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☆ Lego revenue jumps 13% in first half of 2024, boosted by Lego Fortnite and diverse brick sets
▼ + stars: | 2024-08-28 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Costfoto | Nurphoto | Getty ImagesAn inflation-fueled sales slump hit the toy industry in the first half of 2024, but one company is gaining market share brick by brick. On Wednesday, Lego said revenue during the first six months of the year jumped 13%, reaching 31 billion Danish kroner, or about $4.65 billion. Last year, Lego saw a trend of consumers "trading down" or opting for lower-priced sets, while still buying the same volume as the year before. Lego has continued to build on pandemic-era growth with a diverse slate of products that cater to kids and adults alike. Sales in the U.S. and Europe remain strong, Christiansen noted, while China sales are flat.

Persons: Niels Christiansen, Christiansen, Barbie, Harry Potter Organizations: Nurphoto, CNBC, Epic, Mattel, Hasbro, Star, Sustainability Locations: Shanghai, China, Danish, U.S, Europe

☆ Trump Media stock falls below $20 per share, a first since company went public
▼ + stars: | 2024-08-28 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Trump Media ended Wednesday's trading session down more than 4% at $20.10 per share. The monthslong Trump Media stock slide continued Wednesday, as shares of the company majority-owned by former President Donald Trump fell below $20 for the first time since the Truth Social maker went public more than five months ago. A Trump Media spokesperson did not immediately respond to CNBC's request for comment on the stock's latest dive. If he does sell — or if he even appears likely to — investors could lose confidence in Trump Media, a situation the company's own regulatory filings have acknowledged. But the company has noted that its fledgling social media platform, Truth Social, depends at least partly on Trump's enduring popularity and reputation.

Persons: monthslong, Donald Trump, Trump, Kamala Harris Organizations: Trump Media, Nasdaq, monthslong Trump Media, Republican, Trump, Forbes, Democratic Locations: Pennsylvania

☆ Buy now, pay later firm Klarna swings to first-half profit ahead of IPO
▼ + stars: | 2024-08-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Klarna said it posted a profit in the first half of the year, swinging into the black from a loss last year as the buy now, pay later pioneer edges closer toward its hotly anticipated stock market debut. In results published Tuesday, Klarna said that it made an adjusted operating profit of 673 million Swedish krona ($66.1 million) in the six months through June 2024, up from a loss of 456 million krona in the same period a year ago. On a net income basis, Klarna reported a 333 million Swedish krona loss. However, Klarna cites adjusted operating income as its primary metric for profitability as it better reflects "underlying business activity." Klarna is one of the biggest players in the so-called buy now, pay later sector.

Persons: Klarna, Sebastian Siemiatkowski Organizations: PayPal Locations: U.S, onboarding

☆ Bitcoin rally helps create more than 84,000 new crypto millionaires in a year
▼ + stars: | 2024-08-27 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in Paris, France, on March 5, 2024. Chesnot | Getty Images News | Getty ImagesThe population of crypto millionaires in the world soared 95% over the past year, as bitcoin ETFs and other crypto assets climbed, according to a new report. There are now 172,300 individuals worldwide holding over $1 million in crypto assets, up from 88,200 last year, according to a report from New World Wealth and Henley & Partners. There are now 325 crypto centi-millionaires (those with $100 million or more in crypto holdings), and 28 crypto billionaires, according to the report. As other coins have increased in value, the market cap of crypto assets has increased to $2.3 trillion, according to Henley, up from $1.2 trillion last summer.

Persons: Robert Frank, bitcoin, Andrew Amoils, Zhao, Changpeng Zhao, Binance, Benoit Tessier Organizations: Chesnot, Getty, Wealth, Henley & Partners, Forbes, Viva Technology, Porte de Locations: Paris, France, Henley, U.S, Porte

☆ Hosts have ruined Airbnb with excessive fees, high demands, and bad customer service, travel experts say
▼ + stars: | 2024-08-26 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +9 min

One host previously told BI he was charging $400. Travel experts say hosts have a lot to answer for in Airbnb's downfall. "Airbnb essentially allows anyone to sign up to be a host, which will always prove to be problematic," she told BI. Duncan Greenfield-Turk, the chief travel designer at Global Travel Moments, told BI that hosts had "without a doubt" played a big part in Airbnb's unpopularity. Hotels are making the most of the backlash by offering more personalized services and often matching or undercutting Airbnb prices.

Persons: —, Michael Rozenblit, Maggie, Rozenblit, Airbnb, overtourism, it's, Grace Moser, Moser, Jessica Dante, Dante, Orleans Airbnb, Taylor, Duncan Greenfield, Greenfield, Turk Organizations: Service, Business, Travelers, Love, Turk Locations: Barcelona, Athens, London, Orleans, Greenfield, Airbnb

Others say they’ve also stepped in as translators for their parents during their childhood — and that these duties continue into adulthood. Monica Mikael is glad her parents are using ChatGPT, but she does have some concerns. When ChatGPT was released in November 2022, Mikael jumped at the opportunity to teach her parents how to use it. “After a month or so, they were using it entirely on their own.”Now, Mikael’s parents barely ask her for help. “And then I realized she and all my Indian aunties are using ChatGPT,” Verma said.

Persons: Michelle Fang, “, ”, Fang, he’s, they’ve, Monica Mikael, Monica Mikael ., Monica Mikael Mikael, Mikael’s, ChatGPT, Mikael, it’s, ” Sheeta Verma, Sheeta Verma, aren’t, ” Verma, there’s, It’s, ” Fang, Verma Organizations: Pew Research Center, NBC Asian Locations: New Jersey, San Francisco, Los Angeles, East, Southeast, NBC Asian America

☆ Trading Fed rate cuts: These banks are primed to outperform when rates fall, Evercore ISI says
▼ + stars: | 2024-08-24 | by ( Pia Singh | In | ) www.cnbc.com time to read: +2 min

A few well-known regional banks are poised to benefit from the Federal Reserve's upcoming interest rate cuts, according to Evercore ISI. Fed Chair Jerome Powell indicated on Friday that the central bank is ready for interest rate cuts ahead , although he declined to provide the exact timing or extent of the cuts. As investors await the Fed's moves, Evercore ISI used its updated asset/liability committee scenarios and several banks' net interest income commentary to find which names appear strongest in a lower interest rate environment. According to the note, Comerica, U.S. Bancorp and Fifth Third each forecast two interest rate cuts this year. Comerica shares dipped more than 10% on July 19 after the company posted its second-quarter results.

Persons: Jerome Powell, John Pancari, Pancari, Curtis Farmer, Truist Organizations: Federal, ISI, Comerica, Truist Financial, U.S . Bancorp, Fifth Third Bancorp, FactSet Locations: U.S

☆ This couple went on one cruise together. Now, they're moving onto a never-ending residential cruise ship.
▼ + stars: | 2024-08-24 | by ( Brittany Chang | ) www.businessinsider.com time to read: +8 min

AdvertisementThat is, until this spring, when Canen and Bodin, both 54, uprooted their lives in Maui, Hawaii, to move onto a new residential cruise ship called Villa Vie Odyssey. AdvertisementThe couple sold their business in MauiBodin told BI that before Villa Vie, the couple had never really considered leaving Maui. "We went pretty much every day for two weeks and spent all day there until they kicked us off," Canen told BI. AdvertisementBefore committing to Odyssey, Canen and Bodin looked into Storylines, which plans to construct its own residential cruise ship, MV Narrative. AdvertisementAre you sailing on a residential cruise ship like Villa Vie or have a tip?

Persons: —, Lanette Canen, Johan Bodin, Canen, Bodin —, we'd, Bodin, Mikael Petterson, Fred Olsen Cruise, Lanette, Villa Vie's, Villa, Maui Bodin, they've, Petterson, Villa Vie, We're, Angela, Stephen Theriac Canen, they'd, Kendra Holmes, they're Organizations: Service, Business, Villa, Residences, Fred Olsen Cruise Lines, South Pacific, YouTube, Sea Cruises, Cruises, Victoria Cruises Locations: Maui, Hawaii, Europe, Asia, Australia, South, North America, Africa, Belfast, Ireland, Braemar, Maui —, Italy, Croatia, Slovenia, Sweden, Canary, Norwegian, Villa Vie, Canen, Petterson

Though many say they are thankful to have Social Security payments at all, they aren't enough to fill the gap. To help pay the bills, nearly 80% of retirees receive some Social Security income, per BI's calculations, and the Social Security Administration estimates that 97% of older adults will ultimately receive benefits. She told BI that her expected $2,000 monthly Social Security payments may not be enough. As pensions dissipate and only higher-earning retirees have savings, Social Security might only become more pivotal for retirees. Advertisement"I don't want to be rich, I just need to be comfortable," 62-year-old Angela Babin — who lives on her $1,100 monthly Social Security check — told BI.

Persons: —, Emma Echols, she'll, Echols, she's, She's, Xers, Tracey Gronniger, Cheryl Simmons, Franklin D, Roosevelt, they've, Mary Dacus, Stephen, They've, Becky Davenport, Davenport, Donald Trump, Bernie Sanders, Elizabeth Warren, Gronniger, Angela Babin — Organizations: Service, Social Security, Business, Social, Security, Social Security Administration, SNAP, Pew Research Center, Republican, Republicans, allisonkelly Locations: Alabama, San Diego, Spain, Greece, Robinson , Illinois, Florida, Anchorage

☆ Alice Walton is the world's richest woman — and may soon be worth $100 billion
▼ + stars: | 2024-08-24 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Alice Walton has overtaken Françoise Bettencourt Meyers as the world's richest woman this year. The Walmart and L'Oréal heiresses are worth $95 billion and $90 billion respectively, per Bloomberg. Walton is close to passing the $100 billion mark and joining the elite club of centibillionaires. AdvertisementThe heiress to the Walmart fortune has leapfrogged the L'Oréal heiress to become the world's richest woman — and could soon cross $100 billion in net worth. Alice Walton, daughter of retail icon Sam Walton, is worth more than $95 billion for the first time, per the Bloomberg Billionaires Index.

Persons: Alice Walton, Françoise Bettencourt Meyers, Walton, —, Sam Walton Organizations: Walmart, L'Oréal, Bloomberg, Service, Business Locations: centibillionaires

☆ Seafood towers, endless Honey Deuces and $100,000 suites: How the US Open lures in high-rollers and celebrities
▼ + stars: | 2024-08-24 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +10 min

These are either run by the US Open’s top sponsors or available to rent privately for prices up to $100,000. Big spenders laying down the six figures to secure a suite are companies mostly from financial, insurance and legal businesses. A cabin crew staffs the suite checking people in, and the food served inside also matches its first-class offerings, with seafood towers, champagne and caviar. The Honey Deuce cocktail is served for free in many suites at the US Open. Last year, the Dutch beer used the US Open as part of its launch of Heineken Silver, its new low-carb beer.

Persons: Coco Gauff, Novak Djokovic, Charlize Theron, Justin Bieber, Kylie Jenner, Timothée, Ashe, Sarah Stier, ”, Shiz Suzuki, aren’t, Arthur Ashe, speck, they’re, Billie Jean King, Bryan Bedder, Al Guido, Maestro Dobel Tequila, Theron, Ariana DeBose, Katie Holmes, Lander Otegui, Theron “, Otegui, Paloma, Charlize Theron sips, John Angelillo, Zendaya, Bieber, Haley, Nicole Kidman, Aaron Judge, Nicola Coughlin, Essa Sulaiman Ahmad, “, ” Ahmad, Nathan Congleton, Honey, ” Aleco Azqueta, Goose, Zach Braff, Emily Blunt, John Krasinski, ” Azqueta, Bob Lynch, ” Lynch, Joe Keery, Craig Barritt, ” Pattie Falch, Silver, Taylor Fritz, Morgan Riddle Organizations: New, New York CNN, United States Tennis Association, American Express, ”, England’s Wimbledon, US, Billie Jean King National Tennis Center, San Francisco 49ers, CNN, Daily Mail, Maestro, UPI, Emirates Airline, Emirates, Yankees, Emirates ’, NBA, NBC, Getty, Bacardi, Heineken, Heineken “, Heineken Silver Locations: New York, Montauk, Bridgehampton, Queens —, Covid, Canada, ” Emirates

☆ Sea lions take over California beach
▼ + stars: | 2024-08-23 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +1 min

MONTEREY, California — Hundreds of California sea lions have taken over San Carlos Beach in Monterey, California, prompting local officials to close the area to people. Caution tape has been put up but crowds are still drawn to the animal spectacle, taking photos of the sea lions as they rest and play on the sand and in the water. Hundreds of sea lions lay at the San Carlos beach in Monterey. They were expected to remain on San Carlos Beach for three to four weeks, Uttal said. Marge Brigadier, a volunteer with Monterey Bay National Marine Sanctuary’s Bay Net program, said the sea lions were protected by the U.S. Marine Mammal Protection Act of 1972, which prohibits people from changing the behavior of the sea lions, meaning that approaching too close or forcing them to flee is a violation.

Persons: Lisa Uttal, ” Uttal, Uttal, Marge, ” Organizations: National, Getty, Channel, Monterey, U.S, Marine Locations: MONTEREY , California —, California, San Carlos Beach, Monterey , California, Monterey, San Carlos, Tayfun, Anadolu, Ventura

☆ Classic car sales stall in Monterey auctions as new generation takes charge
▼ + stars: | 2024-08-23 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

Auction sales during Monterey Car Week fell 3% from last year, as a shift from older to newer cars left a pileup of unsold classics from the 1950s and 1960s. Of the 1,143 cars up for sale, only 821 sold — marking a 72% sell-through rate, according to Hagerty. There were simply too many similar cars at too many auctions to generate strong prices and sales. "It's saturation," said Simon Kidston, the founder of Kidston and a leading advisor to wealthy car collectors. At the same time, a new generation of collectors driving the market — mainly Gen Xers and millennials — prefer cars from the 1980s, 1990s and 2000s.

Persons: Robert Frank, Bonhams —, Simon Kidston, Xers, millennials Organizations: Monterey Car, Arrow, Gooding & Company, Ferraris, Credit, Gooding, Company, Ferrari, Sotheby’s Locations: Monterey —, Monterey

☆ As the Fed gears up for rate cuts, here’s what income investors need to do
▼ + stars: | 2024-08-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

With Federal Reserve rate cuts expected to begin in September, income investors may want to make sure their portfolio is in check. Instruments like money market funds and high-yield savings accounts will react pretty quickly to rate cuts. Some $6.24 trillion is currently sitting in money market funds, as of the week ended Wednesday, according to the Investment Company Institute . Clark Bellin, chief investment officer at Bellwether Wealth in Lincoln, Nebraska, is bullish in investment-grade corporate bonds right now. He prefers individual bonds over bond funds because the investor has more control.

Persons: Jerome Powell, Rick Rieder, Lawrence, Clark Bellin, Bellin, he'll, Fidelity's Michael Plage, Treasurys, Patience, BlackRock's Rieder Organizations: Federal, Treasury, U.S, BlackRock, Investment Company Institute Locations: Jackson Hole , Wyoming, Hauppauge, Lincoln , Nebraska

☆ How much money you need to be financially comfortable in 12 major U.S. cities
▼ + stars: | 2024-08-23 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

The phrase "financially comfortable" doesn't have a strict definition. In San Francisco, the net worth you'd need to feel "comfortable" is $1.5 million, according to a survey sample of 750 residents in that city — the highest amount cited among 12 major U.S. cities surveyed. Much of the difference in net worth thresholds between cities is due to shelter costs, especially in cities with severe housing shortages, like San Francisco, Los Angeles and New York City. While feeling "financially comfortable" is a subjective term, the survey makes a distinction between that and feeling "wealthy." For cities, it ranges from $4.4 million in San Francisco to $2.2 million in Dallas.

Persons: Charles Schwab's, that's Organizations: Wealth Survey, Boston, Denver, Seattle, Atlanta, Dallas, Houston, Phoenix, CNBC Locations: San Francisco, U.S, Franciscans, Francisco, California, Los Angeles, San Diego, York City, Washington, Chicago, San Francisco , Los Angeles and New York City, Dallas

☆ Lucy Guo's second act: After the 29-year-old left Scale AI, she has the 'itch to build' something new
▼ + stars: | 2024-08-23 | by ( Sri Muppidi | ) www.businessinsider.com time to read: +10 min

But Lucy Guo, the 29-year-old cofounder of data labeling startup Scale AI blurs the line between the two archetypes. Yet this is the persona many have come to know since Guo left Scale AI in 2018. But, midway through the program, they pivoted again, this time to what would eventually become Scale AI. Lucy GuoThe idea of Scale AI came from a suggestion by one of their YC roommates, who proposed creating an "API for humans." Advertisement"The itch to build"After Scale AI, Guo decided to apply her learnings to a new entrepreneurial opportunity: investing.

Persons: —, Lucy Guo, Billie Eilish, Charlie XCX, Guo, she's, Adam D'Angelo, Alexandr Wang, Alex, Wang, Guo's, Cruise, Dave Fontenot, Kylie Jenner's lipsticks, Jake Paul's, Passes Organizations: Service, Business, Fry's Electronics, Carnegie Mellon University, Thiel, Facebook, Multicoin, Bond Locations: Miami, Fremont , California, San Francisco, China, hackathons, Quora

☆ The Big Number: 818,000
▼ + stars: | 2024-08-23 | by ( Santul Nerkar | ) www.nytimes.com time to read: +1 min

The U.S. labor market has been less resilient than was initially believed. On Wednesday, the Labor Department said that the economy had added 818,000 fewer jobs than it had previously reported for the 12 months that ended in March. The number means employers had overstated job growth by about 28 percent per month, especially in industries like hospitality and professional services. This adjusted number is an initial estimate of an annual revision, in which monthly employment figures from the Labor Department are reconciled with more accurate state unemployment reports. “We’ve known that things on net were probably moving gradually in the wrong direction,” said Guy Berger, director of economic research at Burning Glass Institute, a labor market research and data firm.

Persons: “, ”, Guy Berger Organizations: Labor Department, Glass

I had been saving to buy a house, but prices in Southern California have made that unlikely. I decided to stop focusing on trying to buy a house, which means I can put more toward retirement. I'm okay knowing I might be renting for life, as it means I can streamline my finances. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Retirement Planning The best robo advisors can help you start your retirement planning journey.

Persons: —, I've, I'm, homeownership, Roth, it's, There's Organizations: Service, realtors, SoFi Locations: Southern California, Los Angeles

☆ Workday stock gains as software provider widens 2027 margin target
▼ + stars: | 2024-08-23 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Subscription revenue growth grew 17%. With respect to guidance, Workday is now looking for an adjusted operating margin of 25.25% in the 2025 fiscal year, compared with the 25% forecast it provided in May. In September 2023, Workday said it was targeting a 25% adjusted operating margin for fiscal year 2027 and subscription revenue growth between 17% and 19%. Deutsche Bank analysts led by Brad Zelnick increased their 12-month price target on Workday stock to $275 from $265. "The increased 30% operating margin target was the big upside surprise as it is now committed both sooner and greater than most were expecting," the analysts wrote.

Persons: Carl Eschenbach, Zane Rowe, Rowe, We're, Brad Zelnick, Piper Sandler, Jerome Powell, Carl Eschenbach didn't, Julie Biel Organizations: Deutsche Bank, Citi, Evercore ISI, Computing Fund Locations: Davos, Switzerland

☆ Is Nvidia's earnings report really make or break? Here's why we don't think so
▼ + stars: | 2024-08-23 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

While expectations are high and caution is certainly warranted, we don't think it's quite that simple. While the Oscillator and Williams' work do point to possible selling pressure ahead, we don't want to get too bearish. However, we don't think the risks are so elevated as to warrant more than a small cash raise. We still view Nvidia as an "own it, don't trade it" stock, but we also don't keep our heads in the sand. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer, Larry Williams, Williams, Jim, Estee Lauder, Morgan Stanley, hasn't, they've, We're, Jim Cramer's, Dominika Organizations: Nvidia, Club, Abbott Laboratories, Federal, Blackwell, Apple, Microsoft, Super Six, Jim Cramer's Charitable, CNBC, Nurphoto, Getty Locations: Williams

☆ U.S. Tightens Technology Controls to Target Russian War Machine
▼ + stars: | 2024-08-23 | by ( Ana Swanson | ) www.nytimes.com time to read: +1 min

The new rules aim to disrupt the procurement networks that are funneling semiconductors and other technology to Russian forces, who then use them to wage war against Ukraine. They will give the U.S. government expanded authority to prevent products made with U.S. technology from being shipped to Russia, even if those products are manufactured in countries outside of the United States. The penalties also included the addition of 123 entities in Russia, Crimea, China, Turkey, Iran and Cyprus to a so-called entity list. Suppliers are barred from sending companies on the entity list certain products without first obtaining a government license. The government also added certain addresses in Hong Kong and Turkey to the list that were known to set up shell companies, meaning any further shell companies registered to those addresses would face trade restrictions.

Persons: Biden Organizations: Ukraine Locations: Russia, China, Russian, United States, Crimea, Turkey, Iran, Cyprus, Hong Kong

☆ Gold is outperforming tech stocks this year, and investors should keep buying, BofA says
▼ + stars: | 2024-08-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Bank of America strategist Michael Hartnett advises buying gold amid record-high prices. Gold's year-to-date rally of about 20% is outperforming US tech stocks. AdvertisementInvestors should buy gold even as the metal hovers around record-high prices, according to Bank of America investment strategist Michael Hartnett. AdvertisementHartnett noted that gold is the only asset that's outperforming US tech shares. AdvertisementThe juxtaposition of record-high gold prices and negative outflows is "explained only by unprecedented central bank buying," Hartnett said, adding China's central bank was the largest buyer of gold in 2023.

Persons: Michael Hartnett, Hartnett, —, haven't Organizations: of America, stoke, Service, Bank of America, Federal Reserve, 2nd

☆ I'm a matchmaker for ultrawealthy men and charge up to $350K for my services. I give all my clients the same advice.
▼ + stars: | 2024-08-23 | by ( Tess Martinelli | ) www.businessinsider.com time to read: +8 min

Many people are shocked when I tell them my clients pay $350,000 for my matchmaking services. The service was built exclusively for accomplished professional men looking for women. My ultra-high-net-worth clients expect my undivided attentionOne commonality between most of my clients is the urgency for immediate results. When I charged less for my services, my clients engaged with me more passively but expected the same results. AdvertisementMy advice for high-earning men looking for loveThe first thing I tell high-earning men looking for love is to throw your physical type out the window.

Persons: —, Christiana Maxion, It's, I'm, I, didn't, they're, I've, they'll, that's, you've, Tess Martinelli Organizations: Service, Business, Cinqe Locations: Dubai, UAE, tmartinelli

☆ The world's first airport to require biometric boarding is set to arrive in 2025
▼ + stars: | 2024-08-22 | by ( Kevin Williams | ) www.cnbc.com time to read: +4 min

As end-of-summer travel lines back up at TSA airport checkpoints in the U.S., one overseas airport is going all-in on a biometric passenger experience. The Smart Travel Project at Zayed International Airport in Abu Dhabi will involve biometric sensors at every airport identification checkpoint by 2025. Airport security and travel experts have generally cheered the move. "Facial recognition is the future, and we will start to get intelligent with airport security and focus on the traveler rather than the items they bring. Among the concerns expressed are what type of data someone would need to give during the biometric enrollment process, and whether biometric security processes will be used to track movements throughout the airport, or if biometric data will be used outside the airport.

Persons: Sheldon Jacobson, Jacobson, Saeed Saif Al Khaili, Mike Taylor, J.D, Power's, Shawn DuBravac Organizations: TSA, Smart, Zayed International Airport, University of Illinois, Zayed International, Federal Authority for Identity, Customs, Port Security, United Arab Locations: U.S, Abu Dhabi, UAE

☆ Snowflake shares sink 14% on decelerating product revenue growth
▼ + stars: | 2024-08-22 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Shares of Snowflake closed down more than 14% on Thursday after the data cloud analytics company released fiscal second-quarter 2025 earnings that beat Wall Street's estimates but showed decelerating product revenue growth compared to past quarters. The company reported $829.3 million in product revenue, which accounts for most of Snowflake's sales, up 30% year over year. They said the company's smaller product revenue beat and deceleration in growth will not inspire weary investors. "A 2% product revenue beat in Q2, down from 5% in Q1, with product revenue growth dipping further to 29.5% YoY," likely sows "enough doubt in the investor conversation to keep shares under pressure in the near-term," the analysts wrote in a note Thursday. "True, 30% y/y product growth is slower than the 33-34% level we saw the past 2 quarters.

Persons: Sridhar Ramaswamy, Morgan Stanley, Snowflake's, — CNBC's Michael Bloom Organizations: LSEG, Barclays Locations: Toronto

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