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Equity

Equity Monday: Revenge of the Mutual Funds

Equity

TechCrunch

Entrepreneurship, Business News, News, Business, Technology

4.2 • 372 Ratings

🗓️ 5 June 2023

⏱️ 10 minutes

🧾️ Download transcript

Summary

Here’s what Alex got into today: Stocks are mixed around the world this morning while crypto stays pretty flat. Earnings this week that we’re excited about include Gitlab, Couchbase, Yext, Smartsheet, and Hashicorp. (We’re also keeping an eye on the Atomic Wallet hack.) Reddit’s proposed API changes (charges, more like) are having a pretty big impact on the service’s userbase; there are calls for a blackout of certain forums in response to the proposed updates. Reddit, on the other hand, is a business and needs to make money. Sticking to social media, news broke this morning that Twitter’s revenues are down sharply compared to year-ago totals, at least when we consider its American advertising incomes. Twitter does more than just ads in North America, but given that it’s likely a pretty big chunk of its total top line, it’s not good news. Canva’s valuation was slashed by a mutual fund (something that we have seen a lot lately), the latest in a string of similar headlines for other unicorns. Closing, WWDC is today. Get. Hype. Don't forget: our listener survey is back! If you can, please take a moment to let us know what you want more of, what you want less of, and how we can make this the kind of podcast you want to come back to every week.  Equity will be back on Thursday this week, but in the meantime, you can catch us on Twitter @EquityPod. For episode transcripts and more, head to Equity’s Simplecast website.  Equity drops at 7:00 a.m. PT every Monday, Wednesday and Friday, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. TechCrunch also has a great show on crypto, a show that interviews founders, one that details how our stories come together and more! Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hello and welcome back to Equity, the Tech Runch Podcast, where we unpacked the numbers and the

0:15.3

nuance behind the headlines.

0:16.8

It is June 5, 2023, this is Alex and this is our Monday show, where we take a look back at the weekend and a look at the week to come.

0:24.8

On the show today we have a check-in for stocks and crypto, the latest from Reddit and Twitter

0:28.7

as they chase revenue growth in that tough social media category, Canva and the late stage revaluation,

0:34.4

and then we'll close with a WDC preview.

0:37.4

It's going to be great, let's go.

0:39.0

Let's start with a look at the global stock market.

0:44.4

Shares rose today in Asia, with Japanese shares hitting some highs not seen in decades.

0:49.2

Stocks were mixed over in Europe and over here in the US,

0:52.4

I'm going to say they're largely flat in pre-market

0:54.8

trading.

0:55.8

Now earnings this week.

0:56.8

Yep, apparently this just never ends.

0:58.9

So on Monday we'll hear from GitLab and Sprinkler.

1:01.8

Tuesday will be yexed Couch Base and Stitch Fix.

1:04.7

Wednesday, HashiCorps, Smart Sheet, and Rent the Runway.

1:07.4

Thursday, DocuSign, and Praise,

1:09.3

and then Friday will be E.

1:10.3

E.V. Company Neo.

1:11.8

It's gonna be great. Turning the page, let's talk about

1:14.8

crypto. And guess what, my friends, the value of major

...

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