Today is Tuesday, August 16, 2022.
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Ginkgo Bioworks' Double Growth
Shares of Ginkgo Bioworks Holdings (NYSE: DNA) jumped 21.49% in after-hours trading on Monday after the biotech company posted mixed financial earnings.
Financials: Ginkgo reported a loss of 41 cents per share, which was below estimates. It also reported revenue of $144.6 billion, which was better than expected.
Founded: The company doubled its Foundry revenue year-over-year to $44 million. Ginkgo also added 13 new cell programs in the quarter.
Outlook: Ginkgo increased its total revenue for the full year from the range of $375 to $390 million to the range of $425 to $440 million. The company also expects Foundry revenue of $165 to $180 million.
Quote: “We are excited about our recently announced transactions with Zymergen and Bayer, which we expect to significantly improve our platform and drive future value.” - Jason Kelly, co-founder and CEO of Ginkgo.
Numbers: Ginkgo’s stock is down 59% in 2022 but is up 17% in the past year.
Final Thoughts: The first half of the year was rough for biotech stocks. Hopefully, the sector turns things around.
Notable Earnings Today: Walmart (NYSE: WMT), Agilent (NYSE: A), Home Depot (NYSE: HD), Jack Henry & Associates (Nasdaq: JKHY), Sea Limited (NYSE: SE), QuickLogic (Nasdaq: QUIK), Global-e Online (Nasdaq: GLBE), Nano-X Imaging (Nasdaq: NNOX), PAVmed (Nasdaq: PAVM), Lumentum Holdings (Nasdaq: LITE), LexinFintech Holdings (Nasdaq: LX), Elbit Systems (Nasdaq: ESLT), Huya (NYSE: HUYA), Eagle Point Credit Company (NYSE: ECC).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: International Institute of Aesthetics Art & Beauty (Honeycomb), Happy Cows Group Share (Honeycomb), A Band of Anglers (StartEngine), MINNA (Republic).
Notable Economic Events Today: Building Permits (8:30 a.m. ET), Housing Starts (8:30 a.m. ET), Industrial Production (9:15 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
ZipRecruiter’s Cooling Hiring Environment
Shares of ZipRecruiter (NYSE: ZIP) dropped 5.20% in after-hours trading on Monday after the online jobs platform posted mixed financial earnings.
Financials: ZipRecruiter posted revenue of $239.9 million, which is up 31% and better than expected.
Too Cool: In June, ZipRecruiter started “to see signs of a cooling hiring environment.”
Outlook: As a result, ZipRecruiter lowed its revenue guidance to the range of $883 million to $897 million. It is also raising its full-year adjusted EBITDA guidance to a 19% margin.
Final Thoughts: ZipRecruiter’s stock is only down 16% this year, but a bad hiring environment could make things worse.
Equity Crowdfunding Spotlight: GoBe Snack Spinner
Briefly describe your business. The GoBe Snack Spinner, a sustainable, spill-resistant snack container, allows kids to independently spin from one snack to the next with the press of a button. We just launched presales for a Large Spinner and Lunch Box, set to ship this fall.
What are the terms of the investment for your campaign? Invest in GoBe for as little as $100. Our goal is to sell for $400 million or more, so investing today could yield investors a potential 50x return on investment when GoBe is acquired or goes public. See Republic for details.
What makes your startup special? We are family-first and passionate about raising the best kiddos possible. We innovate unique products. Learn more about why we’ll succeed here.
Trends to Watch
Time to Divest: BP Is Exiting Its Mexican Oil Assets in Shift Toward Renewables (Bloomberg)
The Oracle of Omaha Strikes Again: Berkshire Hathaway boosts Apple, Amazon stakes (MarketWatch)
Green Light: Digital Bank Revolut Gets Approval to Offer Crypto Services Throughout Europe (CoinDesk)
Big Player: Dealmaker Enabled 8 of the 10 Top Investment Crowdfunding Deals (Crowdfund Insider)
Keeping it Real Estate: Homebuilders say U.S. is in a ‘housing recession’ as sentiment turns negative (NBC News)
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