Microsoft's Azure Layoffs 🚨

Plus, GitLab’s weak revenue outlook.

In partnership with

Today is Tuesday, June 4, 2024.

The Early Bird Index today is 72.21.

New to this newsletter? Sign up here

Microsoft's Azure Layoffs 🚨 

Microsoft (Nasdaq: MSFT) is reportedly making big personnel changes in its cloud business, even though the technology giant is having a positive 2024.

Details: Business Insider reported Monday that Microsoft is cutting hundreds of jobs from its Azure cloud unit. There could be as many as 1,500 job cuts. Microsoft has not commented on the report. 

Also: CNBC reported Monday that Microsoft will lay off some employees who work on mixed reality.

Background: These reports come as Microsoft has had a positive year (thanks to artificial intelligence) and as other tech companies laid off employees.

Stock Price: Microsoft is up 11% this year, but the stock is flat in the last 30 days.

Final Thoughts: The stock ticked up 0.21% in after-hours trading on Monday. Microsoft is focused on growing margins in 2024.

Only a couple days left to invest in this smart home startup.

The ball-park isn’t the only place to look for home runs. Best Buy has a proven record of placing early bets on home-tech products that go on to dominate the market.

  • Ring - acquired by Amazon for $1.2B

  • Nest - acquired by Google for $3.2B

Early investors in these companies are sitting on some serious returns - but for the rest of us, there's still a chance to get in on the action with RYSE.

History tends to repeat itself, and RYSE's launch in +100 Best Buys points towards their company being the next home run.

Their Smart Shade tech is poised to dominate an industry growing at 50% annually, and there's still time to invest in their $1.50/share public offering.


Notable Earnings Today: CrowdStrike (Nasdaq: CRWD), Bath & Body Works (NYSE: BBWI), Hewlett Packard Enterprise (NYSE: HPE), PVH (NYSE: PVH), Designer Brands (NYSE: DBI), Donaldson Company (NYSE: DCI), Stitch Fix (Nasdaq: SFIX), Ferguson (NYSE: FERG), Core & Main (NYSE: CNM), Guidewire Software (NYSE: GWRE), Lakeland Industries (Nasdaq: LAKE), Sportsman's Warehouse (Nasdaq: SPWH), Verint Systems (Nasdaq: VRNT).

Notable IPOs Today: REX AI Equity Premium Income ETF (Nasdaq: AIPI).

Notable Equity Crowdfunding Campaigns Ending Today: AvaWatz (StartEngine), Thee Mademoiselle Tri-Channel Drop (GigaStar Market).

Notable Economic Events Today: JOLTs Job Openings (10:00 a.m. ET), Factory Orders (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

GitLab’s Weak Revenue Outlook

Despite posting better-than-expected financial results on Monday, shares of the software development tools platform GitLab (Nasdaq: GTLB) slipped by 1.13% in after-hours trading.

Financials: GitLab reported earnings of three cents per share in the past quarter and revenue of $169.18 million; both were better than expected.

Details: Revenue grew 33% in the past quarter. The free operating cash flow was $38.1 million.

Outlook: GitLab anticipates earnings in the current quarter to be 9 cents to 10 cents per share, which is better than expected. But it only anticipates revenue to be $176 million to $177 million, which is lower than expected.

Stock Price: GitLab was down 21% this year before the results. In the last 30 days, the stock was down 14%.

Final Thoughts: As with other tech companies, GitLab’s good financial results didn’t impress investors. There is concern about the current quarter.

After the New York Stock Exchange suffered a tech glitch on Monday, the co-founder of the Web3 platform Chainlink told Cointelegraph about the importance of decentralized ecosystems as legacy centralized architecture has critical vulnerabilities.

Final Thoughts: Too bad these comments didn’t help with the price of Chainlink’s cryptocurrency on Monday, which dropped 3%.

Not All-Time High: Why is Notcoin up 300% over the past week? (Cointelegraph)

Can’t Meme Out Of This One: E*Trade Considers Kicking Meme-Stock Leader Keith Gill Off Platform (Wall Street Journal)

Sounds Pricey: Spotify is increasing US prices again (The Verge)

Thank you for reading!

Forward to a friend and tell them to sign up here.

Pick winning stocks: Upgrade to Early Bird Prime

Want more investing tips? Listen to the podcast.

Show Your Support: Buy Me a Coffee.

Questions or comments? Hit reply to reach out.

The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.