tv Tech Check CNBC August 31, 2022 11:00am-12:00pm EDT
seema mody a quick look at the markets here we have the s&p barely in positive territory we started off much stronger a number of names outperforming including meta which we've hit many times which i think they may talk about on "techcheck." let's not waste any time and get over to "techcheck" right now. good wednesday morning welcome to "techcheck. i'm carl quintanilla with jon fortt and deirdre bosa snap cutting a fifth of its workforce, but the stock is surging. we'll tell you what's behind that reversal in a moment. two sides of the hp coin hpq warns of a significant slow down while hpe forecasts enduring demand. our exclusive with hpe ceo is next b of a likes activist elliott in the name and what it means for future shareholders. guys, got to start with snap this morning, down big in the premarket, but now in the green
as they confirm that good scoop yesterday. >> this is a big deal i think, carl, because of -- i don't know if you want to call it a head fake, a crossover, they're cutting 20% of the workforce yet they're saying they're still going to be at a higher level of employees than they were a year ago which means they grew 25% or more in a year they were wrong to do it, right? this is echoes of amazon and what they said about snapping. shopify. we saw this in e-commerce. now we're seeing it expanding into other areas i wonder, dee, how long before this moves outside -- it's really -- the consumer is at the root of all of this. digital consumer behavior, e-commerce, marketing connected to e-commerce. >> bed bath & beyond, it's brick and mortar, too. what else? >> in that sense, right, this is not a surprise this is one of the first shoes to drop when we knew the economy would be slowing
we knew it would hit digital advertising which is often the canary in the coal mine. it's not, say, a deceleration in cloud growth which would mean another part of the employee kmooe was slowing. the markets were down big premarket. now snap is up more than 7.5%. the market is telling us they think the worst is over. can we be confident in that? did we just hear from fed chair powell on friday saying there's more pain for households and businesses to come snap is taking its medicine now. you can argue it's in a much more vulnerable position than even other ad players like meta and certainly google which has benefited from apple's privacy changes. >> we'll talk more about the ad market and some of the add executives snap is losing to the likes of netflix the one incremental they did add was this quarter to date revenue guide, not quite as high as that just the plus sign on august quarter revenue was enough to turn the stock around.
>> carl, let's talk more about it with the reporter who broke the story. alex keith of "the verge." deputy editor is the title alex, welcome. important scoop, but what are i wonder the follow-on implications for digital advertising? what's the underlying trend driving this we've seeing this in e-commerce, now increasingly in digital ads. >> i think it's just showing there could be more pain ahead that said, we did see ceo evan spiegel saying their growth rate quarter to date was 8% you're starting to see that reacceleration in the business from when it was flat in q2. even snap in q2 were the second fastest digital ad player next to amazon, they see there could be more pain ahead i think the biggest thing weighing down on their revenue
growth right now is the macro environment, just digital ads not growing as fast as people thought maybe coming out of the pandemic that they would certainly after russia invaded ukraine earlier this year, we saw that pretty sharp decel for s.n.a.p. and a lot of the other players. >> i wonder what this means for the labor force and tech this is a reversal of one sliver of the great resignation, right? these 12, 1300 employees who came to snap over the past year, some of them probably having to leave now, though it could be longer tenured employees being shown the door as well that's a sad thing clearly on the individual level but looking more broadly, there are a lot of people being displaced all of a sudden. >> it's a pretty incredible swing from the pandemic when employees really had the best of it, especially in tech, and there were so many opportunities, these firms
hiring like crazy. snap was no xception they roughly doubled their workforce during the pandemic. i've done reporting on meta which obviously has gone through a similar kind of transition now it's swing back towards management and back towards the calculus of did we grow too fast during the pandemic, did we not see this rising rate environment and this broader contracting in the digital ads market coming soon enough and did we not react soon enough? i think snap is at the forefront of that and feeling the most pain there. >> alex, you know what has also moved in sympathy with snap is meta shares up nearly 5% in today's session. they're vulnerable to the same forces certainly that macro picture and apple's privacy changes which have hit these two companies particularly hard. would investors want to buy a meta here or an alphabet or amazon whose ad model is so much more resilient to some of these
forces >> i think we're seeing a real bifurcation between search and commerce and the rest of the digital ad market. i saw that snap was almost 100% correlated to the decel in youtube's advertising decline. they're not really measuring that last click. unless you're on google or amazon end of the spectrum, you're seeing a lot of trouble i think even meta is probably waiting to see the full impact of apple's ad tracking changes i actually know for a fact they're waiting for the one year being fully rolled out this fall before they can measure the long-term effects on their business yeah, meta, i wouldn't rule lay-offs out at meta either. they're kind of doing forced attrition right now through things like employee performance plans. meta was negative growth last quarter while snap managed to be flat i think this is probably a bellwether of more pain also at
meta. >> alex, congratulations on the piece. i am curious where you think we are right now with original content. for a long time platforms assumed that was going to be their trump card got this new movie on al jankovic over at roku. but getting out of it in the case of snap, what's that say about how companies are going to fund stuff created by themselves >> it's interesting. snap touted original programming for many years now actually a key differentiator between it and meta and some of the other social media firms they're not stopping the shows they already have, but they are discontinuing investments in new ones which i find interesting. i think it shows those were maybe more entrees or appetizers i guess for the main entree of getting other media companies on discover to share ad revenue with snap and maybe the originals were at best break even for snap and more of a marketing to show off their platform it really shows that no one has
still cracked that premium vertical video format in a way that translates to the business. we saw quibi spectacularly fell which had a similar format snap hitting the brakes on originals goes to show that idea of premium vertical video -- no one has figured it out next. >> i was going to say quibi. al leaks heath, thank you. >> also hardware, too. we follow how those ambitions have gone. let's turn to another name that has struggled, paypal getting an upgrade to buy bank of america elliott management will push for cost cuts that cold boost earnings per share the analyst joining us, jason cooperberg good morning to you. paypal up 35% this quarter, 17% in the last month alone. what is the right valuation for this company should it be closer to a
traditional financial services company, or does it deserve the massive premium it's historically received over the last years >> we believe it's a classic tech company for sure. if you look at the multiple versus the s&p 500, we think that's a good way to benchmark things right now the stock is trading around 12-ish percent premium. the historical average premium paypal has enjoyed versus the s&p 500 is 75% we're certainly not arguing for 75% as we don't see the same kind of top line growth we had seen historically for paypal we do think 35% or so is appropriate. that's what we've used in the context of setting the target multiple for our new price target which is $114. >> jason, we haven't heard from ceo dan schulman in a while. do you think he's still the right person to lead a comeback in paypal, or do they need more changes at the top after losing their cfo? >> we'll hear from dan schulman
at a conference on september 12th i think that will be worth tuning into around how the quarter is going and how the strategic initiatives are progressing. we think dan schulman and the rest of the management team have been adopting a management of cost discipline which is a central part of our thesis we think elliott management is going to pursue additional cost cuts on top of what paypal itself has already announced to date >> what about game changing m&a. are we done talking about pinterest? >> i think we're done talking about pinterest. i don't think you'll see transformational m&a from paypal we think the bulk of the cash flo going forward is going to be allocated around return of cash to shareholders, primarily in the form of share buybacks we think when the company has their recently announced analyst
day in q1, we think there will be a message around a multiyear capital display strategy that features this enhanced return of cash to shareholders, going to share buybacks i wouldn't rule out the potential for dividend to be introduced. >> jason, we're seeing a slowdown in expectations for all sorts of online spending we've been talking about e-commerce we were just now talking about digital marketing. so why isn't that going to hit paypal, too? >> they've testify felt the pinch and the pain they felt it in the third quarter of 2021. they were the first company in the space to talk about inflation and supply chain challenges and they missed numbers for several quarters in a row as a result. >> why isn't there more? we're seeing snap today. they also already had a bump in the road where they said, okay now they're cutting themselves why isn't more pain ahead for
paypal >> well, one data point i would highlight is visa just disclosed last night their metrics for the month of august. if you look at the one-year comparison in terms of growth in e-commerce, it was actually very steady from july into august so we don't really see broad-based signs of slowdown. if you look at overall e-commerce spending, year over year comps are getting easier in the second half of the year. with that said, the most prominent risk we highlighted in today's report, and all calls have some element of risk to them and this one is no different, is the macro environment. there's a good amount of paypal spending more in discretionary areas. we can't rule out the potential for revenue to be a little choppy still in the near term, but we do think the worst is over in part, also, because management has simply employed a more conservative approach to how they guide the street on revenues >> jason, finally, we're talking
a lot about companies either freezing hiring plans or enacting lay-offs. i wonder, given the news we got from goldman sachs yesterday, david solomon asking everyone to get back in the office five days a week, paypal has a very different strategy they basically say work for your customers. if you need to be in knifed days a week, come in five days a week is there an opportunity to poach some of the employees that have in the past been -- >> i think you've seen a lot of tech companies laying off people on the west coast. i think companies that are in very good financial shape, like a paypal with their fortress-like balance sheet, have the opportunity to be more selective and to potentially have to endure less wage inflation than they had to when the labor market was red hot in tech by the same token, i think the company is very disciplined in terms of the types and number of heads that they're adding
because, again, they're trying to be a lot more disciplined on cost, and they've also narrowed the number of strategic priorities they're focused on. i think they'll be pretty selective with their hiring. >> jason kupferberg, thantion for being with us. >> thank you take care. >> i think solomon has made it very clear with those back-to-work plans paypal got rid of its office in san francisco. they're now just in the bay. it makes me wonder if some of the goldman employees may be looking around to go to a paypal >> i'm thinking about the employee situation overall and the macro environment. >> it's counterintuitive. >> i think about rip currents. we just visited the beach. you've got kids, you want to be careful. that seems to be what's happening in this market, companies getting caught up in these growth undertoe.
all of a sudden the conditions are changing and having to react and hoping they only have to do it once. >> a lot of the vcs say in these economic downturns is the time to be offensive. you have to wonder who will see opportunity in this environment, if they're bold enough >> just swim sideways, john, swim parallel to the shore, try to relax and conserve your energy a result out of hpe and hpq. what it means for demand across the tech ecosystem when hpe's antonio neri sits down with us to break down the quarter. "techcheck" is just getting started.
slowdown of demand, especially on the consumer side on the other side we were able to deliver on our eps guide. >> despite meeting expectations for this quarter, the company forced to cut guidance for next quarter. >> let's get to the business side of hp, hp enterprise flat, maintaining optimistic guidance for the rest of the fiscal year. here to break it down with us, hewlett packard enterprise ceo antonio neri guidance for the quarter, the current one, a little light. a tighter range for the year as a whole. what is behind that? are you expecting demand to slow at all as we get a potentially softer macro >> good morning. thanks for having me today actually i'm very pleased with the quarter results.
once again, we demonstrated we're delivering to our customers and our shareholders we saw revenues grow we saw operating profit growing, and we expanded our gross margins se despite the supply chain challenges we continue to see and also a very worsening situation with the fx, the foreign exchange what this quarter was characterized by was the enduring demand. we see a strong steady demand for products and services, now part of our hp platform. we execute 3 with another record-breaking backlog which is now more than three times t historical levels. >> antonio, you don't foresee any further softening demand in the rest of the year what do you make of fed chair powell's comments last week that there's going to be more pain
for households and businesses. we've already seen cloud growth decelerate a little bit. what makes you confident that your results and your demand will hold up >> we'll get some of the confidence first and foremost is we continue to see growth in portfolio. -- seven consecutive quarters double digits. we continue to see demand for the asset service portfolio that we have. year-to-date we grew our asset orders 86% so i'm going to look at the i.t. side of the equation we think demand will continue to be there because customers need to modernize most importantly they need to work around their data all the value of the business is around data and data insights. digital transformation is going to be accelerated despite the potential challenges we see in the consumer space hp is uniquely positioned to capture that demand from h to
cloud to our platform. >> let's talk a little bit about supply chain you mentioned on the call there are signs of supply constraints easing, also a suggestion that the pain of the likes of hp inc. on the consumer side, if demand isn't as strong for them, maybe you can get some of those components they can't use. is that how investors should think about this setup heading into 23, both overall constraints easing and consumer weakness perhaps benefiting you? >> i would say absolutely because when you think about the supplier base and the allocation of substrate that ultimately build the semiconductors that we need, the challenge has been in what i'll call the older technologies that ultimately provide components to provide power supplies and smart
controllers. as the consumer demand continues to weaken, the supplies will reallocate that substrate. that will be a gain to us. also, we have seen signs in automotive as well as industrial which uses a lot of those substrates that's why it gives me the confidence that supplies are to begin easing, and that will favor us, particularly with the backlog we have which is an incredible situation to be in because that's a future looking on framing growth for us. >> antonio, you got sequential improvement in gap and non-gap gross margin you also mention strategic pricing. can you talk about what kind of pricing you're taking? it doesn't sound like a market that's in a great deal of trouble. >> yeah. we have done an incredible job on cost management i was here in the early with the guesting talking about ag shuns
being taken. we took action early on in 2020 when the pandemic started to realoe kate resources. that's favoring us we continue to hire in the right place in moderation, obviously, to continue -- the company on the other hand, pricing has been an incredible lever for us. we've done a remarkable job in doing pricing and doing it with discipline if you look out at some of the segments, they compute business, it's actually delivering in excess of 30% operating profit which is the highest in any of our competitors that we have seen so that's something we'll continue to do i think we'll be able to maintain those results because of that discipline >> you're an example of the company on the offensive, antonio. you're still hiring. thank you so much for being with us, antonio neri, ceo of hpe.
nasdaq closing out the month in the red we'll get a look at where things might be headed come the fall after the break. only on your phone. different?t so you get unlimited data for just $30/mo, taxes and fees included. plus we have a new plan with 5g ultra wideband. switch today at visible dot com.
hello everybody. i'm contessa brewer. a top official at the fda says you aisle see me at the front of the line to get a shot now that the agency authorized the first updated version of covid vaccines from pfizer and moderna. it's designed to protect against new more contagious variants of the original virus americans could start getting the modified boosters within days wall street is reacting very negatively to bed bath & beyond's newly announced turn-around plan, the stock is down more than 20% after the retailer said a continuing sales slide is forcing it to close about 150 stores and cut its corporate and supply chain staff by 20% fed officials making it clear the central bank is not ready to
pull back from its aggressive anti aggressive rate hide. cleveland's loretta mester -- >> contessa brewer back to the broader market in the red today, starting in the green. had a 1% gain for a brief moment, currently below 3980 our next guest likes enterprise related plays. joining us megan shew. it's great to have you your point is investors getting warned about a lot of stuff. jackson hole, seasonality, ut. your advice is to not get too defensive. why? >> thanks for having me, carl. we have fully invested, but definitely a little more cautious in our diversified
portfolio, we're holding excess cash levels today. that speaks to the amount of uncertainty in the environment getting too defensive could be a big mistake. we could see a nice rally through the june to august period as a reminder why you don't want to be too much on the sidelines. we think inflation is set to slow i think it was misguided for investors to be expecting too much in the way of rate cuts in 2023 we're getting some of that priced out of the market post jackson hole i think that's a good thing. i think there could be vulnerability if there's a little volatility certainty. for long-term investors we see opportunity looking out over a 12-month horizon we don't think a recession is necessarily fully guaranteed at this point >> when the market started pricing in rate cuts in the first quarter of next year, clearly now, mester's message and williams' message yesterday was we could get to 3.5 or 4 and
just stay this this sort of raise and hold. does that change the strategy, the playbook, or do you try to tune out a lot of this fed speak, basically >> so it's a good point. it doesn't really change our playbook we were very skeptical of the idea that the fed would try to be so surgical with monetary policy as to raise the rate to a certain level and then just a couple months later start to cut. and i think that was really diminishing the importance of that terminal or peak fed funds rate for our view we think the inflation data is going to allow the fed to be a little more dovish than what the market is pricing in at this point, that 4% peak fed funds rate would be higher than what we're expecting. we're expecting 3.25 to 3.5 and then the fed to pause. i think if you look over the next 12 months, we have to
recognize that the fed is trying to communicate, but ultimately going to rely on the data. we got a constructive core pce and core cpi print for last month. that went a little bit unnoticed because of the jackson hole speech happening on the same day. we think we could see some more moderating inflation ahead of course, wages could be sticky, housing could be sticky, but we're watching the data closely. >> meghan, where are you on tech in the mega caps short interest in the qqq. the mega caps down 10% over the last week. is now an opportunity? >> we do think now is an opportunity, not necessarily for all of the mega cap, but growth stocks more broadly which translates across sectors. momentum is going to get probably a little bit interrupted, and we think there
could be choppiness ahead. the good news as it relates to tech and growth more broadly, we don't see a whole lot more pressure coming from the rate side of things what i mean is we're seeing the ten-year treasury yield settle in about 3.1%. we don't think it will move toward 3.5, 4% any time soon i think from the valuation perspective and where we see valuations in history as attractive for tech in some parts of growth, we think now isn't time to be looking for hits within that market. a macro environment, also. secular growth being really a positive contributor in a time of slowing global and economic growth you want to be leaning towards those growth parts of the market, towards those diversified, in some cases mega cap tech companies and i away from the cyclicals that might get caught up in an economic slowdown >> meghan, we'll see what happens.
it's going to be interesting once we get in september great to see you, meghan shue joining us from wilmington ton the u.s. sales volume has doubled. ceo sebastian seem cow ski is next don't go away. ♪♪ the ey entrepreneurs access network has a tremendous impact on my business because it's given me networks, access to capital, and access to opportunities. the level of coaching that i get has had a tremendous impact. it allows companies like mine and others to grow, and it closes the wealth gap in this country.
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>> -- as they navigate these choppy economic waters joining us, klarna co-founder and ceo sebastian siemiatkowski. welcome. first i want to talk about growth and cash. so in your more established, more mature european markets, you're making money. but as you expand into the u.s., the u.k., other markets, there are losses given what's happening in the broader economy, do you have to temper those expansion plans might you even have to cut staff? >> we recognize that there was a change in investor sentiment and a willingness to support very forward leaning investment ratios we made a major adjustment but unfortunately we had to
announce lay-offs during may actually with the global opportunity disrupting banks and credit card industries as real as it's ever been, we're not shutting markets down, but finding new ways to achieve the long-term strategies as much as the losses may look large, on our total gme, 0.7% losses which is much lower than credit cards the losses may grow a lot in asset numbers, but that's because our volume is on fire. we're growing very fast. we're seeing a shift away from markets in europe where we've been around for a long time. this comes together and makes it look eye popping to some degree. but it's according to plan in addition to that, u.k. is already a profitable market for us, doing very, very well. from the outside, it may look like internally this is according to plan --
>> i was trying to use a metaphor of rip currents earlier in the overall economic picture. i understand you've already done some cuts. i'm wondering might you have to do more given what we're seeing from the likes of snap on the digital marketing side, some others in e-commerce it seems like conditions are shifting quickly do you feel like the ground is firm beneath your feet overall internally in your plan, or are you still watching as these trends play out? >> to some degree, a lot of this, obviously, is because the comps are still very tough for most e-commerce company. a year ago we were still in covid. investors look at the comps and get nervous, valuations drop, companies get nervous. that is to me still the majority of it. when we look at consumer spending -- we do 2 million transactions a day, $80 billion
in volume on an annual basis when wu look at consumer spending, there's some shift, a little more off-line than online, a little less travel, but the business is doing well the growth, number of users, that makes us feel very comfortable. we're fast out growing the e-commerce market which has been choppy so no, we don't perceive there to be that major of a shift as sometimes gets portrayed in the media. >> sebastian, it feels like you're talking to investors in a different market, growth, growth, yes. but if this year has taught us anything, investors want profitable growth, even yours as you saw your valuation come down should you be thinking about exiting certain markets? i know you've made a big push here in the united states. competition is only rising and you're losing money here >> yeah. but that's very similar to every other market we've launched over the years.
>> in a different moment -- losing money in a very different market. >> not entirely so i've been running this company for 17 years i've gone through a couple of financial crises with it we've seen similar patterns. we see we're growing double the pace in revenue and we're growing faster we are the big fest provider of these services in the u.s. we're extremely happy with the results we see in the u.s. market what we may do -- ten, 15 markets in the last years, probably not add as many new markets as fast as we've done. the last thing we want to do is pull in a market when you're in there, you should just stick in there and make it work it's a reputation aspect to it and a commitment to it again, we have the benefit of the european markets including
u.k. that was deeply unprofitable 22 years ago, not very profitable. we're generating almost a billion dollars in growth on an annual basis it gives us stability that some of our competitors don't have because we have the european business being very profitable. >> sebastian, how much runway do you have i know you've raised almost $800 billion. i know you're saying apple getting into the space is good because this is early times for buy now pay later, but do you think you're going to have to raise money again? how does that market look for you? >> no. again, we were profitable as a company for the first 14 years it's only in the last few years that we've invested ahead of the game and have reported losses. now, as we saw investor sentiment shift, we decided, yes, it's time to return to profitability. this is what investors want to
see. we put a path forward that is enough to bring us back to profitability. we've already announced changes as well as doing adjustments to our spending levels. we are on the bath -- q3 will look better and q4 will be even better and so forth. we think we have what we need right now to accomplish that goal >> given all of the worrying signs regarding energy security in europe and fears of blackouts and rationing and a recession there, then again the summer tourism season was decent. i wonder how you're thinking about europe's consumer at this point. >> wow, yeah the person to answer that question from my perspective, yes, i look at our numbers, right?
our average value hasn't increased that much. we don't see the inflation pressure to the same degree reported we see a lot of our retailers coming to us with slightly too big -- they bought too much, they want to sell it off on discounts. so we do see trends in both directions there's a mix in the consumer sentiment where our numbers still show that people are spending money as they did before there isn't that big of a shift that you would have expected yes, maybe some slowing down, some shift in channels, but in our volumes and what we're seeing, we can at least see there's a major difference not yet at least. >> okay. finally, sebastian, i'm kind of concerned about the credit losses from newer customers. sure they were down from a year ago, but when you're entering new markets, there tend to be those losses you pointed out how you're
growing faster than a firm affirm said we're looking the grow more slowly because we're going to be more careful about credit quality what sorts of assurances can you give that you're being just as careful about credit quality, because there's a lot of potential loss to have there if the economy takes another dive >> very much so. what we looked at, back in january and february, we always make adjustments for the underwriting policy, and more adjustments in may 90% of their volume is long-term loans. they sit on the balance sheet six, 12 months, 24 months. 90% of our u.s. business is six weeks. what that means is when we change underwriting policies, we see in just two months, 50% of our balance sheet is underwriting on the new policy so we have a very different agility than someone like a firm which is a long-term lender with high ticket values
we can turn around and be much more active. we turn around balance sheets 12 times a year that's kind of unheard of for a bank we've seen recessions before where we have taking actions and we see very quick results because it is a transaction-based business, payments business more than a lending business we get compared to them and we're very, very different because both are buy now and pay later. they're different. >> you called it out so i thought i would come back to it. sebastian siemiatkowski from klarna, thank you. the loans are so much shorter, but we didn't get to the cost capital side of it. they're not banks. >> some of the same people if you can't pay back a little loan, you can't pay back a big loan. why amazon and google are facing off with microsoft and what the cloud has to do with it that's up next we're back in two.
we know the cloud is competitive. amazon taking aim at -- for context. microsoft just announced new changes will take effect october 1, arguing they'll make it easier for cloud providers to compete. an amazon spokesperson calls the move an unfair attempt to limit competition that microsoft faces. a google cloud executive took to
twitter to complain customers should be able to move freely across platforms and choose the technology that works best for them rather than what works best for microsoft. interesting wrinkle here, jon. >> it's the enterprise version of the walled garden argument that gets rolled out know, microsoft has one of, many of the those important assets in enterprise software. microsoft office, right? as that transitions to the cloud, as microsoft's other productivity softwares need it, how usable is that in other people's clouds? it's not as easy as amazon and google want it to be, but at the same time, you know, microsoft's making it easier for smaller european cloud providers so that they get in the good graces of european regulators. who as we know, are quite aggressive so, this is the game of playing advantages and not being a monopolyist or take unfair
advantage of your legacy background we see playing out again and again. >> that's right. i don't think microsoft really cares what amazon and apple thinks about this. arguably, the regulators, if it does benefit the smaller cloud providers in the eu. where it's been hit by regulatory fees in the eu, this is sort of a hat tip to them saying, we're helping out the smaller guys >> sand he's done a good job remaining teflon. >> keeps his head down. >> he's been pretty tough. >> guys, when we come back, crowdstrike beats estimate but has lost quite a bit of steam throughout the course of session. currently down about 6%. we'll get more on those numbers after break.
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let's get a gut check on crowdstrike. revenue up 58 year on year company issues, a pretty upbeat forecast thoonks robust demand for cyber security services. not helping the stock this morning, it's down six biggest laggard. we did get price target hikes on citi. >> it's not just crowdstrike showing increases in cyber
security i spoke to data ruberic raised around $4 billion valuation. the annualized recurring revenue has doubled. i asked what exactly customers are buying more of >> so, we land a customer on the subset of data they are securing with rubrik and we have a number of services to drive security intelligence kata. for example, how far ransomware went, do you have sensitive data that has double extortion risk, do you have threat like malware, how do you quarantine that data so you don't get reinfected. these are the additional services that we provide to our customers. so, as the data expands, and as our customer expands on additional services, so is our
nrl. >> classic land and expand i asked him about next steps, like going public. he said rubrik will be ready when the market is ready, which is clearly not right now. >> i would say no. but someone's got to do it maybe that will open the gates for others nasdaq, meanwhile, has turned positive. we are back in just a moment (vo) hi. we're visible. a different kind of wireless company... ...running on a big impressive wireless network. how are we different? we exist only on your phone. so you get unlimited data for just $30/mo, taxes and fees included. plus we have a new plan with 5g ultra wideband. switch today at visible dot com.
one more thing before we go, singapore based exchange crypto.com is suing a woman in australia after sending her more than $10 million by mistake. the women asked them for $100 refund instead, she received that multimillion dollar sum. after the mistake which took crypto.com many months to notice, she went on a spending spree, dropping $1 million on a five-bedroom home, placing the rest of it in a separate account. what can we say? $10 million missing, they also bought a stadium. >> i guess at least she bought a house with it and not crypto >> very good point >> probably still some left.
six months is a long time to wait to get that tap on the shoulder she must have been pretty surprised. guys, there's been a lot of chop today within the range, as we wrap up the month of august. vix is lower oil lower, although off the lows of the session as we kick off september tomorrow we'll see what that brings for now, let's go to the judge and "the half. carl, thanks very much welcome, everybody, to "the halftime report. i'm scott wapner what will september hold for stocks after a choppy last four weeks? we debate that joining me, shannon, amy raskin with me on set, joe. august coming to a close stocks up modestly higher but they've been volatile today. dow down 3.5% for the month. the s&p the same amount. nasdaq down 4% i've got a tweet of late
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