Microsoft Gaming CEO Phil Spencer on Holiday Season Demand, Binance Announces Plans to Buy FTX & FCC Chairwoman Jessica Rosenworcel on Media Landscape 11/8/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 8 November 2022

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with Oppenheimer analyst Martin Yang discussing the latest results from Activision and Take-Two Interactive, and Microsoft Gaming CEO Phil Spencer shares his outlook for the space heading into the holiday season. Then, Union Square Advisors Co-Founder Ted Smith weighs in on M&A opportunities in tech. Next, CNBC’s Kate Rooney delivers breaking news on crypto exchange Binance announcing plans to buy rival firm FTX, with analysis from Slow Ventures General Partner Sam Lessin and MoffettNathanson Partner Lisa Ellis. Later, our Jon Fortt shares highlights from his conversation this morning with FCC Chairwoman Jessica Rosenworcel at the Paley International Council Summit.

Transcript

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0:00.0	I'm Dear Drabosa, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m.
0:06.1	Eastern. Listen in. Good Tuesday morning. Welcome to Tech Check. I'm Carl Kintenea with Dear Drabosa.
0:11.3	John Ford's going to be with us in just a bit. He is wrapping up a conversation with the FCC chair at the Paley Center for Media.
0:19.0	And I'll bring us those highlights in a minute. In the meantime, today, Lyft, Take 2, Trip, all plummeting on the heels of their results. We're going to dive into the state of the consumer and discretionary spending on a day where the Dow hits its highest intraday level since August. Speaking to Take 2, Activision Reporting, we're joined by Microsoft's Head of Gaming. Phil Spencer's with us in a few moments. And then B of A, cutting its target for Apple.
0:41.1	The analyst... 2. Activision Reporting. We're joined by Microsoft's head of gaming. Phil Spencer's with us in a few
0:37.8	moments. And then B of A, cutting its target for Apple. The analyst behind that call is going to join
0:42.9	us to explain D. We'll start though with continued pressure on consumer spending. Take 2.
0:48.9	Crow mentioned this. It is plummeting after slashing Q3 and its full year outlook, spending on mobile gaming hit particularly
0:55.8	hard. Lyft also down big user growth slowing active rider growth. The slowest on record,
1:02.2	those shares down 20% out. President John Zimmer pointing to weakness and delivery and takeout as consumers
1:07.9	tighten their belts. And another example of a pullback, there's TripAdvisor.
1:12.2	Some red here also, management saying, while people want to continue spending,
1:16.3	they're thinking about how to adjust their plans.
1:19.2	That stock down more than 20% also.
1:22.3	Carl, I guess the question, when we talk about these earnings,
1:25.4	are they company specific or do they tell us something about the broader economy and consumer spending, airlines, hotels, Airbnb?
1:33.3	No sign of a demand slowdown there.
1:36.0	Lyft's problem.
1:37.1	That's not demand either.
1:38.7	It's execution and potentially losing market share.
1:42.0	Very different tone that we heard from Uber about a week ago saying
1:44.9	that demand is strong. They're still in sort of growth mode. They scaled back costs earlier.
	...

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