Netflix, Snap, CrowdStrike and more

snap (BREAK), Netflix (NFLX): Netflix has hired two advertising executives from Snap, Netflix confirmed to Yahoo Finance. Snap Chief Business Officer Jeremi Gorman and VP of ad sales Peter Naylor will join the streaming giant in September. Netflix CEO Greg Peters said in a statement to Yahoo Finance: “Jeremi’s deep experience in ad business management and Peter’s track record in leading ad sales teams together will be key as we expand membership options for consumers through a new ad-supported offering.” The streaming giant plans to launch the new ad-supported tier early next year. On Tuesday, The Verge reported that Snap is laying off 20% of its workforce, including cuts to its hardware division and a restructuring of 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 posted 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 due to fuel cost containment and continued efforts to improve supply chain and logistics capabilities.

HP (HPQ): The stock fell 6% after the company cut its full-year guidance as PC sales slowed. HP now expects full-year adjusted earnings of $4.02 to $4.12, down from $4.24 to $4.38 previously and excluding the steet estimate of $4.30. HP saw fiscal third-quarter sales fall 4.1% from a year earlier to $14.7 billion, while diluted EPS of $1.04 fell short of the Street’s eyes. Personal systems sales were $10.1 billion while print sales were $4.6 billion.

CrowdStrike (CRWD): Shares gained after the company beat on 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 EPS of $1.31-$1.33 from $1.18 to $1.22. CrowdStrike CFO Burt Podbere noted in the earnings release that the guidance increase “reflects our technology advantage and strong industry headwinds combined with a realistic view of current macroeconomic conditions.” CrowdStrike shares have plunged 32% in the past year.

ChargePoint Holdings (CHPT): Shares rose after revenue beat analysts’ estimates on strong demand. Sales totaled $108.3 million for the quarter, up 93% from a year ago, and the company’s first quarter topped $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 industry 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.

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