Click (I click), Netflix (NFLX): Netflix has hired two advertising executives from Snap, Netflix confirmed to Yahoo Finance. Snap COO Jeremy Gorman and VP of ad sales Peter Naylor will join the streaming giant in September. Netflix COO Greg Peters said in a statement to Yahoo Finance, “Jeremy’s deep experience in running ad businesses and Peter’s experience in leading ad teams together will be key as we expand membership opportunities for consumers through a new offering supported from ads.” The streaming giant plans to launch its new ad-supported tier early next year. On Tuesday, The Verge reported Snap is cutting 20% of its workforce, including layoffs in its hardware division and restructuring its ad sales organization.
Chewy (CHWY): Shares fell after the pet retailer cut its outlook for the year as consumers continue to face high inflation. For the second quarter, Chewy reported new sales of $2.43 billion, beating Wall Street’s estimate of $2.48 billion. Gross margin of 28.1% increased 60 basis points year-over-year, driven by moderate fuel costs and continued efforts to improve supply chain and logistics capabilities.
HP (HPQ): Shares fell 6% after the company cut its forecast for the full year as PC sales slow. HP now expects full-year adjusted earnings of $4.02 to $4.12, down from $4.24-$4.38 previously and missing Steet’s estimate of $4.30. HP’s fiscal third-quarter sales fell 4.1 percent from a year earlier to $14.7 billion, while diluted earnings per share of $1.04 missed the Street’s view. Sales of personal systems totaled $10.1 billion, while print sales reached $4.6 billion.
CrowdStrike (CRWD): Shares rose after the company beat both the top and bottom lines and raised its guidance. CrowdStrike posted sales of $535.2 million on adjusted earnings of 36 cents per share and now sees full-year 2023 earnings per share of $1.31-$1.33 from $1.18 to $1.22. CrowdStrike CFO Bert Podbere noted in the earnings release that the guidance increase “reflects our technology advantage and strong industry headwinds, combined with a pragmatic view of current macroeconomic conditions.” CrowdStrike shares have fallen 32% in the past year.
ChargePoint Holdings (CHPT): Shares jumped after revenue beat analysts’ estimates, led by strong demand. Sales totaled $108.3 million for the quarter, a 93% year-over-year increase and the company’s first quarter of more than $100 million in revenue. ChargePoint CEO and President Pasquale Romano wrote in the earnings release that “demand continues to grow for our portfolio of industry-leading charging solutions for every vertical and in both North America and Europe.” For the fiscal third quarter ChargePoint expects revenue of $125 million to $135 million and full-year sales of $450 million to $500 million.