Roblox Posts a Miss in Q2, Akamai CEO Dr. Tom Leighton on Earnings & Sony Pictures Entertainment CEO Tony Vinciquerra on Media Outlook 8/10/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 10 August 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with Irreverent Labs CEO Rahul Sood sharing his thoughts on Roblox after the gaming platform posted a miss in Q2. Then, CNBC’s Kate Rooney and Citi analyst Pete Christiansen discuss crypto exchange Coinbase’s latest results, and Akamai CEO Dr. Tom Leighton joins with a look at the cybersecurity and cloud company’s recent earnings. Next, CNBC’s Mike Santoli breaks down the latest CPI data, and Sony Pictures Entertainment CEO Tony Vinciquerra offers his outlook for the broader media space. Later, CNBC’s Steve Kovach recaps a tough quarter for video game companies. 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 Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:06.9	Good Wednesday morning. Welcome to Tech Check. I'm Deerbeza in San Francisco with John Fort from HQ. Carl has the morning off. Today.
0:13.4	Tech stocks, they are surging after better than expected inflation numbers. What that means for the growth trade and changing investor expectations this hour. Plus more on this morning's big moves, Roblox gets a reality check. Coinbase disappoints, even as shares are moving higher. And finally, getting more bullish on meta this morning, why one big name likes it over Alphabet. John, we've got a huge showhead. We didn't even talk Tesla, but we will. We will. We're going to talk a lot of things. I mean, from the Metaverse to Crypto, this virtual stuff. We're going to get a reality check. First on Roblox, just the latest Metaverse name, seeing a slump this quarter, as shares fall after results that disappointed showed a decrease in daily active users. And Unity, another Metaverse name,
0:55.5	also missing estimates by a wide margin this morning.
0:58.0	All these results suggest that demand for virtual worlds
1:01.5	and virtual currencies is falling.
1:04.5	Bitcoin is down more than 20% since April.
1:06.5	Coinbase just this morning reported a fall in active users,
1:10.5	similar to Roblox, along with more
1:12.6	than a billion dollars in losses.
1:15.5	Dee, my question, and we're going to get to Rahul Sud in just a moment on this, Roblox is trading
1:23.8	valuation-wise.
1:25.0	I think it's around between nine and ten times
1:28.2	revenue right it's got this twenty six billion ish
1:33.0	uh... market cap which suggests that it's a platform
1:37.2	and not a game right not in that i don't i'm not convinced yet that this is a
1:42.0	platform this is scalable to the degree that tools are scalable.
1:47.6	John, I'm so glad you bring this up because I wanted to get your take on this ever since I read this line in the earnings transcript.
1:53.7	The CEO, and I quote him, said, we're not a game.
1:56.2	He said we're not even really a gaming platform.
1:58.3	To your point, he says we are a future human co-experience platform.
2:03.2	Is that another way of saying Metaverse? I need to know your thoughts on this.
	...

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