Four CEOs Break Down Their Q2 Results: Okta’s Todd McKinnon, C3 AI’s Tom Siebel, Samsara’s Sanjit Biswas and Pure Storage’s Charles Giancarlo 9/1/22

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

4.5 • 66 Ratings

🗓️ 1 September 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with CNBC’s Mike Santoli recapping a brutal August for tech stocks. Then, Okta CEO Todd McKinnon joins to discuss the identity management company’s latest results as shares plunge to start the morning. Next, CNBC’s Eunice Yoon reports on chip stocks falling after the U.S. government restricted certain semiconductor sales to China, and C3 AI CEO Tom Siebel breaks down the enterprise software provider’s latest quarterly figures. Our Julia Boorstin also covers Disney’s plans to release a membership program across its parks and streaming service, and internet-of-things software firm Samsara CEO Sanjit Biswas shares his insight after delivering a beat in Q2. Later, Pure Storage CEO Charles Giancarlo discusses the data storage company’s upbeat earnings amid mixed results from its industry rivals. 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 Fort. You're listening to CNBC's TechChack. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:07.2	Good Thursday morning. Welcome to Tech Check. I'm Carl Kingtonia with John Ford and dear Gribosa.
0:11.6	Today, scattered thunderstorms across the cloud. Software, MongoDB, Octa, C3AI, all getting crushed down 20 to 30% plus after earnings.
0:21.6	We are going to talk to two of those three CEOs this hour, along with Pure Storage
0:26.6	and Sonsar.
0:27.6	That stock down 10% as well.
0:29.6	Software getting rocked as the Wisdom Tree Cloud Computing ETF down 6%.
0:35.6	Guys, John, a big part of this is just sort of encapsulated in what Tom Siebel said,
0:40.6	and that is that customers are scrutinizing large deals, maybe more now than never before.
0:46.6	They are sales cycles lengthening, something that we also heard from Bill McDermott at Service
0:51.5	now several weeks ago. But first of all, it's not all the same.
0:56.8	I want to note Nutanics, which had earnings. That is up almost, what, 30%? Almost. You know, outperforming
1:04.4	there. But some of these companies have individual challenges, problems.
1:18.3	You look at ACTA and integration of an acquisition, not managing the sales force in the best way. Across C3 AI, switching to a consumption-based model and dealing with these sales cycles.
1:24.8	But I think overall, the macro environment is having more of an impact
1:29.4	on the enterprise, at least at certain levels than investors were hoping. And so now I think
1:34.8	part of what we're going to be talking about today overall is this recalibration of these riptides
1:40.1	as things change quickly, Dee, as we've been saying. How big is that recalibration? Right.
1:44.0	You mentioned Service Now.
1:45.1	They were kind of the first to come out, Bill McDermott and say that sales cycles were lengthening. But even as Sam Sara, who we're going to talk to today, beaten, raised quarters, said that those sales cycles are lengthening. You know, deals that used to just go through for that so-called digital transformation, now they're going to the CFO desk for sign-off.
2:01.1	So maybe they're taking a little bit longer,
2:02.6	but I think big picture, guys,
	...

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