Today is Wednesday, August 31, 2022.
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CrowdStrike's "New Milestones"
Shares of CrowdStrike (Nasdaq: CRWD) dipped 0.41% in after-hours trading on Tuesday after the cybersecurity company posted positive financial earnings results.
Financials: Crowdstrike reported earnings per share of 36 cents and revenue of $535.2 million; both were better than expected.
Strong Results: The company said it delivered “new milestones” across the business, namely growing annual recurring revenue 59% to $2.14 billion and netting a record 1,741 new subscription customers in the quarter.
Outlook: The company sees revenue in the current quarter between $569.1 million to $575.9 million and for the full-year between $2.223 billion to $2.232 billion; both were better than expected.
Quote: “As organizations respond to macroeconomic conditions, they are prioritizing investments and looking to standardize with a security partner they can trust to achieve better protection with less time, fewer resources and lower total cost of ownership.” - George Kurtz, CrowdStrike’s co-founder and chief executive officer.
Final Thoughts: While the stock is down 2% this year, it’s better than most tech stocks. Crowdstrike benefits from an environment with strong cybersecurity demand.
Notable Earnings Today: Express (NYSE: EXPR), MongoDB (Nasdaq: MDB), Designer Brands (NYSE: DBI), Okta (Nasdaq: OKTA), Chico’s FAS (NYSE: FAS), Veeva Systems (NYSE: VEEV), Donaldson (NYSE: DCI), C3.AI (NYSE: AI), Vera Bradley (Nasdaq: VRA), SentinelOne (NYSE: S), Evogene (Nasdaq: EVGN), Five Below (Nasdaq: FIVE), Brown-Forman (NYSE: BF.B), Pure Storage (NYSE: PSTG), Burning Rock Biotech (Nasdaq: BNR), Nutanix (Nasdaq: NTNX), Safe T Group American Depositary Share (Nasdaq: SFET), Cooper (NYSE: COO), VersaBank (Nasdaq: VBNK), Greif (NYSE: GEF), Anaplan (NYSE: PLAN), Semtech (Nasdaq: SMTC).
Notable IPOs Today: Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH), Aquaron Acquisition Corp. (Nasdaq: AQUNU).
Notable Equity Crowdfunding Campaigns Ending Today: Virtual Athletics League (StartEngine), Blockchain Institute of Technology (StartEngine), ScanHash (Netcapital), Waverly Labs (StartEngine), Orthosnap (Republic).
Notable Economic Events Today: ADP Nonfarm Employment Change (8:15 a.m. ET), Chicago PMI (9:45 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).
Chewy’s Customer Spending
Shares of Chewy (NYSE: CHWY) dropped 11.21% in after-hours trading on Tuesday after the online pet retailer posted mixed financial earnings results.
Financials: Chewy reported earnings of 5 cents per share, which was better than expected. Revenue of $2.43 billion was below estimates.
Bad Outlook: The company’s revenue guidance for the current quarter and full year were weaker due to changing “consumer spending patterns.”
Final Thoughts: Chewy’s stock is down nearly 35% this year. Despite the lackluster results, the company’s gross margin expanded by 60 basis points.
PVH’s CEO to Leave
Shares of PVH (NYSE: PVH) dropped 3.71% in after-hours trading on Tuesday after the clothing company posted mixed financial earnings results.
Financials: PVH reported earnings of $2.08 per share, which was better than expected. Revenue of $2.13 billion was below estimates and down from last year.
Final Thoughts: CEO Trish Donnelly is also stepping down. Hopefully, the company turns around under new leadership.
Trends to Watch
Spending: Visa says U.S. payments volume climbed 11% Y/Y in August (Seeking Alpha)
Be in Charge: ChargePoint’s Earnings Fell Short. The Stock Is Rising Anyway. (Barron’s)
Very Sudden: BTC price top warnings emerge as 10K BTC leaves wallet after 9 years (Cointelegraph)
Feeling Confident: Lower gas prices push consumer confidence to highest level since May (CNN)
From Sea to Space: Royal Caribbean is putting SpaceX’s Starlink on its cruise ships (The Verge)
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