Shares of ContextLogic fell, after the company reported a wider than expected net loss for the second-quarter. The parent of the Wish mobile e-commerce platform incurred a loss of -18 cents a share in the quarter, compared with a loss of a dime a share in the year-earlier quarter. Analysts polled by FactSet expected a GAAP net loss of -13 cents a share. Revenue fell to $656 million in the...

Amazon reported its first revenue miss in three years, despite an earnings beat for the quarter.

The e-commerce behemoth’s adjusted earnings for the second quarter came in at $15.12, exceeding analysts’ expectations of  $12.30 per share.

Revenue grew +27% from the year-ago quarter to $113.08 billion; but it fell short of analysts’ estimate of $115.2 billion .Amazon CFO Brian Olsavsky cited tough year-over-year comparisons --in mid-May of last year, Amazon’s growth rates surged to between 35% to 45%, he said.

Looking ahead, Amazon expects sales to range between $106 billion and $112 billion for the third quarter, implying year-over-year growth of 10% to 16%.

Home retail chain Bed Bath and Beyond’s fiscal first-quarter sales rose almost +50% year-over-year , even as earnings missed analysts’ estimates.

The company’s earnings for the quarter came in at 5 cents adjusted vs. 8 cents expected by analysts polled by Refinitiv.

However, net sales rose to $1.95 billion from the year-ago quarter’s $1.3 billion, thereby topping expectations of $1.87 billion.sales from Bed Bath & Beyond, Buybuy Baby, Harmon Face Values and Decorist) surged +73% from the year-ago quarter.

Comparable sales ( revenue online and at shops open for at least 12 months) increased +86% from a year earlier, compared to analysts’ expectation of 75.6% (StreetAccount estimates).

For the second quarter, Bed Bath & Beyond predicts adjusted earnings to range between 48 cents and 55 cents per share, while analysts were expecting 52 cents per share.

Amazon’s  proposed $8.45 billion acquisition of movie studio MGM will reportedly be reviewed by the Federal Trade Commission (FTC).

Last month, the companies announced the deal, in which Amazon seems to be aiming at boosting its Prime Video streaming platform’s content.

Citing sources familiar with the matter, The Wall Street Journal report suggested that the FTC advocated for review authority on the deal because it already has begun an antitrust query into Amazon’s business.On the antitrust issue, the Justice Department is looking at Apple  and Alphabet’s Google, while the FTC is probing into Facebook  and Amazon.

Chewy posted earnings that surpass analysts’ expectations for the fiscal first quarter. For the quarter ended May 2, the online pet retail company’s revenue rose +32% year-over-year to $2.14 billion, compared to the Street consensus forecast of $2.13 billion. Net income came in at 9 cents a share, beating the Street estimate of a loss of -3 cents a share. According to Chewy, it now has 19.8...

Its owners include Highland Capital Partners, Anchorage Capital, Davidson, Kempner Capital Management, Solus Alternative Asset Management and Owl Creek Investments.

MGM owns several popular movie and TV franchises, such as The Pink Panther, Rocky, and Legally Blonde.It also owns a studio, which has produced hit TV shows, including “Fargo.” The company also owns many popular reality TV shows, including “Shark Tank,” “Survivor,” and “The Voice.”

 

 

 

Poshmark  shares fell more than -12% in after-hours trading Wednesday , even after the social commerce marketplace reported a narrower-than-expected first-quarter loss per share on 42% higher revenue.

Adjusted for one-time items, Poshmark incurred a loss of -33 cents a share, compared to the -37 cents loss a share anticipated by analysts polled by FactSet.

Revenue increased to $81 million from the year-ago quarter’s $57.1 million.The analysts surveyed by FactSet forecast around $81 million.

 

 

Shares of pet food retailer Chewy Inc. shares got   a buy rating from Guggenheim analysts who initiated coverage of the stock.

Guggenheim analysts set a $95 price target on the shares.The analysts cited a fast-growing market, a leading industry position, significant new and existing customer opportunities and other tailwinds for Chewy.

"As of today, although CHWY only participates in ~70% of the combined pet products and services market, the recent launch of telehealth tele-triage service (connect with a vet) in October 2020 and compounding medication (customized medicines) in November 2020 showcases management’s commitment to driving increased participation in the services-related needs of pet parents," analyst Steven Forbes wrote.  According to Forbes, Chewy customers have shown "an extreme level of customer loyalty".

Chewy’s  active customer base has grown to 19.2 million in 2020 from 1.5 million in 2015, implying 66% compound annual growth.

On Monday, e-commerce company Etsy's stock dropped premarket Monday after a KeyBanc analyst downgraded it to sector weight from overweight. 

Analyst Edward Yruma cited valuation and a lower near-term likelihood of positive earnings revisions as factors behind the revised outlook.

According to Yruma, Etsy has outperformed the broader market substantially  since KeyBanc first set an outperform rating on the company in October 2017.But at present, the analyst views the stock's valuation as "fair" and the current consensus analyst expectations "reasonable.

Amazon  launched a new private-label food and snack brand, named Aplenty.

The brand is expected to offer hundreds of products, including mini cookies, pita chips, crackers, condiments, frozen foods, and baking needs.The products will be available to by online as well as in-store at Amazon Fresh.

Amazon told Winsight Grocery Business that Aplenty “is on a relentless pursuit of deliciousness.”  The company also mentioned that it made its products under the “highest standards with recipes rooted in quality ingredients to deliver great taste without artificial flavors, synthetic colors or high fructose corn syrup,” while adding that products are “rigorously taste-tested” and come with a money-back guarantee.

Chewy reported earnings for its fiscal-fourth quarter that crushed analysts’ expectations. Revenue almost doubled, on the back of solid online orders. For the quarter ended Jan. 31, the online retailer for pet-related products reported earnings of 5 cents a share, while analysts’ polled by Factset had expected an adjusted loss of -10 cents a share. The company had a loss of -15 cents a share...

Home goods retail giant Bed Bath & Beyond launched a new brand called Nestwell. Nestwell will be among the eight brands the company plans to introduce between now and February 2022. Nestwell will have bedroom products like pillows, sheets, comforters, duvet covers and towels, and bath accessories like rugs and shower curtains. Expected prices are $6 for washcloths; $10 to $20 for towels; $30...

Alibaba is reportedly being considered for a penalty by the Chinese government. According to unnamed sources cited by the Wall Street Journal, a record fine of more than $975 million is being mulled by the China antitrust regulators for alleged abuse of Alibaba's dominant market position. The report also indicated that regulators want Alibaba to distance itself from founder Jack Ma and to...

Poshmark reported fourth quarter earnings that exceeded analysts’ expectations, in its first financial report since going public in January. But the online marketplace issued a sales outlook that is below analysts’ forecasts. For the quarter ended Dec. 31, Poshmark’s loss narrowed to $4.06 million, or 31 cents a share, from a loss of $14.75 million, or $1.20 a share, a year earlier. After...

Despite their ubiquity, a growing segment of the internet-using populace believes these companies have user data locked-up in platforms that are only designed to make their stockholders money, that destroy any notions of privacy, and that kills competition. Some believe the path to regaining control of personal data, leveling the playing field, and creating a more benevolent internet begins with the privacy-focused, a socially conscious world of decentralized apps, or dapps (pronounced ‘dee-apps’). Google and Facebook generate most of their revenue through ads.Engaging with a traditional cloud-based app like Google Docs means giving Google access to every word you type – and trusting that they will keep it safe and not use it improperly.

There’s an old saying in economics, coined by former Federal Reserve Chairman Alan Greenspan, that the Federal Reserve has “accurately predicted nine of the last five recessions.” Predictions are not our strong suit, yet business and investment decision-making often rely heavily on them.A CEO’s forecast for sales in a given quarter can impact everything from inventory to new hires, to the earnings forecasts made by analysts on Wall Street.

Sources told Reuters the company was now worth as much as $4.5 billion. The round was notable not just for the $600 million raised (which the company claimed was a world record for an AI firm), but for the big names who gave financial backing.E-commerce behemoth, Alibaba, reportedly contributed $227 million, while another Chinese e-commerce company, Suning.com, and Singapore’s state-owned investment company, Temasek Holdings, also made significant contributions. SenseTime primarily develops surveillance software based in AI.

On Monday, Amazon announced that plans to buy half of the energy produced by a new wind farm in the Netherlands. Shell and Eneco secured the right to build the 759 megawatt wind farm in the North Sea last July. The e-commerce behemoth said it would now purchase over 380 MW of the farm’s output to power its operations in Europe. This will be the largest single-site renewable energy project...

 Wondery, founded in 2016, is the producer of top-rated podcasts like "Dirty John," "Dr. Death," "Business Wars" and "The Shrink Next Door." 

In September, Amazon Music added podcasts to its platform - which means, it will be competing with players like  Spotify and Apple that are already prominent names in the podcasting market.

Terms of the Amazon-Wondery deal weren’t disclosed

Then Chinese regulators stepped in.

In a crushing blow to both companies, China's top commerce regulator announced an investigation into Alibaba's business practices, alleging the company may be abusing its dominant market position for monopolistic purposes.A few days later, the Chinese central bank (the PBOC) issued a statement criticizing Ant Financial's business practices, ordering the company to focus on its less-lucrative digital-payments business.