Tuesday’s Headlines: Twitter Finally Launches ‘Spaces’

Tuesday’s Headlines: Twitter Finally Launches ‘Spaces’

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Nordstrom (JWN) +6.0%

FedEx (FDX) +4.9%

Duluth Trading (DLTH) +3.9%

IMAX (IMAX) +3.4%

Nautilus (NLS) +2.8%

Moving Down ⬇️

Chegg (CHGG) -8.1%

Datadog (DDOG) -6.5%

Teladoc (TDOC) -5.3%

Shopify (SHOP) -5.1%

PagerDuty (PD) -5.1%

Tuesday’s Headlines: Twitter Finally Launches ‘Spaces’1. After months of testing, Twitter (TWTR) has finally launched its Clubhouse competitor, ‘Spaces’. The virtual audio feature, which allows users to join online chat rooms where they can engage in real-time conversations, has begun rolling out across the planet to iOS and Android Twitter users who have 600 or more followers. At its earnings call last week, Twitter outlined its ambitious target of growing its daily active user base to 315 million by the end of 2023, and this foray into the fast-growing live-audio market could be a big step in those plans. Read the official press release here

2. Earlier this morning, Swedish tech giant Ericsson (ERIC) unveiled plans for its remote working subscription service. The telecommunications equipment and 5G leader will launch its $100 subscription in North America, which would allow employees of small businesses to start working from home in minutes with access to licensed apps, cloud storage, and security tools. Ericsson has estimated that the total addressable market in the U.S. for virtual workspaces is about $90 billion, representing about 40% of the workforce. The move would be a big step away from its core telecom business, but the company is confident in its ability to diversify. Read more here.

3. For those who missed it, it was a strong first quarter for Warren Buffett’s Berkshire Hathaway (BRK.B), who reported earnings on Saturday afternoon. Berkshire reported operating income of $7.02 billion in the first quarter, up 20% from $5.87 billion in the same period a year ago, while also buying back $6.6 billion in stock. However, the company itself is not so interested in such short-term results, stating: “The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.” I guess we’ve been told… Read the official press release here

Some more earnings from last night: 

Chegg (CHGG)
It was a mixed bag for the online education company, which missed on earnings of $0.28 per share while beating revenue expectations with a total take of $198.4 million — total subscriber jumped 64% year-over-year to 4.8 million. CEO Dan Rosenweig was highly optimistic about the company’s trajectory though, stating that COVID-19 was the wake-up call that the industry needed to adopt Chegg’s education solutions for good. Read more here

iRobot (IRBT)
The robotics leader reported an operating income of $6.4 million compared to a loss of $20.2 million for the same period last year, while earnings per share of $0.41, well above estimates of $0.09. CEO Colin Angle highlighted the current semiconductor shortage as one headwind that the business is having to navigate, which sent the stock lower in after-hours trading. Read more here.

There are 7 companies on the MyWallSt shortlist that will report earnings today:

Arista Networks (ANET)
Activision Blizzard (ATVI)
Idexx Labs (IDXX)
Paycom (PAYC)
Under Armour (UAA)
Zillow Group (Z)

Get this week’s full earnings calendar here.