Elon Musk Takes Over Twitter, Intel CEO Pat Gelsinger on Earnings & Apple’s Results Beat the Street 10/28/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 28 October 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with CNBC’s Steve Kovach breaking down Apple’s latest earnings beat, and our Julia Boorstin joins with insight as Elon Musk takes over Twitter. Then, Intel CEO Pat Gelsinger breaks down the chipmaker’s Q3 results and perspective on the broader sector, and Needham analyst Laura Martin shares her thoughts on opportunities in big tech. Later, we take a second look at Apple’s quarter with Bank of America analyst Wamsi Mohan, and CNBC’s Diana Olick reports on tech firms cutting costs by leasing less real estate. 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. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:07.4	Good Friday morning. Welcome to Tech Check. I'm Carl Kintania with John Ford, Jadrabosa, and Julia Borsden. Today call it a big tech train wreck. Google, Microsoft, meta, and now Amazon, taking it on the chin this quarter. Amazon alone losing 200 billion in market
0:21.9	cap, but what comes next and what should you do with the rest of the names? Apple's the only mega
0:26.7	cap so far to see green post results, record revenues for a September quarter and don't think
0:31.7	we forgot about Twitter. Deirdre's live on the ground as the Musk era begins. We're going to discuss
0:37.3	all of that in just a moment, Deep.
0:39.3	Yeah, we're going to start with Amazon though.
0:42.3	You know, we have the last of big tech report this week.
0:45.3	And this is a company, of course, you see now, share prices are declining.
0:48.3	It was hit really on the consumer side and the enterprise side.
0:51.3	At the midpoint Q4 revenue growth, guys forecast at 5% year
0:55.9	over year. And that would be a record low for this current, all-important holiday season,
1:00.6	which has accounted for nearly a third of annual revenue historically. AWS growth. That was a
1:05.9	major focus. It slowed to 27% growth year over year. The CFO, Brian Olsowski, talked about enterprise customers really trying to save money here.
1:15.0	Remember, this is a consumption-based business model.
1:17.6	So this is a cost that they can't cut on the cost side, guys.
1:20.6	This was a huge focus this week.
1:22.7	Investors found that Amazon had trouble raining it in.
1:26.2	Remember, John, that Amazon very quickly,
1:28.4	maybe the first among big tech this year to rein in those costs, say that we need to become
1:32.4	more efficient. We overhired during the pandemic, but more work to do there for CEO Andy Jassy.
1:39.5	Yeah, but it makes sense, right? I think we set this up pretty well yesterday talking about this Andy Jasty situation. It's not a Mark Zuckerberg situation where he's leaning into spending despite the macro headwinds and the issues that we see with the business. They actually are tightening the belt. Now, you can argue maybe they got a few inches left to go as they tighten that belt,
	...

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