Today is Wednesday, March 8, 2023.
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CrowdStrike's Record Results
Strong financial earnings for CrowdStrike (Nasdaq: CRWD) had shares of the cybersecurity technology company jumping by 5.82% in after-hours trading on Tuesday.
Financials: CrowdStrike reported earnings of 47 cents per share in the past quarter and revenue of $637 million; both were better than expected.
Details: It was a record-breaking quarter for CrowdStrike. ARR (annual recurring revenue) grew a record 44% to hit a record $222 million. Free cash flow was $209 million, also a record.
Quote: “CrowdStrike’s growing market share showcases customers' recognition of the Falcon platform’s technology leadership and advanced AI that drives better security outcomes, consolidation and lower TCO.” - George Kurtz, CrowdStrike’s president and CEO.
Outlook: The company expects to have income from operations between $674.9 million to $678.2 million in the current quarter, which is better than expected.
Final Thoughts: CrowdStrike, down 20% in the past 12 months, is trying to stage a comeback in the hopes that cybersecurity becomes a more pressing need for businesses. That strategy is working so far.
Notable Earnings Today: Campbell Soup (NYSE: CPB), MongoDB (Nasdaq: MDB), Nine Energy Service (NYSE: NINE), Earthstone Energy (NYSE: ESTE), Asana (NYSE: ASAN), Nuevi (Nasdaq: NVEI), Vermilion Energy (NYSE: VET), United Natural Foods (NYSE: UNFI), ABM Industries (NYSEL ABM), Hudson Technologies (Nasdaq: HDSN), Membership Collective Group (NYSE: MCG), Xeris Biopharma Holdings (Nasdaq: XERS), Mirum Pharmaceuticals (Nasdaq: MIRM), Viridian (Nasdaq: VRDN), Spire (NYSE: SPIR), Manitex International (Nasdaq: MNTX), Noodles & Co (Nasdaq: NDLS), Brown-Forman (NYSE: BF.B), International Money Express (Nasdaq: IMXI), Korn/Ferry (NYSE: KFY), REV Group (NYSE: REVG), SmartRent (NYSE: SMRT).
Notable IPOs Today: PishPosh, Inc. (Nasdaq: BABY).
Notable Equity Crowdfunding Campaigns Ending Today: ScanHash (Netcapital), Petrolhead Cafe (Mainvest).
Notable Economic Events Today: ADP Nonfarm Employment Change (8:15 a.m. ET), Trade Balance / Imports / Exports (8:30 a.m. ET), Fed Chair Powell Testifies to House (10:00 a.m. ET), JOLTs Job Opening (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), WASDE Report (12:00 p.m. ET), Beige Book (2:00 p.m. ET).
Another PayPal Executive Leaves
Photo by Muhammad Asyfaul / Unsplash
The chief financial officer for PayPal Holdings (Nasdaq: PYPL), Blake Jorgensen, is stepping down following a leave of absence for health reasons that started in September, the company announced Tuesday.
Details: Jorgensen will remain with the company as a senior advisor until September. An official replacement has not been named yet.
Background: The departure of PayPal’s CFO comes after CEO Dan Schulman announced last month that he was leaving the company at the end of 2023.
Final Thoughts: PayPal’s stock price is about even to start 2023, but there are some major leadership questions that the company has to answer this year.
Stitch Fix Misses Earnings
Shares of Stitch Fix (Nasdaq: SFIX) dropped by 7.85% in after-hours trading on Tuesday after the online personal styling service posted disappointing financial earnings.
Financials: Stitch Fix reported a loss of 58 cents per share in the past quarter and revenue of $412.1 million; both were below estimates.
Final Thoughts: The stock, down by 54% in the last 12 months, is in a bad place.
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Trends to Watch
Don’t Fight the Fed: Bitcoin Rebounds Above $22K, Equities Struggle After Fed Chair Powell Says Rates Are ‘Likely to Be Higher’ (CoinDesk)
Small Bets, Big Dreams: Investors eye start-up investing in hopes of backing a billion-dollar winner (The Sydney Morning Herald)
Eye Can’t Believe it: FDA: Two more eyedrop brands recalled due to risks (ABC News)
Warning: Citadel’s Griffin Sees Setup for US Recession After ‘Traumatic’ Inflation (Bloomberg)
WeNeedHelp: WeWork, Reeling From Cash Crunch, Tries to Shore Up Financial Footing (The New York Times)
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