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☆ AI deals give investment banks a glimmer of hope
▼ + stars: | 2023-09-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

About a third of all M&A deals in the first half of 2023 were technology deals, and a lot of that was related to AI, said Berlin. The success of these deals mean more M&A is likely on the horizon, said Dan Ives, a tech analyst at Wedbush. Costco members now have access to $29 online health care visitsCostco is known for its giant tubs of mac and cheese, cheap hotdogs and more-for-less warehouse deals. The retailer is offering the new service in partnership with Sesame, a direct-to-consumer health care marketplace that connects medical providers nationwide with consumers. Costco is among several retailers, including Amazon, CVS and Walgreens, who are directly providing health care to customers as the demand booms for urgent care access outside of a traditional hospital setting.

Persons: CNN —, Goldman Sachs, Goldman, ” Goldman, David Solomon, Instacart’s, ”, Mitch Berlin, “ You’re, Dan Ives, ” Ives, Taavon Naja, Ramishah Maruf, Parija Kavilanz, Sesame Organizations: CNN Business, Bell, CNN, Wall, Companies, Renaissance, Nasdaq, Cisco, Wedbush, of Foreign, Control, Costco, Costco Pharmacy’s, Amazon, CVS, Walgreens Locations: Americas, Berlin, Iran, Switzerland, United States, PFAS, New York

☆ The tech IPO market is back and deal valuations are rising. Don't get fooled again
▼ + stars: | 2023-09-18 | by ( Mallika Mitra | ) www.cnbc.com time to read: +2 min

As tech startups test the IPO market again, they are pushing up their valuations. In upping IPO ranges, tech stocks are still coming out humbled by the post-2021 IPO market slump. Instacart and Klaviyo are both expected to make their debuts on the public market as soon as this week. Arm's jump of nearly 25% during its first trading day Thursday marked the end of a quiet two years for tech IPOs. "This has been the slowest IPO market in over a decade and we seem to be finally coming out of that."

Persons: Matt Kennedy, Ray Wang, Wang Organizations: Renaissance Capital, Constellation Research Locations: Silicon

☆ Instacart's biggest IPO twist: Tech trying to go public as a value stock
▼ + stars: | 2023-09-18 | by ( Tim Mullaney | ) www.cnbc.com time to read: +9 min

At the top of the latest IPO price range, the enterprise value would be 16x EBITDA. The right valuation for Instacart depends on where the ultimate rate of sales growth falls, Einhorn said. Including the cash on the company's balance sheet, that values Instacart at about three times EBITDA – way below DoorDash's valuation. Even that would value the company at only seven times 2025 EBITDA, and about 14 times EBITDA from the last four quarters, still a sharp discount to DoorDash. So in a twist few would have predicted in 2020 or 2021, Instacart is trying to go public as a value stock, carefully managed to wring the best results from potentially modest growth.

Persons: Instacart, –, Einhorn, Matt Einhorn, Mark Mahaney, DoorDash, Nicholas Cauley, Cauley, Covid, Nick Giovanni, Giovanni, EBITDA Organizations: Renaissance Capital, San Francisco, ISI, Walmart, Kroger, Aldi, Omicron, Gross Locations: DoorDash, EBITDA, York

☆ SoftBank-backed Neumora valued at $2.51 billion in lukewarm debut
▼ + stars: | 2023-09-15 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

Sept 15 (Reuters) - Shares of Neumora Therapeutics (NMRA.O), which is backed by Amgen (AMGN.O) and Japan's SoftBank (9984.T), fell in their market debut on Friday, giving the company a market capitalization of $2.51 billion. The ongoing surge in listings points to a nascent recovery in the U.S. IPO market amid growing expectations of a pause in interest rate hikes by the Federal Reserve. Neumora, which is developing drugs for brain diseases, raised $250 million by selling 14.7 million shares priced at the mid-point of its previously disclosed range. Neumora's debut comes a day after Arm Holdings' strong debut valued the chip designer at more than $60 billion. "Neumora opened up trading slightly below the IPO price, but taken in context with RayzeBio ... market sentiment for established, later-stage biotech IPOs appears strong," Mullin added.

Persons: Japan's SoftBank, Neumora, Riley Mullin, Mullin, Jaiveer Shekhawat, Pritam Biswas, Shounak Dasgupta Organizations: Neumora Therapeutics, Nasdaq, Federal Reserve, Arm Holdings, Renaissance Capital, Arch Venture Partners, Thomson Locations: Watertown , Massachusetts, U.S, Bengaluru

☆ The Arm IPO is here, but many ETFs will not be buyers
▼ + stars: | 2023-09-14 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The Cupertino, Calif.-based company licenses its processorIPO and tech enthusiasts are excited about the Arm Holdings Plc initial pubic offering, and with good reason: it's the first big tech IPO in more than two years. However, some investors who would like to get immediate exposure to the Arm IPO through ETFs may be disappointed. However, this particular IPO highlights several difficulties that even large companies like Arm have in acquiring a broader ownership base through ETFs. The first problem is that Arm is not a U.S. company, it's British — which generally would exclude it from the S&P indexes. Potential ETF buyers: Nasdaq-100 ETF, IPO ETFsThere are some potential ETF buyers.

Persons: Matt Bartolini, Howard Silverblatt, Van Eck, Jan Van Eck, Todd Sohn, it's, Matt Kennedy, Nate Geraci, I'm Organizations: ARM Holdings, Arm Holdings, Nasdaq, Tech, ARM, P, SPDR Technology, SPDR, SPDR Americas Research, Street Global Advisors, Global, Renaissance, Van Eck Semiconductor, CNBC, Vanguard Total U.S, Renaissance Capital Locations: Cupertino, Calif, U.S, SPDR Americas

NEW YORK (AP) — Shares of U.K. chip designer Arm Holdings rose 10% in their stock market debut, in what is the largest initial public offering of shares in nearly two years. Arm's offering is an important development for the IPO market, which has seen relatively few companies go public the past two years. Nearly 400 companies went public in 2021 as the stock market rallied for a third straight year, according to IPO tracker Renaissance Capital. Arm was previously a public company from 1998 to 2016. Goldman is one of the lead underwriters for the Arm IPO, as well as an offering from grocery delivery service Instacart, expected next week.

Persons: It's, Goldman Sachs, Rivian, Masayoshi Son, Softbank, Son, Rene Haas, Haas, Goldman, ___ Kageyama Organizations: Arm Holdings, Nasdaq, Renaissance, Federal Reserve, SoftBank, Nvidia, University of California, underwriters Locations: University of California Berkeley, IPOs, Wall, Tokyo

☆ After Birkenstock's 'Barbie' bump, iconic footwear brand seeks a big part in IPO market
▼ + stars: | 2023-09-13 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +10 min

Footwear companies have found recent success going public market, but not all by any means over the longer-term. In more recent history, the brand has collaborated with Rick Owens, Dior, and Manolo Blahnik, among many other big names in fashion. The current IPO market landscape The IPO market has been all but frozen since the pandemic stock offering boom crashed, and successful IPOs have included iconic brands, such as the Johnson & Johnson spinoff of its consumer health business which includes Tylenol and band-Aids in the Kenvue IPO. Still, while Kenvue was the biggest deal of the year, it's barely holding onto its IPO price today, according to CNBC and Renaissance Capital data, and the IPO market overall hasn't performed great after listing. The two potential paths of a footwear IPO can be tracked by the histories of Crocs and Allbirds.

Persons: Nordstrom, Jeff Greenberg, what's, Johann Adam Birkenstock, Birkenstock, Angelo Bochanis, Oliver Reichert, outsized, Reichert, Konrad Birkenstock, Johann, Karl, Konrad, Margo Fraser, Kim Knott, Kate Moss, Corinne Day, Rick Owens, Dior, Manolo Blahnik, Jeremy Moeller, Barbie, Margot Robbie, Johnson, Kenvue, it's, hasn't, Mark Cohen, Cohen, Jamie Dimon, Dimon, Bochanis, " Cohen Organizations: Universal, Getty, New York Stock Exchange, Nasdaq, Holding, Renaissance, Consumers, British Elle, Brand, CNBC, Columbia Business School, Facebook, Wall, JPMorgan, Company Locations: Merrick, , Miami, Germany, America, California, British, Arizona, It's, U.S

☆ Arm going public generates buzz but may not be a sign the IPO market is thawing
▼ + stars: | 2023-08-23 | by ( Bob Pisani | ) www.cnbc.com time to read: +7 min

It's an old saw: The most important factors for a strong IPO market are an up market and stable interest rates. The problem is that there is not much similarity between Arm and tech unicorns. It's a tough choice: Negotiate onerous new rounds of funding with venture capital firms, or go public at a lower valuation. But if you can't, you either take another lower funding round or go public at a lower valuation." Many companies still looking to go public "This won't open the floodgates for tech unicorns," Kennedy said.

Persons: Rivian, Matt Kennedy, Santosh Rao, Rao, Johnson, Kennedy, Don, Softbank, Birkenstock Organizations: Labor, Renaissance Capital, Manhattan Venture Research, London Stock Exchange, Nasdaq, Softbank, Vision Group, PayPal, Shein Locations: China, IPOs

☆ The IPO market is waking up, and an ETF that tracks new stocks is soaring. How it works
▼ + stars: | 2023-08-03 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

As stocks fell into a bear market last year and interest rates jumped sharply, the market for initial public offerings ground to a halt. And investors have warmed up to less-proven stocks in general, as shown by the Renaissance IPO ETF (IPO) . IPO YTD mountain The Renaissance IPO ETF has outperformed the S & P 500 in 2023. The fund does not have any restrictions around concentrations in specific industries. "Right now, it's very tech-heavy, which is to be expected after 2021 when a lot of big tech companies went public," Spear said.

Persons: Avery Spear, Spear Organizations: Tech, FTSE Russell, Renaissance

☆ Signs are emerging that the IPO market can make a comeback soon
▼ + stars: | 2023-07-23 | by ( Valida Pau | ) www.cnbc.com time to read: +4 min

"I think a lot of people in my world and IPO world are expecting this V-shaped recovery for the IPO market." The IPO market had been in the doldrums since February 2022, when Russia's invasion of Ukraine began. It was a small but positive sign for the many tech deals waiting for a better IPO market." Some signs are emerging that the IPO market is starting to thaw out. Ultimately, that's what we need for the IPO market to heat back up," said Daniels.

Persons: we'll, Barrett Daniels, ‍, Doordash, bode, Matthew Kennedy, Kennedy, Daniels, — Organizations: Publicly, Deloitte, GE HealthCare, Lucid, Agilon Health, Water Works, Renaissance, Clearwater Analytics, Tech, Federal Locations: Ukraine, Clearwater, Cava

☆ Morgan Stanley has tech to thank for what could boost a long-dormant part of its business
▼ + stars: | 2023-07-17 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Morgan Stanley (MS) is set to report quarterly earnings before the opening bell Tuesday. While working on a transition to depend more on wealth management, investment banking is still an important aspect of Morgan Stanley's overall business. Morgan Stanley had a hand in the Cava IPO as a book-runner. It pays us to be patient with the stocks of Morgan Stanley and Wells Fargo, which have been underperformers year-to-date compared to the S & P 500 . Morgan Stanley will likely benefit as companies turn to its investment banking services for ambitious deals.

Persons: Morgan Stanley, There's, Morgan, Morgan Stanley's, Goldman Sachs, Jim Cramer, Jim, Lina Khan, Activision Blizzard, IPOs, Wells, dealmakers, there's, Jim Cramer's, Bing Guan Organizations: Investment, JPMorgan, IB, Federal Trade, Microsoft, Activision, Renaissance Capital, Companies, Semiconductor, ARM Holdings, Silicon Valley Bank, Federal Reserve, Club, Nasdaq, CNBC, Bloomberg, Getty Locations: Cava, Silicon, Wells Fargo, U.S

☆ ETFs delivered mixed messages in the first half. Thoughts on what might work for the second half
▼ + stars: | 2023-07-05 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Despite a strong first half performance for the broad equity markets, ETF equity flows have been subpar this year. The big money has gone into Treasury ETFs and money market funds. First half inflows were subpar The first half ended with a modest acceleration of inflows into equity ETFs. Regardless, first half equity inflows were still well short of the prior years' first half activity. Join us Wednesday at 1:10 p.m. on ETF Edge for our second half ETF playbook.

Persons: Todd Sohn, . Sohn, Sohn, " Sohn, Dave Nadig Organizations: Tech, Energy, P Tech, Nasdaq, Fidelity, Renaissance Capital, Technology, Nvidia, Microsoft, Edge, VettaFi

☆ Consumers crack open IPO door
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 29 (Reuters Breakingviews) - The market for U.S. initial public offerings is starting to crack open, but some trends are playing better than others. Shares in thrift store chain Savers Value Village (SVV.N) opened 38% above their IPO price on Thursday even as two other new entrants, Fidelis Insurance (FIHL.N) and energy company Kodiak Gas Services (KGS.N), got a frosty reception. After pricing above its indicated range and then rising further, Savers Value was worth nearly $4 billion in its early hours of trading. It follows Cava (CAVA.N), the Mediterranean lunch chain that by Thursday was worth nearly double the IPO price of $22 it established in mid-June. Meanwhile, Fidelis and Kodiak had to cut their price range, and both debuted below their opening price.

Persons: Fidelis, It’s, Jennifer Saba, ’, crouch, Eli Lilly, John Foley, Sharon Lam Organizations: YORK, Reuters, U.S, Fidelis Insurance, Kodiak Gas Services, Renaissance Capital, Twitter, Thomson Locations: Cava, Fidelis, Kodiak

[1/3] Mark Walsh, CEO of Savers Value Village, celebrates his company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 29, 2023. REUTERS/Brendan McDermidJune 29 (Reuters) - Thrift store operator Savers Value Village (SVV.N) fetched a market capitalization of nearly $4 billion in a strong debut on the New York Stock Exchange on Thursday, underscoring a resurgence in the IPO market as investors lap up new listings. Savers Value, owned by private equity firm Ares Management (ARES.N), joins a host of companies that have enjoyed a warm reception in recent months, reviving hopes the frosty IPO market has begun to thaw. So really this (an IPO) was the right smart option for us to move forward," said Savers Value CEO Mark Walsh. Savers Value and Ares raised over $401 million in the share sale on Wednesday.

Persons: Mark Walsh, Brendan McDermid, Avery Spear, Johnson, Ares, Niket Nishant, Sri Hari, Echo Wang, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Ares Management, U.S, U.S . Federal, Renaissance, Rivian, Kodiak Gas Services, Fidelis Insurance Holdings, Canada's Healthcare, Ontario, Norway's Norges Bank Investment Management, Thomson Locations: New York City, U.S, U.S ., Sri, Bengaluru, Echo, New York

☆ Green shoots for the IPO market, but investors ask where are unicorns like Instacart, Klarna
▼ + stars: | 2023-06-22 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

At the midpoint this would raise $298 million, with a fully diluted market value of $2.1 billion, according to Renaissance Capital. At the midpoint of the proposed range, that would raise $328 million with a market value of $1.5 billion. "The IPO market is definitely opening up," he said. Goldman Sachs' David Kostin has also noted an improved IPO market. The bad news: the stock dropped the day after the IPO to roughly $38 and has remained in that range.

Persons: IPOs, Matt Kennedy, Goldman Sachs, David Kostin, Kostin, Lynn Martin, That's, Santosh Rao, Rao Organizations: NYSE, Insurance, Renaissance, Kodiak Gas Services, Renaissance Capital, Goldman, Foods, CNBC, Manhattan Venture Partners Locations: Renaissance Capital, U.S, Canada, Cava, Fogo, Chao

June 15 (Reuters) - Mediterranean restaurant chain Cava Group (CAVA.N) notched a valuation of $4.7 billion in a stellar market debut on Thursday, signaling the IPO market was gaining momentum after a lull in 2022. Shares opened at $42 apiece on the NYSE, nearly double the IPO price of $22, last up 89%. Cava sold about 14.4 million shares in the offering, raising $318 million. “We think the markets are always welcoming long-term sustainable growth stories, especially category defining brands, as we try and define the Mediterranean category,” Cava Co-founder and CEO Brett Schulman said. Cava was founded by three friends with Greek roots — Ted Xenohristos, Ike Grigoropoulos and Dimitri Moshovitis — and opened its first restaurant Cava Mezze in Rockville in 2006.

Persons: Cava, Matthew Kennedy, Johnson, Brett Schulman, Ted Xenohristos, Ike Grigoropoulos, Dimitri Moshovitis —, Morgan, Jefferies, Manya Saini, Savyata Mishra, Echo Wang, Vinay Dwivedi Organizations: NYSE, Renaissance Capital, Reuters, Rivian, ”, Restaurant Brands, Cava, Citigroup, Thomson Locations: Cava, CAVA, United States, ” Cava, Rockville, Bengaluru, Echo, New York

☆ Mediterranean restaurant chain Cava is going public. More restaurants could follow its lead
▼ + stars: | 2023-06-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

As Cava prepares to make its public market debut Thursday, other restaurant companies will be watching closely while they decide whether to follow in the Mediterranean restaurant chain's footsteps. The last 18 months have marked the slowest initial public offering market since the financial crisis. Cava's IPO could help break that drought, as a handful of restaurants watch to see how the chain fares as they mull whether to jump into the public market themselves. "A successful IPO from Cava should open the door to more restaurant IPOs," said Matt Kennedy, senior strategist at Renaissance Capital. That bodes well for the restaurant companies waiting in the wings to go public.

Persons: Cava, Matt Kennedy, Kennedy, Kevin McCarthy, Neuberger Berman Organizations: U.S, Renaissance, Cava, New York Stock Exchange, CNBC, Group, Brands Locations: Ukraine, U.S, Cava, Chão

☆ A 'string of successes' fueling the IPO market, and the ETF that tracks it
▼ + stars: | 2023-06-14 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +2 min

"We do see a light at the end of the tunnel," Matt Kennedy, Senior IPO Market Strategist for Renaissance Capital, told CNBC's Bob Pisani on "ETF Edge" on Monday. Kennedy's firm runs the Renaissance Capital IPO ETF (IPO), which tracks the performance of newly public company stocks. According to Renaissance Capital, holdings in the IPO ETF cycle out three years after being listed on the market. The 10-year average of capital raised for new initial public offerings is $55 billion, but only $7.7 billion was raised last year, according to Renaissance Capital. Nearly the same amount has already been raised so far this year ($7.3 billion), fueling anticipation that the market is finally getting back on track.

Persons: Matt Kennedy, CNBC's Bob Pisani, Kennedy, They're Organizations: Renaissance Capital, Capital, Renaissance, ARM, Foods Locations: Snowflake, Airbnb, Cava, U.S, Fogo de Chao, Klarna

☆ Green shoots for the IPO market? More companies are looking at going public
▼ + stars: | 2023-06-12 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

The Great IPO Drought has gone on for 18 months, but some are hopeful that may be ending. It still is a mid-sized deal, but it's getting more attention than usual because there is some hopes the Great IPO Drought may have a shot at ending. "A market rise is a necessary precursor for a rebound in IPOs," Matt Kennedy, senior IPO market strategist for Renaissance Capital, told me. Kennedy would know: Renaissance Capital runs the Renaissance Capital IPO ETF, a basket of recent IPOs. It's a long slog back to a 'normal' IPO market As bad as it has been in 2023, it's better than it was in 2022.

Persons: Matt Kennedy, Santosh Rao, Kennedy, DoorDash, Kenvue, Johnson, It's, it's, Cava, Rao Organizations: NYSE, Renaissance Capital, Manhattan Venture Partners, Capital, ARM, Foods, Saks Locations: Cava, IPOs, Snowflake, Palantir, Chao

☆ America has lost half its public companies since the 1990s. Here’s why
▼ + stars: | 2023-06-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Why it matters: The count of publicly listed companies traded on US exchanges has fallen substantially from its peak in 1996. It’s not that America has half as many companies as 30 years ago – it’s that companies are increasingly staying private, largely outside the scrutiny of the public eye. Publicly listed companies are subject to regulatory oversight and disclosure requirements, which help ensure transparency and maintain investor confidence. “I think it’s natural that companies would delay going public when valuations get halved and investors are not enthusiastic about investing in new companies,” said Kennedy. Some private equity funds have even taken advantage of the bear market to buy up publicly traded companies.

Persons: Matthew Kennedy, “, ”, Kennedy, Torsten Slok, Janet Yellen, Matt Egan, Yellen, Antony Blinken, Elon Musk, Laxman Narasimhan, Jamie Dimon Organizations: CNN Business, Bell, New York CNN, Center for Research, Renaissance, Apple, Microsoft, Party, Apollo Global Management, “ Companies, Wells, China, CNN, China Business Council, FedEx, Pepsi, Walmart, Ford, JPMorgan Chase, America ., Marshall Locations: New York, America, Wells Fargo, United States, China, Washington, Beijing

☆ Don't expect an IPO market revival in these conditions even as J&J's Kenvue breaks drought
▼ + stars: | 2023-05-04 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

The health of the IPO market is dependent on many factors, but principally it boils down to: 1) the strength of the overall stock market (trending up is best), and 2) interest rates (lower is better). The IPO investor wish list: stable markets, Fed done hiking, and lower IPO prices "The most important factor for the IPO market is you need the market to hold up well," Santosh Rao, head of Research at Manhattan Venture Partners, told me. Another essential ingredient for a healthy IPO market: stable interest rates. But the IPO market hasn't seen a "normal" year in a while. High initial IPO prices have proven to be devastating to IPO investors.

☆ Russia's domestic stock investors, shut off from the international financial system, have helped send the Moscow Exchange to a 12-month high
▼ + stars: | 2023-05-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Russia's benchmark MOEX index is trading at levels not seen in over 12 months. The MOEX Russia Index has gained 24% so far this year after tanking 42% in 2022. The benchmark MOEX Russia Index on the Moscow Exchange hit a high of 2,646.18 on Thursday — its highest level since early April 2022. Despite the surge in the MOEX index, trading volumes in its equities market fell 41% from a year ago amid sanctions. The MOEX Index ended at 2,634.96 on Friday.

☆ Johnson & Johnson's Kenvue spinoff revives hope that the IPO market may be opening
▼ + stars: | 2023-04-25 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

The news that Johnson & Johnson had finally begun a roadshow for its long-awaited Kenvue spinoff elicited some satisfaction among IPO watchers. "The investor base is very familiar with the products," Matthew Kennedy, IPO market strategist at Renaissance Capital told me. In the 10 years from 2013 to 2022, about $55 billion was raised on average each year in the IPO market. But in 2022, the IPO market cratered. "Hopefully this will be a more rational IPO market," Rao told me, noting that IPOs have typically underperformed the market because of high initial prices.

☆ Fintech firms may struggle to find investor love in rebounding U.S. IPO market
▼ + stars: | 2023-03-08 | by ( Manya Saini | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationMarch 8 (Reuters) - The once high-flying fintech startups looking to go public will have a hard time attracting investor attention, even though a freeze that has gripped the market for new listings is starting to thaw. "I don't think it would surprise anyone if they all sat out the 2023 IPO market," Kennedy added. In the IPO boom of 2021, 20 fintech companies raised a combined $10.93 billion, vastly overshadowing the $144 million that was raised by a lone offering in the following year, according to data from Dealogic. "The IPO market is not closed, but it's certainly more valuation and profitability focused," said David Ethridge, U.S. co-IPO leader at global consulting giant PwC. Reuters GraphicsLACKLUSTRE LISTINGSListed fintech companies have failed to largely live up to their shareholders' expectations as they have steadily booked losses, leading to a string of routs in their shares.

☆ This startup found success using A.I. to build beauty products. But can it keep making money?
▼ + stars: | 2023-03-01 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +7 min

Oddity Il Makiage Coutesy: OddityOddity — the direct-to-consumer beauty and wellness platform known for its ubiquitous Il Makiage social media ads — is making money and growing in an environment that's increasingly risky for purely digital retailers. Since its U.S. launch in 2018, Oddity has achieved profitability, the company said, making $380 million in gross sales in 2022. In Spoiled Child's first year on the market, the new brand brought in $48 million in gross sales. Oddity builds out new products and brands by using its tech to figure out what customers are looking for. Oddity is in the process of integrating the tech into its Il Makiage powermatch quiz to improve accuracy.

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