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☆ With Big Tech’s runaway 2024, it just might be time to part with a few winners. Here's why
▼ + stars: | 2024-06-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

Those highly appreciated positions can change the risk profile of your portfolio, particularly if it's been a long time since you last rebalanced. Managing the tax hit Trimming heavily appreciated positions in a portfolio that's held in a taxable account may come with a capital gains hit. One potential way to mitigate the tax is to use realized losses to offset those capital gains. In a year when losses exceed capital gains, investors can apply up to $3,000 of those losses to offset ordinary income and then carry over the remainder. Normally, these holdings would be the ones subject to the heftiest capital gains taxes if they were sold.

Persons: Blair duQuesnay, it's, Morningstar, Amy Arnott, Arnott, Roger Aliaga, Diaz, We've, Aliaga, Russell Organizations: Nvidia, Ritholtz Wealth Management, CNBC's, Vanguard, Investors, Federal Reserve, Bond Market, SEC, Aggregate Bond, U.S, Taxpayers Locations: New Orleans

☆ Lululemon shares pop 12% despite lackluster earnings report and guidance
▼ + stars: | 2024-06-05 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Lululemon's full fiscal year guidance suggests the company is betting conditions will improve in the back half of the year. As growth in the Americas slows, Lululemon issued weak guidance for the current quarter. It expects revenue to be between $2.40 billion and $2.42 billion, just below estimates of $2.45 billion, according to LSEG. For the full year, Lululemon expects earnings per share to be between $14.27 and $14.47, ahead of the $14.11 that analysts had expected. It's expecting revenue to be between $10.7 billion and $10.8 billion, which is in line with expectations, according to LSEG.

Persons: Lululemon, Wall, Calvin McDonald, McDonald, Sun Choe Organizations: LSEG Locations: Shanghai, China, Americas

☆ Opinion | This D-Day, Europe Needs to Resolve to Get Its Act Together
▼ + stars: | 2024-06-04 | by ( Bret Stephens | ) www.nytimes.com time to read: +1 min

Thursday’s D-Day anniversary — the 80th — is occasioning somber and anxious reflections about the fate of the Atlantic alliance. Somber because the last of the Greatest Generation will soon no longer be with us. Anxious because Donald Trump, and his evident disdain for that alliance, may soon be with us again. Europe today faces four great challenges that typically determine the fate of great powers. 28 — the 27 countries currently in the European Union, plus Britain — accounted for 36.3 percent of global gross domestic product.

Persons: Thursday’s, Donald Trump, Vladimir Putin, Xi, Trump, Kennedy Organizations: European Union, Microsoft, Nvidia Locations: Europe, Britain, United States

☆ Top MBAs are flocking to search funds. One Harvard grad explained why he founded a $600,000 fund to buy tech companies.
▼ + stars: | 2024-06-03 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +5 min

He landed on an option that's becoming increasingly popular with top MBAs and entrepreneurs: launching his own search fund. AdvertisementHere are three reasons why he decided on a search fund:Shift in the search fund businessSingh graduated from Harvard's MBA program in 2022. "Historically, tech people have stayed away from search funds because it's not exciting to them," he said. These could be projects that convert on-premise software companies to cloud companies or projects that change one-time software purchases to yearly subscriptions. Singh said he knew of about 20 MBAs from his Harvard cohort who started search funds, out of about 800 in his class.

Persons: —, Gaurav Singh, Singh, that's, he'd, wouldn't, Harvard Organizations: Service, Harvard Business School, Business, Stanford Graduate School of Business, Stanford, Investors Locations: Toronto, Stanford, Midwest

☆ Top MBAs are flocking to search funds. One Harvard grad explained why he founded a $530,000 fund to buy tech companies.
▼ + stars: | 2024-06-03 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +5 min

☆ Bitcoin billionaire Michael Saylor settles DC tax fraud case for $40 million
▼ + stars: | 2024-06-03 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Billionaire bitcoin investor Michael Saylor and the company he founded, MicroStrategy , will pay $40 million to settle a tax fraud lawsuit brought by the Washington D.C. Attorney General, the AG's office announced Monday. The D.C. attorney general charged both Saylor and MicroStrategy with tax evasion, claiming that the company helped its founder disguise his D.C. residency so that he could avoid paying higher income taxes. MicroStrategy also allegedly failed to pay the corporate taxes required for a company employing D.C. residents, of which Saylor was only one of several. The original suit against Saylor was brought in 2022 by former D.C. attorney general Karl Racine. From 2006 to 2008, Saylor bought three luxury D.C. condos that he later renovated into a single complex that he called the "Trigate."

Persons: Michael Saylor, Saylor, Brian Schwalb, MicroStrategy, Karl Racine, Adams Morgan, James, Tony Stark Organizations: Washington D.C, Nasdaq, Forbes, District of Columbia Locations: District, Columbia, Florida, Virginia, Washington, Georgetown, Potomac, Saylor, Georgetown's, Adams

☆ Nigeria plunged into darkness as union workers shut down national grid in minimum wage protest
▼ + stars: | 2024-06-03 | by ( Nimi Princewill | ) edition.cnn.com time to read: +4 min

Cane-swinging union workers were also seen in photos circulating on social media Monday ordering personnel of the country’s tax agency out of their offices. This strike comes after failed negotiations with the government to raise the federal minimum wage. The unions’ demands include raising the minimum wage from 30,000 naira ($22.4) to 494,000 naira ($369.6). Despite being Africa’s fourth-largest economy, Nigeria’s minimum wage is not among the continent’s top ten, lagging far behind countries like Seychelles, where workers receive a minimum wage of $465.4 monthly. 30k or 60k minimum wage in 2024 Nigeria is unsustainable and unacceptable,” wrote lawyer Festus Ogun in a post on X.

Persons: Bayo Onanuga, Onanuga, Olusina Ajidahun, “ I’m, ”, Lateef Fagbemi, Festus Ogun, Dipo Awojide, Bola Tinubu’s, Ajuri Ngelale Organizations: CNN, Transmission Company, Nigeria, Nigerian Labor Congress, Trade Union Congress, TUC, TCN, Health, Healthcare, Nigerian, Onanuga, NLC Locations: Nigeria, Seychelles, Lagos, Abuja, Nigerian

☆ A shady financial tool from the housing-bubble era is making a comeback
▼ + stars: | 2024-06-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Perhaps the last thing the market needs is another shady financial product that pushes low-income Americans into homes they can’t afford, under terms that could bankrupt them. The zero-down mortgage is making a comeback, my colleague Matt Egan reports. And honestly, when has the value of the housing market ever gone anywhere but up up up up? The housing market, as we all remember from “The Big Short,” does not always go up. One way for motivated buyers to hunt for a lower mortgage rate is buy someone else’s.

Persons: America’s, aren’t, Matt Egan, you’re, let’s, didn’t, you’d, you’ll, ”, Patricia McCoy, ” Alex Elezaj, ” Adams, “, Samantha Delouya, Ellen Harper, Samantha, ” Harper Organizations: New, New York CNN, Wall, United Wholesale Mortgage, Boston College Law School, CNN, “ Locations: New York, Georgia

☆ Trump’s Harder Line on Immigration Appears to Resonate, Polls Show
▼ + stars: | 2024-06-03 | by ( Jazmine Ulloa | ) www.nytimes.com time to read: +2 min

In that initiative, federal agents and law enforcement officers used military techniques such as sweeps, raids and surveillance checkpoints — as well as a blunt form of racial profiling — to round up undocumented workers and load them onto buses and boats. As many as 1.3 million people were expelled, mostly Mexican and Mexican American workers, some of whom were U.S. citizens. Critical to the initiative — named Operation Wetback, for the racial slur — was intense anti-immigrant sentiment. Officials at the time used that sentiment to justify family separations and overcrowded and unsanitary detention conditions — practices that the Trump administration would deploy decades later in its own immigration enforcement. But recent polling shows that Mr. Trump’s position on immigration appears to be resonating.

Persons: Donald J, Trump, Dwight D, Eisenhower, —, Biden Organizations: CNN, Authorities

☆ CEOs of General Motors, Salesforce among corporate insiders selling stock last month
▼ + stars: | 2024-06-03 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Barra sold more than $27 million worth of stock on May 28, joining several other GM insiders who have done similar trades this year. Meanwhile, Benioff sold more than $12 million worth of shares over the course of several days. Salesforce CEO Benioff sold 45,000 shares at an average price of $270.70 for a total of $12.18 million. The biggest move came from two insiders at a small investment firm — Oxford Lane Capital — who combined to buy $50 million worth of the stock. Claros Mortgage CEO Richard Mack bought 160,000 shares at an average price of $7.20 for a total of $1.15 million.

Persons: Mary Barra, Marc Benioff, Barra, Benioff, execs, Verity, Salesforce's, General Motors CEO Barra, Anthony Casalena, Brice Hill, Gerald Morgan, Cameron Breitner, Jonathan Cohen, Saul Rosenthal, Joseph Adams Jr, John Rakolta Jr, Richard Mack, —, Nick Wells Organizations: VerityData, General Motors CEO, Texas, Lane Capital —, Capital Partners, Oxford Lane Capital, FTAI Aviation, Petco, Wellness, Claros Locations: 10b5

☆ China’s growing e-commerce market is creating a new set of winners
▼ + stars: | 2024-06-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

"Improving domestic ecommerce market share should lead to better monetization eventually," Yao said. The investment firm expects Douyin to match PDD's market share of 21% next year, and surpass it by reaching 22% in 2026. Tencent's WeChat Video Account platform is expected to retain about 2% to 3% of GMV market share through 2026, the Goldman analysis said. The video streaming platform last month reported e-commerce GMV grew by 28.2% year-on-year in the first quarter to 288.1 billion yuan ($40,55 billion). The firm forecasts Kuaishou's e-commerce GMV revenue will grow by 25% this year, although livestreaming revenue — which has accounted for about a third of total revenue — is expected to drop due to a high base.

Persons: James Yang, Bain, Joe Tsai, Emily Tan, Yang, Alibaba, Goldman Sachs, Ronald Keung, David Ma, China's, Morgan Stanley, Eddy Wang, Kenneth Fong, JD, David Beckham, Alex Yao, monetization, Yao, Tmall's GMV, Douyin, Alibaba's, Tencent's, Goldman, Sophie Huang, — CNBC's Michael Bloom Organizations: Bain and Company, PDD Holdings, Goldman, UBS, JPMorgan China, ByteDance, Hong Locations: China, Hong Kong, Asia, U.S, Alibaba, 2Q24, 2Q24E

☆ Saudi Arabia is trying to build the largest linear city ever. It's a visionary but flawed concept, urban planners say.
▼ + stars: | 2024-06-02 | by ( Polly Thompson | ) www.businessinsider.com time to read: +7 min

Although recent reports suggest the plans have been scaled back, the 2.4km still due to be built will be the largest linear city in existence if it is completed. The Spanish architect Arturo Soria is widely credited with designing the first linear city, "La Ciudad Lineal," in 1882 on the outskirts of Madrid. "Linear cities are an extreme form of urban dispersal — community development and social cohesion still need centrality," Gold told BI. A linear city may not have this capability," explained Lovgreen. In my opinion, linear city schemes are best left as design exercises for third-year architectural students," Gold said.

Persons: —, Arturo Soria, Le Corbusier, Mikhail Okhitovich, Mona Lovgreen, Lovgreen, Adhya, Bland, I'm, John Gold Organizations: Service, Business, Lawrence Technological University, Ciudad, Oxford Brookes University Locations: Saudi Arabia, Spanish, Madrid, Swiss, French, Magnitogorsk, Neom, Paris, Portland, Saudi, NEOM, Tabuk Province

☆ ‘Devil comet’ will make its closest pass of Earth in 71 years
▼ + stars: | 2024-06-01 | by ( Ashley Strickland | ) edition.cnn.com time to read: +7 min

CNN —An unusual horned comet notable for a series of outbursts, nicknamed the “devil comet,” will make its closest approach of Earth on Sunday around 3 a.m. Given that the comet won’t pass by Earth again for decades, collective observations by astronomers could provide key insights into its true nature and behavior. Officially known as Comet 12P/Pons-Brooks, the celestial object made its closest pass of the sun on April 21, coming within 74.4 million miles (119.7 million kilometers) of our star. The comet will make its closest pass of Earth on Sunday, but it will be more than 143 million miles (230 million kilometers) away from our planet and won’t pose a risk. An overlapping series of events likely has contributed to Pons-Brooks’ distinctive look, but it could also be due to our perspective of the comet, Kareta said.

Persons: Pons, Brooks, Gianluca Masi, Dave Schleicher, ”, Teddy Kareta, Jean, Louis Pons, William Robert Brooks, ” Schleicher, Kareta, Schleicher, “, it’s, 12P, Theodore Kareta, ” Kareta Organizations: CNN, Northern, Southern, Millennium, “, Telescope, Lowell Observatory, Lowell, Pons, ”, Lowell Discovery Telescope Locations: Italy's Tuscany, Arizona, Pons

☆ Jobs data will steal the spotlight next week. What to watch for in 3 key labor reports
▼ + stars: | 2024-06-01 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

In this way, the nonfarm payroll report also offers clues on the near-term path of inflation. As always, payroll processing firm ADP will release its May private-sector jobs report before the government's nonfarm payroll report. On Tuesday, we'll get the latest JOLTS data, shorthand for the Job Openings and Labor Turnover Survey conducted by the Labor Department. Earnings A few noteworthy earnings reports set for next week include CrowdStrike and Hewlett Packard Enterprise after the close on Tuesday. A report released by the Bureau of Labor Statistics showed the US economy added 311,000 jobs in February.

Persons: industrials, Eaton, Locker, Salesforce, we've, FactSet, Dow Jones, we'll, Ferguson, OLLI, Campbell Soup, Brown, Forman, LULU, JM Smucker, Jim Cramer's, Jim Cramer, Jim, Joe Raedle Organizations: Nasdaq, Dow Jones, Federal, Energy, Coterra Energy, Palo Alto Networks, Broadcom, Microsoft, Costco, Labor, Labor Department, Institute for Supply, Hewlett Packard Enterprise, Body, Donaldson Company, DCI, Brands, Natural Foods, THOR Industries, ABM Industries, Vail Resorts, MTN, NGL Energy, Jim Cramer's Charitable, CNBC, Bureau of Labor Statistics, Getty Locations: Chicago, Palo, U.S, Bath, Toro, Miami , Florida

☆ Want a low mortgage rate? Take someone else’s
▼ + stars: | 2024-05-31 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

This means that a buyer keeps the seller’s repayment period, mortgage balance and, notably, the seller’s lower mortgage rate. Securing that ultra-low mortgage rate means that Harper will save thousands of dollars in monthly payments. “I just decided I wanted to see how low I could pay on the interest rate,” Harper said. And while the mortgage rate on the second loan may be high, the total monthly payment could still be lower — if the assumed mortgage rate is low enough. Snagging a low mortgage rate like Harper’s in today’s high interest rate environment may seem like a dream come true to some prospective homebuyers, but the process is not always smooth sailing.

Persons: ”, Ted Tozer, Ginnie Mae —, Tozer, Ellen Harper, Harper, “, ” Harper, ” Tozer, homebuyers, he’d, Raunaq Singh Organizations: CNN, of Housing, Urban, Urban Institute, Intercontinental Exchange, Federal Housing Administration, US Department of Veterans Affairs, Realtors Locations: Georgia, Georgia , Arizona , Colorado , Texas, Florida

☆ Euro zone inflation rises to 2.6% in May, but bloc still seen heading for interest rate cut
▼ + stars: | 2024-05-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Inflation in the euro zone rose to 2.6% in May, statistics agency Eurostat said Friday, but a higher-than-expected print did not sway market bets of an interest rate cut from the European Central Bank next week. Core inflation, excluding the volatile effects of energy, food, alcohol and tobacco, increased to 2.9% from 2.7% in April. The data comes with the ECB widely expected to cut interest rates at its June 6 meeting, the first reduction since 2019. While headline inflation increased in May, fluctuations in the rate have been forecast over the coming months due to base effects from the energy market and the unwinding of government fiscal support schemes across the bloc, . Staff are also due to release their latest round of inflation and growth projections at next week's meeting, providing more clues on the pace and level of potential cuts this year.

Persons: Klaas Knot, Kamil Kovar Organizations: Eurostat, European Central Bank, Reuters, ECB, Staff, Moody's, U.S . Locations: Corfu, Old Town, Greece, London

☆ Costco’s $1.50 hot dog price is ‘safe’
▼ + stars: | 2024-05-31 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Costco’s new chief financial officer has a reassuring message for inflation-weary customers: don’t worry about the price of the $1.50 hot dog-soda combo. “To clear up some recent media speculation, I also want to confirm the $1.50 hot dog price is safe,” Costco CFO Gary Millerchip said on an earnings call with analysts Thursday. With Costco’s leadership change — and other longtime deals like Trader Joe’s 19-cent bananas and Planet Fitness’ $10 membership ending amid rising inflation — some had speculated about the future of Costco’s $1.50 hot dog. If Costco’s hot dog deal kept pace with inflation, it would be three times as expensive today — nearly $4.50. The $1.50 hot dog is a powerful marketing tool for Costco and is synonymous with Costco’s brand.

Persons: New York CNN —, Gary Millerchip, Richard Galanti, ”, Jim Sinegal, “, ” Sinegal, Craig Jelinek, ” Millerchip Organizations: New, New York CNN, Costco, Walmart, Target, ” Costco, Seattle Times Locations: New York

☆ A hedge on chip stocks if some of the profit-taking in Nvidia continues
▼ + stars: | 2024-05-31 | by ( Jeff Kilburg | ) www.cnbc.com time to read: +3 min

After the first sign this week of potential profit taking in Nvidia (NVDA) since it's monster post-earning pop, now might be the time to hedge for further downside in the semiconductor space. I want to utilize SMH (VanEck Semiconductor ETF) to express my protective and bearish strategy. However, I do have concern about the stock's "over ownership" and investors who have become conditioned to NVDA's massive earnings beats. NVDA YTD mountain Nvidia (NVDA), YTD The protective trade strategy I want to implement is to define upside risk while seeking to finance the whole option strategy which will profit if we indeed see Semi's move lower. This also serves as a short-term hedge to any and all exposure you may have to the AI theme.

Persons: SPDR, NVDA Organizations: Nvidia, VanEck Semiconductor, Semiconductor

☆ Britain cuts stake in NatWest via £1.24 billion share sale
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: +1 min

A NatWest Group Plc bank branch in the City of London, UK, on Thursday, Feb. 15, 2024. The British government has sold 1.24 billion pounds ($1.58 billion) worth of shares in NatWest Group back to the lender, it said on Friday, decreasing its stake to about 22.5% from nearly 26% previously. The London-listed bank bought back 392.4 million shares from the government in an off-market purchase at 316.2 pence a share, as part of its existing contract with the state. The heavily anticipated stock sale is a key milestone in the bank's full privatization. The settlement of the off-market purchase will occur on June 4, the government said in a statement.

Organizations: NatWest Group, City of, NatWest, Royal Bank of Scotland Locations: City, City of London, London

☆ Tariffs on China could end up making inflation worse and hurting US economic growth, S&P Global says
▼ + stars: | 2024-05-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewUS efforts to counterbalance Chinese imports could instead create unsteadiness in the country's fight against inflation, S&P Global Intelligence wrote. Advertisement"Yet economists say the new duties, and tariffs more broadly, may carry an unwelcome consequence: higher prices and a heightened probability of higher-for-longer interest rates," S&P wrote. Of the 14 categories under scrutiny, the top five accounted for just 3% of Chinese imports into the US in 2022, S&P cited. But for domestic manufacturers, tariffs can ease the pressure to lower prices, as Chinese competitors lose their low-cost advantage. In this sense, protectionism can boost economic growth in the long run, but not before fueling market inefficiencies and complicating inflation.

Persons: —, Donald Trump, hasn't shied, Biden, he's, Ben Herzon Organizations: Service, P Global Intelligence, Federal Reserve, Business, P's Locations: China

☆ Uptick in European inflation clouds outlook for interest rate cuts
▼ + stars: | 2024-05-31 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Inflation in Europe has ticked up for the first time in five months, casting doubt on the possibility of a steady stream of interest rate cuts by the European Central Bank over the next few months. The European Central Bank began hiking rates in July 2022 to curb runaway inflation sparked by the reopening of the world’s economies following the pandemic as well as Russia’s full-scale invasion of Ukraine. “May’s increases (in inflation) won’t stop the ECB from cutting interest rates next week. All 82 economists polled by Reuters ahead of Friday’s inflation data expected the ECB to cut rates by a quarter of a percentage point next week. Over two-thirds, 55 of 82, expected two more cuts this year, in September and December.

Persons: “, Jack Allen, Reynolds, Claus Vistesen, ” Organizations: London CNN, European Central Bank, Reuters, ECB, Capital Economics, Pantheon Locations: Europe, Ukraine

☆ The thinking person's AI trade: There's a cheap, under-the-radar sector generating historically strong returns — and these 8 stocks are Goldman Sachs' top picks
▼ + stars: | 2024-05-31 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

It marks the often-unloved group's third-best showing since 2002, according to Goldman Sachs. Utilities aren't just an AI playOther than their understated connection to AI, utilities are attractive on a valuation basis and as a defensive hedge, according to Goldman Sachs. AdvertisementHowever, utilities are cheap compared to the high-single-digit earnings growth they're expected to produce in the next several years. Goldman SachsBesides being discounted relative to their future growth, utilities serve as a hedge against lower economic growth. AdvertisementOf the 16 utilities stocks covered by Goldman Sachs analysts, only half have a buy rating from the firm.

Persons: —, Goldman Sachs, Carly Davenport, Ryan Hammond, Bill Gross, Sebastien Page, Rowe Price, it's, Page, Goldman, Hammond Organizations: Service, Utilities, Business, Nvidia, Microsoft, Goldman, Federal Reserve

☆ Inflation Ticks Up in the Eurozone
▼ + stars: | 2024-05-31 | by ( Melissa Eddy | More About Melissa Eddy | ) www.nytimes.com time to read: 1 min

The annual rate of inflation in the countries that use the euro accelerated slightly in May, driven by a jump in the cost of services and food. The headline inflation rate was a bit higher than economists expected. The same was true for core inflation, which strips out volatile food and energy prices, which came in at 2.9 percent in May, versus 2.7 percent in April. The numbers for May showed the first uptick in overall and core inflation this year, highlighting the difficulties policymakers at the European Central Bank face in the final stretch of reaching their aim to bring inflation down to 2 percent. Three of the area’s largest economies, Germany, France and Spain, all saw annual inflation speed up in May.

Organizations: European Central Bank Locations: Germany, France, Spain

☆ Salesforce shares tumble 20%, on pace for worst day since 2004
▼ + stars: | 2024-05-30 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

Photographer: David Odisho/Bloomberg via Getty ImagesShares of Salesforce tumbled 20% Thursday morning, putting the stock on pace for its worst day in nearly 20 years. Its worst trading day on record is July 4, 2004, when shares fell 27% just days after the company went public. Salesforce expects second-quarter adjusted earnings per share of $2.34 to $2.36 on $9.2 billion to $9.25 billion in revenue. Goldman Sachs analysts reiterated their buy rating on the stock and said they view Salesforce as a "high-quality software franchise." Goldman Sachs analysts said in a note Wednesday that Salesforce is "an under-appreciated Gen-AI winner."

Persons: Marc Benioff, Benioff, David Odisho, Salesforce, LSEG, Salesforce's, Goldman Sachs, Morgan Stanley, — CNBC's Michael Bloom, Jordan Novet Organizations: Salesforce.com Inc, Bloomberg, Getty, Citi Locations: San Francisco , California, Francisco's

☆ MongoDB shares sink 23% after management trims guidance
▼ + stars: | 2024-05-30 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Concerning guidance, the company called for adjusted fiscal second-quarter earnings of 46 cents to 49 cents per share, with $460.0 million to $464.0 million in revenue. Analysts surveyed by LSEG were looking for 58 cents in adjusted earnings per share and $470.4 million in revenue. MongoDB trimmed its 2025 fiscal-year forecast, which now stands at $2.15 to $2.30 in adjusted earnings per share and $1.88 billion to $1.90 billion in revenue. Three months ago, the forecast was adjusted earnings per share of $2.27 to $2.49 and revenue of $1.90 billion to $1.93 billion. Analysts had predicted $2.50 in adjusted earnings per share on $1.93 billion in revenue.

Persons: Dev Ittycheria, Salesforce

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