Friday’s Headlines: Twitter Launches First-ever Subscription Service
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Ford Motor Company (F) +7.2%
Smartsheet (SMAR) +3.3%
Boston Beer Co. (SAM) +3.0%
Arista Networks (ANET) +2.9%
Gentex (GNTX) +1.5%
Moving Down ⬇️
Duluth Trading (DLTH) -6.9%
Twilio (TWLO) -6.5%
Bill.com (BILL) -6.1%
iRobot (IRBT) -5.6%
Etsy (ETSY) -5.4%
1. Twitter (TWTR) has finally launched its first-ever subscription service in a bit to diversify revenue. On Thursday, Twitter Blue was launched in Canada and Australia, which provides exclusive features such as tweet organizing, customizable icons and themes, and a new Reader Mode for longer threads — all for the price of $3.49 and $4.49 per month in Canada and Australia respectively. With ad revenue already making up 86% of the company’s income, this could go a long way towards helping the firm hit its 2023 target of doubling annual revenue to $7.5 billion. Read the official press release here.
2. Ford (F) can’t seem to stop winning these days, as May sales data sent shares soaring 7.24% on Thursday. The company saw total U.S. sales in May rise 4.1% to 161,725 vehicles. This win helped to offset an 11.2% decline in retail sales YoY as inflation fears curb spending across the U.S. EV sales also rose 184% YoY, coming in good time just a week after Ford announced a $30 billion pledge into electric vehicle innovation over the next 3 years. For a full write-up on Ford right now, you can read our latest Insight here.
3. Yet more original content wasn’t enough to stop Roku’s (ROKU) stock price from falling 4.8% on Thursday. Following on from its Quibi content acquisition earlier this year and a recent exclusivity deal with Saban Films, ‘Roku Recommends’ launched yesterday with Emmy-award winner, Maria Menounos, and award-winning Andrew ‘Hawk’ Hawkins hosting an episode with the top five titles to stream on Roku for the week. The idea, according to Chris Bruss, Head of Roku Brand Studio, is to help users cut down on browsing and simply select Roku original content to watch, thus, increasing engagement. Read more here.
Some more earnings from last night:
Despite reporting a loss of $8.4 million, or $0.04 per share, the San Francisco-based company still topped analyst estimates across the board, with revenue hitting a record $469.1 million, up 58% YoY. “We’ve increasingly become the way people agree in this emerging anywhere economy… [by] helping them realize new and more efficient ways of doing business in the future,” said DocuSign CEO Dan Springer. Read more here.
Duluth Traders (DLTH)
Things are looking up for the retailer which saw a net sales increase of 21.4% YoY to $133.4 million in Q1, as EPS came in at $0.02. Outgoing CEO Steve Schlecht took the chance to introduce his incoming replacement, Sam Sato, reassuring investors that Sato was the right person to write the company’s next chapter of growth and profitability. Read more here.
The athleisure leader proved that it had rebounded from COVID-19’s retail ravaging by reporting a Q1 net revenue increase of 88% to $1.2 billion, with EPS coming in at $1.11, compared to $0.22 a year ago. CEO Calvin McDonald cited the company’s strong e-commerce performance as well as a rebound in brick-and-mortar stores as responsible for the success. Read more here.
It was a clean sweep for MyWallSt stocks this week as PagerDuty topped earnings estimates once more, reporting record revenue growth of 28% YoY to $63.6 million, while dollar-based net retention (DBNR) remained at 121%. The company was keen to show off its advances as an ESG company, highlighting its commitment to managing its social impact, donating to minority groups, elevating black voices, and more. Read more here.
Get this week’s full earnings calendar here.