PayPal Beats the Street in Q2, Microchip Technology CEO Ganesh Moorthy on Earnings & SoFi CEO Anthony Noto on Latest Results 8/3/22

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

4.5 • 66 Ratings

🗓️ 3 August 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show breaking down PayPal’s Q2 earnings with Wedbush analyst Moshe Katri, and NZS Capital Co-Founder Brad Slingerlend weighs in on chip giant AMD’s latest results. Then, we continue our earnings coverage with semiconductor maker Microchip Technology CEO Ganesh Moorthy and personal finance firm SoFi CEO Anthony Noto after both companies beat the Street. Next, our Julia Boorstin covers dating services company Match Group missing estimates for the quarter, and CNBC’s Kate Rooney shares new details on a hack affecting Solana crypto wallets. Later, CNBC’s Ylan Mui reports on congressional lawmakers introducing a new bill that could increase the regulation of digital currencies. 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 Dear Joe Boboza, 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 Wednesday morning. Welcome to Tech Check. I'm Carl Kintanilla with John Ford.
0:11.3	Deerbosa has the day off. Today, PayPal surging, Elliott revealing it has a $2 billion stake that follows its investment in Pinterest.
0:19.8	Is this a call on a bottom
0:21.5	evaluation? We'll talk about it. AMD and Airbnb sliding after their results. Guidance and
0:26.5	growth projections, a concern for both of those names. And then another earnings interview.
0:31.5	Anthony Nodo, the CEO of SoFi, will join us in just about 30 minutes. You can see that
0:35.8	stock getting a big boost tire, a couple month high investors like the Q3 guide. Interesting mix of results today, John.
0:43.0	Yeah, Carl, and we'll start with PayPal. Shares higher after a beat across the board,
0:48.2	raising full year guidance as well. Revenue's up 9% year over year, but the company did report
0:53.6	a net loss compared to a nearly two billion dollar profit in twenty twenty one
0:58.0	a big focus on cost cutting expecting to reduce
1:02.0	uh... spending by nine hundred million dollars this year one point three billion
1:05.6	in twenty twenty three one area they are spending on his share by backs, however, announcing a new $15 billion program.
1:13.8	Then the other big news driving the stock is that investment from activist Elliott.
1:18.3	A day after revealing a Pinterest position, Elliott now says it has amassed a $2 billion stake in PayPal.
1:25.2	Of course, last fall, it was rumored those two companies were exploring a merger,
1:29.8	which had me scratch in my head, Carl. I wonder what Elliott's going to do now with a piece of each
1:36.2	of these. It's so interesting. You were just mentioning a few minutes ago, the big pop in FinTech
1:41.3	overall, but it's interesting what's driving that at this particular moment it's not
1:46.9	excitement over crypto right or the flows from retail investors and meme stocks it seems to be you know
1:54.0	fintech that are acting more on the fin side than the tech side you know so far being able to flex its
	...

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