Wednesday’s Headlines: Earnings Can’t Save Smartsheet

Wednesday’s Headlines: Earnings Can’t Save Smartsheet

MyWallSt’s Market Headlines will resume on the 21st of March, 2022, following a short break for our National Holidays. But, there’s still plenty of content coming up in our app and on our blog, so make sure not to miss out. Wishing all our readers a happy St. Patrick’s Day.

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Peloton Interactive (PTON) +11.9%

Huazhu Hotels Group (HTHT) +11.3%

Upstart Holdings (UPST) +9.1%

Square (SQ) +8.7%

Lemonade (LMND) +8.6%

Moving Down ⬇️

Coupa Software (COUP) -19.2%

Chuy's (CHUY) -1.4%

StoneCo (STNE) -1.2%

Texas Roadhouse (TXRH) -1.0%

Activision Blizzard (ATVI) -0.0%

1. Smartsheet (SMAR) saw its shares decline in pre-market trading following its earnings call yesterday evening. The Washington-based software company posted a loss per share of $0.12 versus an expected loss of $0.15, on revenue of $157.39 million against a predicted $151.58 million. This marked the fourth quarter in a row that the firm had beaten earnings and revenue estimates — so far so good. However, a poor outlook undid all that good news, with a predicted loss of between $0.18 and $0.20 per share for Q1, and between $0.62 and $0.70 per share for the year far exceeding analyst estimates of $0.11 and $0.27 respectively. Read Smartsheet's full earnings report here.

2. Meta (FB) has been fined €17 million by Ireland’s Data Protection Commission (DPC) following some notable data breaches in 2018. According to the agency, “Meta Platforms failed to have in place appropriate technical and organizational measures which would enable it to readily demonstrate the security measures that it implemented in practice to protect EU users' data.” With Ireland handling regulation for many large U.S. companies due to them having their EU headquarters there, Meta is often at odds with the country’s DPC. Just last year a record €225 million fine was levied against its WhatsApp subsidiary for a failure to conform with EU data rules. A spokesperson for the company noted that this fine relates to now updated practices, “not a failure to protect people’s information.” Find out more here.

3. [Starbucks (SBUX)[SBUX] has announced a partnership with Swedish auto manufacturer, Volvo, that will see up to 60 electric vehicle (EV) charging stations be placed at 15 Starbucks stores between Denver and Seattle. Charging infrastructure remains one of the biggest deterrents to widespread EV use, and programs like this could begin to swing that balance. It’s effectively a win-win for Starbucks. Customers are now likely to spend 20-40 minutes at its stores waiting for their vehicles to charge, while this move also boosts the firm’s sustainability push on the same day it announced plans to try to eliminate single-use cups. Should the pilot prove successful, expansion across other locations is highly likely. Click here to read more on the story.

There is one company on the MyWallSt shortlist that will report earnings today:

PagerDuty (PD)

Get this week’s full earnings calendar here.

Pádraig BolgerPádraig Bolger

Sign up for free to continue reading.