funding round bringing its valuation to $38 billion. 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 John Ford.
0:00.8	You're listening to CN welcome to Tech Check.
0:27.5	I'm Deer Joe Prozo with John Fort and Julia Borsden.
0:30.1	Today, Zoom shares getting crushed as growth continues to slow.
0:34.3	A bear unmoots to tell us why Zoom's run maybe over.
0:39.2	Then traditional investors are being put on hold. What to make of the latest name, PayPal's plans for a stock
0:45.0	trading feature and a firm's skyrocketing valuation. Later on, we are live outside the
0:50.6	courthouse as jury selection begins in the Elizabeth Holmes trial.
0:55.2	Yeah, in meantime, we're going to start with the work from home, darling.
0:58.2	That's hit a speed bump, zoom down more than 15%, the stock having its second worst day ever,
1:04.4	following results that beat estimates but saw overall growth slow.
1:08.3	Revenue up 54% year-over-year, great number, but a tough comp against last
1:12.0	quarter is 191%. Yes, you heard that right. It's concerning for investors this morning.
1:17.7	Guidance for next quarter lower growth. This is a stock that's already been cut in half in terms
1:22.2	of where it was trading back in October of last year. And yes, it was work from home darling,
1:26.2	but now it finds itself competing with Titans like Microsoft
1:29.0	and Salesforce on one side,
1:30.8	a number of well-funded startups on the other.
1:34.3	Julia, I think this is a story that we're seeing play out again and again.
1:39.6	Zoom, of course, competing with teams and others.
1:42.2	They talked a lot about Zoom phones, that PBX type system,
1:45.6	you know, Ring Central, also public, is in there as well. We could talk about Peloton cutting
	...

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