SoFi CEO Anthony Noto on Biden’s Student Loan Forgiveness Plan, Autodesk CEO Andrew Anagnost on Q2 Earnings Beat & MoviePass CEO Stacy Spikes on Plans to Relaunch 8/25/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 25 August 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show breaking down the latest earnings from cloud names Snowflake and Salesforce with Evercore ISI Senior Managing Director Kirk Materne. Then, SoFi CEO Anthony Noto discusses President Biden’s student loan debt forgiveness plan, and NorthmanTrader Founder Sven Henrich shares his outlook for Apple. Next, CNBC’s Lauren Thomas offers additional insight on Peloton after the fitness equipment maker struck a deal to sell products on Amazon, and software company Autodesk CEO Andrew Anagnost weighs in after beating the Street in Q2. Later, MoviePass Founding CEO Stacy Spikes joins as the movie subscription service announces plans to relaunch next month. 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 Deer Jrabosa, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m.
0:06.1	Eastern. Listen in.
0:09.4	Good Thursday morning and welcome to Tech Check. I'm Carl Kintanio with Deerbosa and John Fort.
0:14.1	Today, snowflake weather is the growth meltdown. CRM might need to force some sales.
0:19.1	Plus, Nvidia still has a chip on its shoulder. Then Peloton in a downhill cycle. We'll discuss if the shares can stage a second half turnaround. And finally, the CEO of SoFi is with us on the heels of the Biden administration announcing that student loan forgiveness. Anthony Noto joins the show in just about 10 minutes, Dee. That's right. We're going to start, though, with a pair of earnings movers.
0:38.9	Take a look at Snowflake and Salesforce.
0:40.9	They are headed in very opposite directions this morning.
0:43.9	Snowflake continuing to report a loss, but revenue did come in above estimates.
0:47.9	Product gross profit margins expected to be 75% for the coming quarter.
0:51.7	Last time we spoke with CEO Frank Slutman, he doubled down on his commitment to a consumption-based model.
0:56.8	That strategy appearing to pay off right now. On the other hand, however, Salesforce trimming its full year estimates for both EPS and revenue.
1:04.4	Also announcing it will raise prices on Slack while the board approves a $10 billion buyback, the first in the company's history.
1:12.8	The stock is right now the biggest drag on the Dow, which is still up about 130 points.
1:18.2	We also want to take a quick look at Autodesk. That stock popping, and we will speak to CEO Andrew
1:22.9	Agnistost later this hour. Guys, where should we start now? Mixed out of results here, Snow and CRM,
1:29.1	saying different things about enterprise spend. And this is what investors are trying to figure
1:33.0	out what gets that enterprise spend first, what comes maybe later. The NASDAQ, though,
1:39.9	maybe this is the most important thing. It is outperforming today up about 1%, though. It has come
1:44.1	off those highs.
1:45.2	As investors, perhaps focused on Warren Jackson Hole in the Fed.
1:48.9	Well, yeah, I'm not sure that the message from these earnings is mixed so much as the difference is expectations and momentum.
1:58.1	It seems to me that what we're getting from these earnings overall is the message
	...

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