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tv   Tech Check  CNBC  November 11, 2021 11:00am-12:01pm EST

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appreciate it. >> thank you. real quick look at the markets. yesterday tough day for the nasdaq a reversal a bit today chip stock take a quick look at qualcomm, nvidia having quite a good session that will do it for us on "squawk on the street. "techcheck" starts now ♪ ♪ good thursday morning. welcome to "techcheck" i'm carl quintanilla with jon fortt, deirdre bosa and julia boorstin. today disney disappoints sending shares lower this morning. then out with the old and in with the new inside $90 billion valuation for rivian shares pop post ipo. bumble's shares are down, firm's weigh-up and under the
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radar gaming play that investors are loving this morning. we have the ceos of all three all on earnings all this hour. we'll start with disney, a significant slow down in growth for disney plus. julia spoke with ceo on the heels of those results last night. has some highlights on what julia is the worst one-day drop for disney since june of last year >> yeah, that stock down more than 7.5%. well, carl, there's a big focus on disney plus subscribers that number grew by 2.1 million in the quarter that was in line with ceo's warning he gave back in september. but it was some 10 million less than the number the company added the prior quarter. but bob told me that the company is on track to hit its 2024 targets and that it's counting on international growth. >> we are making a substantial investment in local content. we do believe that we offer a tremendous price value to
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consumers around the globe and all of our research indicates that and as such, we think we've got some head room, if you will, in terms of pricing in the future >> chapek told me he sees opportunity to build disney plus into the basis for the metaverse. >> well, my vision is to use disney plus as the platform for the metaverse. i think it really blends our physical beings with our digital beings and creates a three dimensional canvas, if you will, for creative story tellers to paint so that we can create experiences that otherwise have been defined as it's a park experience or it's a movie experience or it's a book experience i think those all come together without boundary, without borders, without constraints and our creatives are just biting at the bit to get into the disney metaverse. >> chapek reiterated his commitment to sports saying they are hoping to secure rights to the nfl sunday ticket. those rights are up for grabs.
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espn plus was a bright spot in the quarter with more subscribers and higher revenue per user than analysts had expected, jon. >> julia, given the discount that disney was starting to offer on plus, you wondered if there would be some problems here, but maybe i'm just looking at the bright side because the market is looking at the downside here, it seems to me that maybe analysts aren't factoring in the possibility of disney plus taking on more of an amazon prime role from here as we see with disney plus day coming tomorrow they seem to be doing some of what chapek is referring to here in tying together various services, in theater movies with disney plus, the parks with disney plus, there's some potential margin power there and churn-reducing power there, isn't there >> yeah. and look, i did ask him specifically about that discount just for context earlier this week disney plus was offered for just $2 this is sort of an entry way trying to get more people to sign up and some people thought
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that might be a sign that the numbers were not going to be strong i think the sign the numbers weren't going to be strong is the warning that chapek made back in september. but i asked chapek about that. he said, in fact, that promotion had been planned for quite some time tomorrow is the two-year anniversary of disney plus so this had been in the works for a while. he said their churn numbers are actually quite strong, guys. >> that's a bright spot. investors focus on this digital piece, ddc, disney plus over the last 18 months but tlchs encouraging stuff in the reopening story, theme park revenue doubling, return of live sports and four box office hits this quarter >> yeah. a lot of different pieces of that interestingly one of the reasons the operating income was so much lower than anticipated is because this was the first full quarter that you had every single one of the parks up and running and that did mean more operating costs. so i think that was one factor weighing on the bottom line. but he said that when it comes
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to bookings, books are looking very strong going into next year and also they found that people are using some of the new technology tools they have this new thing called the jeannie app, people are using that and paying extra because they want to get the most out of their parks. that reopening trade is something that disney should continue to benefit from deirdre, to your point about the movies, he said he wanted to have flexibility going forward, have the option to do exclusive theatrical windows when it makes sense and carl, to have flexibility and if they want to shorten that window or do a day and date simultaneous release when that makes sense, too. >> finally, julia on the parks, tom rogers on squawk box saying why are they talking about the metaverse arguably they have the best real world experiences you could possibly have. i'm looking at pictures of the tron life cycle construction continuing galactic star cruiser opens up in march are we going to hear more about the parks do you think in the next couple quarters >> i think we will absolutely
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hear more about the parks. i think the demand is expected to be massive, especially now that kids can get vaccinated i'm hearing about that a lot some requests from my own kids carl, the reason they're talking about the metaverse is the same reason everyone is talking about the metaverse, it's the cool new thing that everyone thinks will be the future and the reality is that not everyone who wants to get to a park can get to a park. so, if they can figure out how to make disney plus the way to own that direct to consumer relationship, have all things disney, be on that platform, that's just a huge opportunity going forward to find new ways to generate revenue. >> it's a good point disney and the metaverse may not be as good as disney in real life for some time we'll see you in a moment with bumble ceo whitney wolfe herd. rivian popping in its debut and just surpassed that $100 billion market cap mark. shares are up nearly 18% phil lebeau has the details. what a ride that just continues. phil, far from over, too.
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>> it's far from over, deirdre i'm not surprised. i talked with some people over the last couple of days who are familiar with the allocation process for rif yan. remember, they originally had a price range of 57 to 62 then they bumped it up to 72, 74 then 78 and also along with that they up sized the offering what a lot of people are focussed on now is the fact that the demand for the allocation far, far outstripped how many shares they were able to allocate even with the up sized offering so there are a lot of people out there as you take a look at shares over the last couple days who want a piece of rivian they believe this is a company that will continue to grow as the electric vehicle market grows and, look, there's two ways to play this here you not only have the electric truck and the suv, but you also have the amazon, electric delivery vehicle and the fact that you got 100,000 orders there. that's a bit of a approximatesy as you look at this for saying how much demand amazon is the largest shareholder, investors, so as you take a look at the
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market cap right now, rivian versus ford versus gm, people will focus on the fact they have a larger market cap than gm and ford, keep in mind part of what gm and ford are dealing with, they're legacy automakers. while they have poured billions and will continue to pour billions into the ev space, a lot of investors look at them and they say, yeah, will they be able to grow the way rivian is growing or expected to grow or the way that tesla has grown one last thing, look at the ev stocks couple i want to point out in particular, licid, quarterly results coming out next monday first deliveries started last week or a week and a half ago. so you've got them starting their production at their facility out in arizona. then you have fisker at the l.a. auto show the next couple weeks, they'll show the first in-person version of the fisker ocean, first vehicle built by magna in europe and shipped to the u.s you have some momentum there and clearly because of momentum
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overall and enthusiasm for electric vehicles, those stocks have both been moving higher along with rivian. >> fim phil, i got the enthusiasm and the hopes for the breakneck growth, but this is a one in 1,000 chance being priced to something different going back to the specks, this is what i wanted to ask you about for a few days. >> correct. >> the delivery vans for amazon, from the s1, a range of 120 or 150 miles. doesn't that seem kind of weak when you compare that to what tesla is going right now i mean, did that surprise you at all? is that something that could be -- >> no, it doesn't surprise me. deirdre, let me give you the counterargument here and i don't know this answer but i'm throwing out by conjecture here, most of the amazon delivery vans, there's a depot not far from my house here in chicago, they seem to run in a fairly confined area in other words, they load up and they are covering i don't know, 75 square miles within their
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run. and so, the range doesn't concern me too much when you look at that and also remember, the expectation not just at rivian with all automakers -- >> does it raise questions about their battery? >> phil. >> phil, when it comes also to rivian, this market cap is -- i mean, eye popping, amazing, interesting. but are they claiming like tesla to be more than an auto company? part of the justification for tesla's market cap, there's so much more than a car company. >> right. >> is rivian really just saying we're a vehicle company and if so, you think that's being factored in here >> well, they're an automaker but not looking at the automobile as strictly, hey, we're going to slap together wheels on body stamping and that's it. i mean, the reason that r.j., the ceo sought out two partners
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at the same time they had a partnership announced with amazon i know from talking with people involved in the process, he wanted a tech leadered somebody who is on the cutting edge when it comes to software as well as data. there's hard to argue with anybody as strong as amazon in that regard. so i think the plan at rivian is to use amazon and the ability to crunch all that data in these delivery vans. i mean, they plan on doing a lot with that in the future. >> yeah. rivian is not the only company getting a bit of a boost off of amazon this week. >> thanks, phil. >> a couple other names on the move are fintech players affirm and sofi popping today following strong results they have avoided some of the slow-downs we saw at paypal, square and coin base and affirm getting a boost because of an amazon relationship deepening. kate rooney has those numbers for us kate >> hey, jon. these are really the stand-out fintechs of earning season
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affirm and sofi better than expected numbers and up beat guidance both stocks up double digits affirm really benefits from the partnerships with shopify in particular wheat was really excited as well about that new detail. and new details in general around its deal with amazon. affirm's merchant base jumping from around 6,500 at the end of the june to more than 100,000 in the third quarter. active customers meanwhile up 124% year overyear ceo on the call yesterday saying that they are really relying on partnerships for growth. they're not doing much advertising in the meantime. we new affirm was amazon's first non-credit card buy now pay later credit card but affirm announcing it is the exclusive partner for amazon keyword there through 2023 affirm being added to amazon's digital wallet and amazon gets stock options as part of this deal. affirm's users are still going to the app only about 2.3 times per year on average. so not quite being used as an
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everyday payment med which is really a long-term goal case for affirm not just sofi loss on eps but less than expected revenue was a beat with pretty strong growth outlook there on revenue in particular. that really helped the stock after earnings they're looking at 49 to 55% revenue growth in the last quarter of the year for the third quarter, which they reported yesterday growth on revenue was about 36%. they also roughly doubled the member base year over year guys >> yeah. speaking of, kate, we have affirm ceo later this hour and bumble's whitney wolf herd she is next. "techcheck" is just getting started. i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh.
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also, sold 72% more homes in the third quarter than the previous quarter. and this is in stark contrast to zillow who is exiting the ibuying space as you know and shares have suffered since then, down more than 30% they're cut in half since january. julia? >> let's turn to bumble, the dating app company seeing its
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shares fall after posting its first quarter over quarter decline in users since going public last february those shares down 19%. those shares are off more than 30% since the company's ipo. joining us now bumble founder and ceo whitney wolfe herd whitney, thanks for joining us today. i know you raised your guidance for the fourth quarter what was the decline in this quarter, for the third quarter, and what makes you think things will change going into q4 j. >> hi, julia so i think it's important to come back to the fundamentals. first and foremost we're building for the long term we had an excellent q3 we expect revenue to raise year over year. we raised our guidance for q4 and the full year. bumble app is doing exceptionally well we have continued to rapidly grow around the world. we have strong re-engagement in the u.s., strong new user growth around the globe, ranging from
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markets like mexico, brazil, indonesia, germany and france and it's important to note that we remain the brand that women trust and love and so we are going to continuously reinvest for the needs of women globally. and as we turn to what should we take away from our numbers it's very important to note that there are category wide covid head winds in many international markets that every in our space is dealing with. but we actually remain quite pleased and its continued growth potential. it still remains one of the highest grossing and largest apps in this space in the world. >> yeah. i mean, i think one question in terms of those covid head winds and the fact that there is still so much uncertainty around the reopening is that some analysts pointed to the fact that tinder actually saw a big increase about 19% increase in paying users in the quarter so there is a little more surprise that you saw the decline. is there a reason you think to
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explain the divergence between the two apps >> so these are two different products they have two different customer bases. and the markets that is so strong in are unfortunately struggling with these covid head winds as i said. they're more sensitive when it comes to payer opportunities these folks are struggling more than the bumble customer, for example. and so we are being very mindful of that, but as i said, if you look across the globe, we have not lost any download share in the markets that budu is highly penetrated in. >> whitney the street looked at silver linings the improvement but then they follow that by asking how much can you lean on that in the quarters to come if net adds don't reaccelerate? >> so we always look at total revenue. right? i think it's very important to say that we will always optimize for the customer
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it would be -- it would not be the right approach to say let's always optimize for pair penetration. we always optimize for maximum revenue growth while always continuously reinvesting in that user experience. and as i said, bumble accelerated. we have raised our guidance for the full year. and for the next quarter and we have a huge growth horizon ahead of us. our tam is remarkably large. people around the world no matter where they are they need love, they need connection this is not going anywhere and in fact, as we come out of the covid head winds, people are going to want to find those connections quicker, more efficiently, more effectively and safer. and that's exactly what these two products deliver so, we're very, very optimistic for the future, as i said, we're building for decades, not days days like these they don't get in our way we keep performing we keep delivering we're very, very committed to our mission of helping people find healthy and equitable relationships around the globe
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>> whitney, i want to make sure to get your take on what's going on with apple. you have exposure to apple in two different ways one, this apple app store ruling that they might be changing their fee structure. that could be of benefit to bumble then on the other hand you have the change to the operating system, which makes it harder to target ads which at the beginning of the year you warned could be a head wind how do you see both of those things playing out >> so we're very fortunate, julia, as we stated in previous remarks, we are a majority organic growth business. this should not be overlooked by any investor out there we are very viral, right so we are very reliant on our exceptional marketing, word of mouth skills and being out in the world and generating that friend to friend marketing so as it pertains to these changes to performance marketing, it does not impact us as much as potentially some of our peers who are highly reliant
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on performance and paid spend. app store fees, we're very proud to be partners and have great relationships with both apple and google play. and we're excited to see where this goes. as we've said before, you know, this is a subscription business, so you can imagine that changes to the app store fees they could be very optimistic but we don't want to make any forward-looking statement as it pertains to that >> well, we'll have to see if those fees do end up declining which certainly seems like it would benefit bumble and many other companies. whitney wolfe herd, thank you for joining us on the heels of those earnings. >> thank you so much for having me. speaking of app economies, talk about zinga, gaming opportunity that's also a digital economy play applovin joins us on the other side of this break don't go away. ♪
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i'm carl quintanilla with deirdre bosa, jon fortt. stocks are mixed today the s&p and the nasdaq did see their worst day in over a month yesterday. dow having some trouble getting some back thanks to disney keep an eye on tesla, higher this morning, despite elon musk selling billions of dollars worth of shares. details on that in a moment, but first news update with rahel solomon. hi, rahel. >> good morning, carl. shares of beyond meat are down around 16% wall street analysts are bearish on the company's long-term growth after the plant-based meat maker released disappointing results and also forecast weak sales in the current quarter. they believe beyond meat reached beyond market saturation faster than expected. today moderna highlights data to support argument production outweighs the risk of young men after getting the shot fda is considering whether to authorize vaccine for children and teenagers 12 to 17. inflation picks up, the
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internal revenue service is raising income tax brackets by around 3%. married couples need to earn almost $20,000 more next year to be taxed a the top marginal rate of 37% deirdre, i guess every little bit helps. i'll send it back to you. >> thank you for that. meantime, check out shares of applovin, they're popping today after they reported revenue growth of 90% for the third quarter, up nearly 18% but the stock is up 70% since the company went public in april of this year. it is now worth more than $40 billion by market cap. joining us now applovin founder and ceo. great to have you with us, adam. on the earnings call you mentioned newer opportunities in terms of game play, like what else the metaverse and block chain. can you tell us more >> we hear those words in almost every meeting these days but we're really excited about the implications for users we've got couple billion players playing mobile games that our
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platform intersects with every single month giving these people around the world a chance to earn from the consumption that they're having is something that i don't think we all understand how big that can become if gaming and entertainment can become a job, this ecosystem and economy that we interact with, can all of a sudden become ten times bigger we're really thrilled to be able to play a part in the possibilities there in the coming years >> right now, adam, you guys provide software to customers to get their apps downloaded and monetized. at the same time, you have your growing library of first-party apps what is stopping you from using the data from your customers to make your own games better is there a potential conflict of interest here? >> when we got into games, the market didn't necessarily understand why we got into games. and we got into games to get our own data, to put that data into our software platform and really be able to personalize the offering better for the customers we had on the platform that's what we said and we really had owed it to all of our customers to go execute on that
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vision and we've got no room for a mistake here because of the choices that we've made in our business model so, we're very sensitive to data privacy and ensuring that all of our customer data is safe in our system but utilizing our data to fuel our software. you see that reflected in our numbers. software business in this quarter did almost $200 million of revenue the software business all of last year did $200 million of revenue. we're one of the fastest-growing software companies in the world because of how we executed this strategy for our clients >> adam, speaking of privacy, give us some more color on the ios privacy changes, how they have affected the digital economy in which you play and why you expect these effects not to be long lasting >> the ios changes really changed the market this past quarter. and it's flowed through the marketplace. what it does is it changes the ability to target a user off of a personal identity.
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and really makes us all have to market to the customer more on behavior and less on that personal identity. and so it's gone into the marketplace. it has shifted how the market and market participants are able to deliver con ttent to the consumer but allows us to refactor and rethink how marketing and technology should operate and going forward we think from here everyone will evolve in this new privacy safer environment. >> adam, you're starting to talk about game economies and the opportunity for players to earn while playing. that's -- it's talked about as part of this metaverse, you know, narrative, which i'm cynical about. but i really do believe in these digital economies beyond app stores how long is that going to take to develop and what do you view as key benchmarks for that really starting to happen? >> the way we look at it is today 5% of people in games that charge with free to play are
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paying and there's over $100 billion in this economy a year happening right now. and those people are investing $100 billion to play that game but they're not getting anything back so, if you can give the player back ownership over digital assets and let them actually earn dollars from that entertainment that they're getting, not only will 5% of the audience's paying swell, it will enable them to start transacting and earning dollars and making jobs out of that time investment in investing more time into it we think the possibilities are massive. there's a chance this $100 billion economy can become a trillion dollar economy if the players are earning a living from the entertainment that they love to get everyday >> adam, we appreciate your insights we'll talk to you again soon ceo of applovin. carl meantime, why invest in coin base when you invest in bitcoin. note this morning says mizuho.
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by bitcoin you can catch the full call at cnbc.com/pro we're back in two minutes. ♪ competition beat us again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world.
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big tax bill is on the way for elon musk. something that robert frank told you about a few days ago robert has some details for us hey, robert. >> good morning, carl. elon selling about $5 billion worth of shares this week,
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starting on monday continuing through wednesday now, on monday he sold about 1.1 billion in shares as part of an options exercise on 2.5 billion in shares. that's all part of that giant payday that he's got and the giant tax bill that goes along with that. now he has to take all that before august. he has options on about 23 million shares that's when he exercises, that's going to give him a gain of between 20 and $30 billion and potential tax bill on that between 10 and 15 billion. now, he only exercised about 10% of those options on monday so he's got a long way to go each time he exercises he will have to sell about half those shares to pay the taxes. now the plan to sell those shares was adopted back in september. september 14th actually, long before that twitter poll just this past weekend asked followers whether he should sell 10% of his stake his stake over $200 billion in tesla. then on tuesday and wednesday, he sold additional shares worth
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3.8 billion. that was just a straight sale. it's unclear now whether he's going to use those funds from tuesday and wednesday for taxes, for spacex, maybe for charity, giving to charity would help lower his tax bill on the options grant. now, he has to do all of this or probably do all of it before the end of the year to get around what is likely going to be some tax hikes. guys >> robert, did he have any kind of wiggleroom or optionalty in how much or how he sold or does the fact that this was planned back in september just really show that it was just for show >> well, the 10b 5 plan. the tuesday and wednesday was to your point, purely discretional. we don't know exactly why he sold it. he may end up using those proceeds for taxes he could probably argue that the tuesday/wednesday sale was a response to the weekend poll
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so, he does have some wiggle room there in that they were really two separate, distinct types of transactions this week. we'll see where he goes from here >> yi, we will perhaps more twitter polls citi is getting bullish on nio, taking to $87 a share new street high price target that currently trades just under 42 bucks stay with us we're right back ♪ salute to veterans veterans day terry bradshaw: hi, i'm terry bradshaw rocky bleier: and i'm rocky bleier. col. greg gadson: and i'm col. greg gadson. terry bradshaw: on this veterans day, our heartfelt thanks, to all of our military veterans for their service. col. greg gadson: we honor our veterans, and those who are no longer with us. rocky bleier: to all of our military serving around the world, thank you for defending the many freedoms we enjoy. terry bradshaw: tune in to salute to veterans for discussions about the issues our military veterans face daily. salute to veterans presented by sap, navy federal credit union, verizon, visit us online at www.salutetoveterans.org
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♪ let's get a gut check on alibaba. we just wrapped up singles dates up after mid night in china. that shopping holiday consist of flashy sales and promotion this year was a somber affair considering the regulatory environment in china and the broader anti-consumerism push. no more performances of jack ma as michael jackson you remember that. shares of alibaba still rallying this morning they're up more than 2.5%. nothing compared to jd, up more than 7%. the ecommerce rival said it smashed through its singles day record with nearly $49 billion in sales and counting. that's gmv, shares responding today. chinese intranet names top of the nasdaq both stocks are down on the year, jd and alibaba alibaba down 36%
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stock has done well, affirm doubling down on its partnership with amazon. ceo max levchin is up next don't go away. ♪
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we followed your every move for several years now. sounds like a lot more people are getting to know the brand as you step up some marketing can you talk a bit about that? >> yeah. that's actually very exciting. so for years we sort of co-marketed and went to work together with our merchant partners now that we've i would like to believe gotten to a general population it's time to tell them more about what the appeal is and what makes affirm different. we're launching this holiday campaign i think it's very relatable in the sense that all of us are very stressed out. i certainly am, for the holidays we make questionable decisions and affirm is the always smart choice when you use affirm to buy your holiday gifts, something for yourself, you will
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not wake up christmas morning with the bad taste of a late fee or hidden charge or something you would not expect so affirm is the smart choice. we're going to talk about it and hopefully this story will resonate >> now, oftentimes when we get into that cycle where marketing ramps up, you start to think about margins a bit more how are you going to balance that with the overall operating expense model? >> i want to make sure that my shareholders are very clear, we're not about to get ourselves into a super bowl ad buying marketing behemoth we're very, very thoughtful about everything we do but in general we consider ourselves good stewards of shareholder capital. the campaign is something we worked hard and will deploy judiciously. we spent a lot of time watching our margins, making sure that we
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continue to run the company responsibly just like we offer to our consumers, responsible spending, responsible shopping. >> max, interesting, significant shift as peloton becomes less of a factor in your overall business shopify and amazon becoming more of a factor. fashion and beauty rising to your top category. i wonder, though, as you move towards smaller dollar transactions and people sometimes overspend during the holidays say more about your risk management because there's a lot of concern that the amount of risk that you're taking on is increasing and the economy turns south, what will happen? >> i think that's what we think is one of the key, strong core advantages that affirm has always had and will continue to build on that strength we are responsible, thoughtful managers of risk and small transactions, large transactions, long-term, short
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term, interest varying or otherwise. one of the differences in buy now pay later model is we approve each transaction individually far more importantly from my point of view the exposure our consumers allowed to take on they're not piling it on to a single evolving credit and hope to pay it off later. you're making a conscious choice, hey, this is a plan. i will be done paying for this gift or this item over the next six weeks or six months. and that gives us the flexibility and allows us to make decisions on risk basis every single time. helping each consumer make better decisions for themselves. so i feel great about our capabilities i feel excellent looking back on all the cohorts of users that we served obviously resting our laurels we'll continue tracking and monitoring but generally speaking feel very good about our risk management capabilities. >> how different profile wise is
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the consumer that comes to you via shopify and how long will it take your model to really adjust to and understand the nature of that consumer and its patterns >> so at this point, we just reported so you saw our active customers up to 8.6 million. at this point we're seeing everyone, has arrived in a sense that half of americans are fully aware of what it is are considering using it or are using it it's no longer just for this demographic or that, it's both gen-z and gen-x and everyone in between. so the models that we build end up tuning or retuning them auto mative at this point to the merchant ecosystem, to the sub merchants within the platforms but all of that is par for the course and it's no longer a thing you build for gen-z and hope it works for someone else it has to all be customized. >> max, deirdre in san
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francisco. i want to get your insight as to why do you think that investors didn't seem to be quite as excited about the venmo/amazon partnership as they did affirm and amazon why do you think those opportunities are different and being valued differently >> you know, i think it's definitely not for me to comment on shareholders or investors deciding on to companies where i no longer have -- well, not true, amazon i guess we now have a very, very deep relationship but i shouldn't be commenting on paypal so i won't. i do think that our shareholders and hopefully amazon shareholders are very excited about the partnership we struck in the expansion and that speaks to affirm becoming generally available. speaking of which, i promised yesterday we will ramp it to general availability before the holidays it's actually fully available as of today. so we are -- you heard it here first. we're fully available on amazon.
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>> there you go. max, if you won't talk to paypal specifically, fair enough. the broader fintech landscape, though, you know, a lot of them and we saw this with sofi in the past quarter able to successfully sort of quarter tho successfully cross-sell dint products and to me that feels like what many want to do from paypal to square to sofi to chime. will affirm look to new products how soon do you think -- could you ever see an affirm credit card especially with the data that you're collecting >> so we are in the business of many products. that is exactly right. the fin tech are with pure play, single product and not standing the test of time and our customers and merchants on more than one dimension we announced the company which manages returns in unique ways and instant returns, instant just
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for credit and other facets to the things that we do before the transaction they do after. that's done well for us. we have talked about doing a certain type of merchant capital, basically lending two merchants to help expand their business and that's another thing that we can leverage our expertise and risk management, and there are many things that we intend to offer and have offered to merchants and then debit plus is better than a credit card. credit cards are frankly power tools with no safety owe you can get yourself into trouble. debit+ brings the power of the pl into a plastic factor and swipe the same way you do with a credit card, here's your payment plan and when you're done and exactly what you might pay and when and just like everything else, no late fees and batches and no regrets and
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it's in the hands of thousands of people now and we'll be on waitlist before you get it, but it's super exciting. >> max, really quick we love to touch base on some macro with you inflation is a real concern and there's real wages and real average hourly earnings because things are getting more expensive. do you think it's putting pressure on households >> i think the question and as much as i love opining on these things, do supply chain matters get resolved and then we'll find out if the pressure with more fundamentals, and they're want as widely available so long as the prices do come down when that changes i do think that affirm is there to help. as prices go up the ability to take them over time becomes more valuable >> max, as always.
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thanks so much good to see you. max levchin of affirm. "tech check" is back in two "tech check" is back in two minutes. b description.s back in two minutes. visit indeed.com/hire
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- [narrator] introducing the grubhub guarantee: our promise to deliver the food you love on time, and give you the lowest price, or you'll get $5 off your next order. small business
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communications company weave are going public today shares are lower by about 13%, well below 21 a share. with us now, we see leroy banks who served in the u.s. navy. thank you for your service i want to talk about 21 right now. i want to talk about the small business communication space, pretty competitive there zen desk and others in there what's your unique angle on it and how is adding payments which you did recently going to add to the top line >> absolutely. yeah our platform is very unique in that we provide a full-featured communication and engagement platform for small business customers. we provide the tools that help them communicate, axe tract, retain and engage their customers. we do it very differently. we bring together a unified, modernized and personalized communication platform stack and we really deliver that at an
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affordable price we work for small business and adding payment capability is part of the customer communication interaction that we provide as part of our service platform so we are a natural platform for payments to take place between a small business and their customer >> strategically, how are you balancing the need for marketing and sales in order to accelerate adoption and the need to have that path to profitability which, you know, quite some ways off, but what are the levers that you can pull, to what degree is word of mouth marketing going to benefit for you? >> word of mouth marketing is where we got today and we have a loyal policy, and the industry that support the industries that we currently occupy that are advocates and if you will, champions of weave
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we have a very robust go to market platform. we have a number of partners, i.t. partners, we have a digital marketing platform we have a lot of channels available to us to really promote our platform and because of the strength of our platform, we see very low low attrition and when you look at those things together and you look at where we continue to expand into new vertical markets and to continue to offer new product asks services and we definitely have created a platform that resonates with the customers that we serve and the verticals that we occupy >> it is such an important part of the overall u.s. economy. digitization has been an important piece of that at cnbc and nbc we also talked a lot about veterans in the workforce and the importance of looking at veterans as a resource, perhaps undertapped resource for leadership and for insight give us your thoughts on what
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you're seeing in the marketplace labor wise and ways that perhaps companies can make better use of the skills of the veterans in society. >> i'm a perfect example of what kind of leaders are produced because of our united states military i am indebted not only as a veteran, but i'm also indebted as a citizen for the service both of men and women who have served and who have paid the supreme sacrifice to afford me this opportunity to arrive to become a dceo to list on the new york stock exchange. this is overwhelming to me and when you look at the labor market, ithink the company should be looking at veterans. they're well trained, disciplined and organized and they bring a sense of order and professionalism to business that i think quite frankly a lot of companies can benefit from, so i would hope that along with my company, other companies would continue to maybe solve some of the challenging situations that
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we have right now with the labor shortage and kind of this great resignation by looking at veterans as a source of human capital that can really make a difference in their business and do things that they couldn't get otherwise. >> roy, thank you. ceo. >> that is well said let's get to the half. ♪ ♪ carl, thanks so much welcome to "the halftime report." front and center blue chip blunder. disney missing earnings across the board. a big blow to some committee members that own it we'll find out where they stand on that stock coming up and we'll have rivian's run and why one firm says it could mean trouble for the overall market and of course on this veteran's day, we are honoring the men and women who served this great nation including two of our very own, jim lebenthal and degas wright bryn talkington and jon najarian co-founder of market

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