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Andrew Bialecki is preparing to take Boston startup Klaviyo public eleven years after founding it. Bialecki, who cofounded the marketing tech company in 2012, owns more than a third of Klaviyo, according to the company's recent S-1 filing. In the last eleven years, the 37-year-old has quietly built the hottest Boston startup you've never heard of. For comparison, HubSpot's Brian Halligan and Toast's Chris Comparato reported salaries of roughly $240,000 before taking their Boston startups public. Bialecki has also sold few shares of Klaviyo in inside rounds, according to two people familiar with the company's financials.
Persons: Andrew Bialecki, Jason Lemkin, Peter Walker, Klaviyo, Yankee frugality, Barry Chin, Ed Hallen, Hallen, Bialecki, Alexa von, TJ Mahony, he's, Elias Torres, Bootstrapping, Jon Karlen, Karlen, Mahony, Alex Clayton, frugality, HubSpot's Brian Halligan, Toast's Chris Comparato Organizations: Boston Globe, Getty, MIT's Sloan School of Management, Capital, Harvard University, Predictive Technologies, Fortune, Red Sox, Meritech Capital, Boston, Black, Patriots Locations: Boston, Coast, Bialecki, Washington, DC, Klaviyo, Braze, Miami
A software CEO told Australia's "60 Minutes" he only goes into the office once every three months. AdvertisementAdvertisementWhile many tech bosses are desperately trying to force their minions back to the office, one CEO is swimming firmly against the tide. Scott Farquhar, the billionaire founder and CEO of Atlassian, said he works from home most of the time and only goes to the office about once every three months. Atlassian rolled out its "Team Anywhere" hybrid work policy in August 2020 during the pandemic. Google staff have been expected to work from the office three days a week since April 2022, while Meta told staff in June that they must do so as well.
Persons: Australia's, Scott Farquhar, Atlassian, Farquhar, Meta, there's Organizations: Nasdaq, Tech, Meta, Google Locations: India, Japan, Philippines, Australia
Atlassian shares jumped as much as 24% in extended trading on Thursday after the collaboration software maker announced stronger-than-expected fiscal fourth-quarter results and promised wider margins in the future. Here's how the company did:Earnings: 57 cents per share, adjusted, vs. 45 cents per share as expected by analysts, according to Refinitiv. 57 cents per share, adjusted, vs. 45 cents per share as expected by analysts, according to Refinitiv. Revenue: $939.1 million, vs. $914.6 million as expected by analysts, according to Refinitiv. The company's net loss of $59 million or 23 cents per share, narrowed from $90.6 million, or 36 cents per share, in the year-ago quarter.
Persons: Scott Farquhar, Atlassian, Refinitiv, Mike Cannon, Brookes, Cameron Deatsch, Farquhar, Salesforce, NFJ's Organizations: Atlassian Corp, Allen, Co . Media, Technology Conference, StreetAccount, Management, Cloud, Cannon, Microsoft Locations: Sun Valley , Idaho, Refinitiv
All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.
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Microsoft shares were trading down as much as 5% on Wednesday, a day after the software maker issued worse-than-expected quarterly revenue guidance. Microsoft has been increasing its capital expenditures to get infrastructure in place to provide AI services to developers at other companies and roll out assistant capabilities to apps such as Word and Outlook. The extra spending cuts into Microsoft's cloud gross margin. "The messaging on Copilot was more about tempering rather than inflating expectations," wrote UBS analysts led by Karl Keirstead, which also has a buy rating on Microsoft. Raymond James' Andrew Marok and Mauricio Munoz, with the equivalent of a buy rating on Microsoft shares, had a similar tone.
Persons: Amy Hood, Mark Murphy, Karl Keirstead, It's, Brad Reback, Raymond James, Andrew Marok, Mauricio Munoz, Satya Nadella, — CNBC's Michael Bloom Organizations: Microsoft, JPMorgan, UBS
Shopify is going to extreme lengths to stop its workers from attending pointless meetings. This push to keep workers out of meetings is to free up time so they can, according to the company's COO, "get shit done." But here's the thing about meetings, even "pointless" ones, and especially for a company with a lot of remote workers like Shopify: they give us an opportunity to chat. Watercoolers are hard to recreate in virtual form, but if they're going to be anywhere, it's in scheduled videocalls — in other words, meetings. Better mental health has been closely linked to productivity, so perhaps addressing loneliness would be a better use of a company's resources than discouraging meetings.
Persons: Shopify, they've, it's, impenetrably, I've Organizations: Service, Bloomberg, Independent Locations: America, Wall, Silicon
The impossibility of any company doing anything right, or as right as the market seems to judge, serves as the only homily worth offering. You simply don't land at all. Of course, the biggest worry to this market is its two-tiered nature: The mega-cap techs versus all the rest. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Warren Buffett, It's, Jerome Powell's, Alan Greenspan, Ben Bernanke, Powell, deride Powell, , it's, Wells, Vin Diesel, he'll, Goldman Sachs, Amy Hood, Tim Cook's, Mark Zuckerberg's pickleball, Clive Cussler, Stephen King, Lina Khan's, Jonathan Kanter, Khan, Morgan, let's, Jim Cramer's, Jim Cramer, Jim, Victor J Organizations: Apple, Wells, JPMorgan, PepsiCo, Treasury, Bank of America, Microsoft, Activision Blizzard, Nvidia, Intel, Devices, Colgate, Federal Trade, Activision, Justice Department, sycophantic, Fed, Jim Cramer's Charitable, CNBC, Visitors, New York Stock Exchange, Blue, Bloomberg, Getty Locations: People's Republic of China, China, Wells Fargo, America, New York
For organizations that are ready to move past temporary remote or hybrid work arrangements, remote work "maturity" is the final step. Companies with highly effective documentation are more than twice as likely to report that their company maximizes the positives of remote work, according to the Gusto Hybrid Work Playbook. For early remote work adopters, rigorous documentation has been key from the beginning. Nearly half of companies who report having clear goals say remote or hybrid work has been positive for company performance. Reeder says while tools can help make remote work more effective, leaders should not use software to mask inefficiencies.
Persons: Annie Dean, Dean, JJ Reeder, " Reeder, Reeder, Brex, Angela Crossman, it's, Crossman, Upwork, Atlassian Organizations: Companies, malleability Locations: Atlassian, Upwork, San Francisco, Chicago
Aussie billionaires’ solar spat enters new phase
  + stars: | 2023-05-29 | by ( ) www.reuters.com   time to read: +2 min
MELBOURNE, May 29 (Reuters Breakingviews) - The battle between two of Australia’s richest men for control of bankrupt renewables startup Sun Cable has ended in a whimper. Surprisingly absent from the final bout was Squadron Energy, one of Fortescue Metals (FMG.AX) founder Andrew Forrest’s investment companies. Both were early investors in Sun Cable; their spat over its strategy plunged the firm into administration in January. Cannon-Brookes wants to stick to the original plan of sending most of the energy it produces to Singapore via an undersea cable. Now the race is on to see which of the two men is first to flick the on switch.
In this article MSFT Follow your favorite stocks CREATE FREE ACCOUNTMicrosoft Chairman and CEO Satya Nadella speaks to attendees at Microsoft's Build conference in Seattle on May 23, 2023. "Every layer of the software stack is going to be changed forever and no better place to start than the actual developer stack," Microsoft CEO Satya Nadella said during his Build keynote address on Tuesday. It's crucial for third-party developers to enrich Microsoft's own software properties, such as the Microsoft 365 productivity software bundle. Greg Brockman, OpenAI president and co-founder, and Kevin Scott, Microsoft chief technology officer, speak onstage at Microsoft's Build conference in Seattle on May 23, 2023. WATCH: Microsoft Build 2023 unveils plugins and products that incorporate A.I.
Lyft says CFO Paul to step down, appoints replacement
  + stars: | 2023-05-16 | by ( ) www.reuters.com   time to read: +1 min
May 16 (Reuters) - Lyft Inc (LYFT.O) said on Tuesday Erin Brewer will replace chief financial officer Elaine Paul, who is leaving the ride hailing company months after a new CEO was appointed. The company said Paul, who has served as Lyft CFO since January 2022, was leaving on May 19, and announced Brewer's expected joining on July 10. Chief Accounting Officer Lisa Blackwood-Kapral will serve as finance chief in the interim. Brewer has previously served as the managing director, enterprise finance, at Charles Schwab & Co and head of strategy and finance at software company Atlassian. Reporting by Tiyashi Datta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.
Morgan Stanley reiterates Apple as overweight Morgan Stanley said Apple is "delivering under pressure" after its earnings report on Thursday. Guggenheim upgrades Portillo's to buy from neutral Guggenheim said it sees multiple expansion for the restaurant chain. Goldman Sachs downgrades Atlassian to neutral from buy Goldman said the company's "cloud transition [is] likely taking longer than expected." UBS upgrades Shopify to neutral from sell UBS said in its upgrade of Shopify that it sees revenue upside. Jefferies initiates Playboy Group as buy Jefferies said it sees "significant upside" for the adult themed global media and lifestyle company.
Tuesday's selloff in Chegg shares exposed some investors to the dark side of artificial intelligence, igniting concerns about how the latest technology craze may be putting some companies' revenue sources in danger. CHGG 1D mountain Chegg shares plummet on AI risks While Chegg may be the first shoe to drop, it's certainly not the last company set to showcase some of the risks posed by AI. Elsewhere, Deepwater Asset Management's Gene Munster sees potential risks ahead to some consulting companies known to outsource work for other businesses. Companies operating off of seat-based models, such as human resources companies, may face headwinds from declining headcount, but could benefit long term from optimizing AI, he added. To be sure, even the largest companies dominating the space and poised to prosper from AI face risks ahead.
The biggest week of this earnings season showed us that things aren't as bad as many feared. The week ahead of earnings, including several more Club names, should tell us more. The results are always important, but it's the guidance and management commentary we will really hone in on to better understand the path ahead. In Amazon's case, a solid first quarter for its AWS cloud business was overshadowed by management seeing a material slowdown in April. ET: Nonfarm Payrolls Looking back It was the biggest week of this earnings season for the Club as several of our mega-cap holdings and industry bellwethers reported results.
Atlassian on Wednesday said it will draw on technology from startup OpenAI to add artificial intelligence features to a slew of the collaboration software company's programs. Atlassian has been building its own AI models for several years, but just started using OpenAI at the beginning of 2023. But Farquhar dismissed this concern, explaining that OpenAI won't be training its models on Atlassian's customer data, so Atlassian won't be necessarily making OpenAI better by giving it business. Atlassian employees have been able to use the new Atlassian Intelligence features internally, and they have become popular, especially for those leading teams, Anu Bharadwaj, president of Atlassian, said. Bharadwaj said Atlassian hasn't figured out how much to charge for Atlassian Intelligence.
Generative AI, which the tech industry has embraced, has the ability to synthesize large amounts of data and answer complex questions. Atlassian co-founder Scott Farquhar said because companies use its software to track and document projects, Atlassian is in a unique position to use AI to help knowledge workers dramatically increase their productivity. Starting Wednesday, customers can join a waitlist to access the new features, the company said. Atlassian said the new AI features include the ability to extract action items and decisions from a meeting transcript, and draft Tweets and software testing plans based on product documentation. Reporting by Anna Tong in San Francisco; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.
Although I'm currently pretty homesick and jet lagged, I'm blessed with "the life-changing magic of working from home." One worker told my colleague Rebecca Knight how remote work transformed her life and how returning to the office has killed company morale. The stunning failure of Google founder Larry Page's flying-car company. In April 2022, company morale plummeted when it axed one of its most promising projects, those former insiders say. The company put together a thorough document to help managers navigate pay-related conversations with employees, and Insider got a look.
Cash crunch could lead to more M&A and quicker tech IPOs
  + stars: | 2023-03-17 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCash crunch could lead to more M&A and quicker tech IPOsThe desperation for cash could lead to a ripe M&A environment and help big tech snap up some smaller players. Tech-heavy players like Twilio, PagerDuty and Atlassian rely on small- and medium-sized businesses for their various developer tools. But many of these names have already noticed a shift in customer spending habits. Wedbush predicts this weakness could lead to a flurry of tech M&A activity, driving more late-stage startups to seek alternative financing and speed up the IPO path within a much tighter financing environment post-SVB.
Business-software maker Atlassian said Monday that it will lay off 500 employees, or around 5% of its workforce. Cuts are not evenly distributed across the company, they wrote in a blog post. Australia's unemployment rate in January was 3.7%, according to government statistics. Australia's unemployment rate in January was 3.7% on a seasonally adjusted basis, according to government statistics. The cost cuts will result in $70 million to $75 million in charges, according to a filing.
Here are the notable stocks making moves after hours on Thursday, Feb. 2. Apple — The consumer tech stock tumbled 4% in extended trading after the company reported weaker-than-expected results for its fiscal first quarter. The company reported $1.88 in earnings per share on $117.15 billion of revenue. Amazon reported $149.20 billion in revenue for the quarter, above the $145.42 billion expected, according to Refinitiv. The company reported a 2% decline in comparable transactions year over year, thanks in part to weakness in China.
While only six companies in the Dow Jones Industrial Average are reporting next week, about 20% of the S & P 500 reports, making it the biggest week of earnings this season. The Dow and the S & P 500 gained 2.2% and 2.9% this week, respectively, while the Nasdaq Composite rose 4.7%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Cyber Startup Snyk Raises $25 Million From ServiceNow
  + stars: | 2023-01-24 | by ( Belle Lin | ) www.wsj.com   time to read: +4 min
Cybersecurity company Snyk Ltd. announced on Tuesday a $25 million investment from enterprise software maker ServiceNow Inc. The Boston-based startup also announced an integration with ServiceNow that aims to provide cybersecurity and information-technology executives a view of potential security vulnerabilities originating from open-source code. “Security is a team issue that requires developers, security and IT professionals to work together,” Mr. Bedi said. “Vendors are starting to talk with each other more often and being able to exchange data,” Mr. Horvath said. The eight-year-old startup cut 14% of its workforce last year and now has over 1,000 employees, according to Mr. McKay.
Are jerks more likely to get ahead at work?
  + stars: | 2023-01-23 | by ( Aki Ito | ) www.businessinsider.com   time to read: +10 min
Even worse, all the cutthroat role models we're surrounded by at work make us hesitant about being nice ourselves. In the social sciences, the technical term for jerks — those who are combative, selfish, and manipulative — is "disagreeable." Call this the jerk way. All in all, being a jerk doesn't help you get ahead — but it also doesn't hurt. Sutton's no-asshole rule has become widely adopted, and businesses like Atlassian have overhauled their performance reviews in part to ensure that "brilliant jerks" can't get ahead.
The proposed Sun Cable project would see a subsea cable stretch from Darwin to Singapore. A statement from Cannon-Brookes’ private investment arm, Grok Ventures, suggested all investors except Forrest’s investment arm Squadron Energy remain committed to the cable. Tim Buckley, director of Climate Energy Finance, says the export of green hydrogen (hydrogen generated from renewable energy) is at least a decade away. “The market for green hydrogen exports has sort of deflated quite dramatically when people realize there’ll be a decade or two before you can actually ship green hydrogen anywhere overseas,” he said. For example, Xlinks plans to run a cable almost as long and powerful from Morocco to the United Kingdom.
Barclays raises price target on Club holding Eli Lily (LLY) by $5-per-share to $400. UBS downgrades PG & E (PCG) to neutral from buy, with a $17-per-share price target; just above where the stock closed Friday. Barclays raises Exxon Mobil (XOM) price target to $129 per share from $111; keeps overweight (buy) rating. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
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