Snap Projects Q2 Revenue Miss, Thoma Bravo Co-Founder Orlando Bravo on Consolidation & Comcast Comments on Electronic Arts Meeting 05/24/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 24 May 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show covering Snap CEO Evan Spiegel warning that the social media giant will miss its Q2 targets for revenue and adjusted earnings. Then, CNBC’s Mike Santoli joins for a closer look at select sectors within tech, and Verge Editor-in-Chief Nilay Patel circles back to the fallout from Snap’s announcement. Next, Thoma Bravo Co-Founder and Managing Partner Orlando Bravo weighs in on the overall state of M&A, and our Julia Boorstin covers comments from CNBC parent Comcast surrounding reports about the company’s meeting with video game maker Electronic Arts. Later, Platformer News Founder Casey Newton shares his perspective on Snap’s guidance, and CNBC’s Kristina Partsinevelos breaks down e-commerce and Chinese tech stocks dragging lower to start the morning. 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 Deerreboza, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:09.5	Good Tuesday morning. Welcome to Tech Check. I'm Carl Keintanio with Deerbosa and John Ford. Today, the bottom falls out on Snap. A big surprise guide down, revealing sharp deceleration in the business.
0:20.0	Shares down almost 40%. The rest of
0:22.4	media, social media, feels the pain, Pinterest, and meta get hit the hardest. Combo that with what we
0:28.2	heard from Best Buy and Abercrombie today, cutting their outlooks pointing to rapidly slowing demand,
0:33.6	is there more pain to come, especially following the negative prints from Walmart and Target?
0:37.9	And then the last piece of this puzzle layoffs, hiring freezes across tech.
0:43.2	Snap today, but also Nvidia, Uber, Carvana.
0:46.6	The one outperformance story is Zoom.
0:49.1	Pretty strong guidance.
0:50.1	Stock's higher, but that's, of course, after that 85% dropped from the peak.
0:53.8	Snap right now, 83% from the 2021 peak with the NASDAQ down, another 3% this morning.
1:01.8	D, a lot of discussion about to what degree SNAP would be company specific, but then you
1:06.5	couple it with everything else we've gotten over the past few weeks, and it's hard to look past.
1:11.2	Yeah, and it's certainly taking down all the other digital advertisers.
1:14.1	I mean, to see Alphabet down some 8% the session, it's pretty remarkable.
1:18.2	But you really summed it up, Carl, in that opening.
1:20.5	It's not just snap.
1:21.5	It's only the latest sign.
1:22.6	If you think that the likes of Amazon and Walmart and Target, some of the biggest, some of the most efficient businesses
1:29.0	are having a hard time with profitability, growing their revenue in this environment, and just
1:33.7	dealing with all of these uncertainties, John, how do you think the others are going to do?
	...

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