Speaker 1: Bloomberg Audio Studios, podcasts, radio News.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Let's take a look at some stocks on the move today.
Speaker 3: I'm Tom Keen with bol Sweeni and Bloomberg's Alexis christoffers.
Speaker 4: Thank you, Tom. I want to start with Coinbase because
Speaker 4: the stock is up more than four percent and it
Speaker 4: can use it because you're to date it's down more
Speaker 4: than ten percent, and a little change really hasn't done
Speaker 4: much of anything in the past years. So here's the news.
Speaker 4: This is a crypto exchange, of course, and Coinbase is
Speaker 4: going to cut around fourteen percent of its workforce. That
Speaker 4: amounts to about seven hundred jobs. It is citing the
Speaker 4: need to manage costs and what it calls a volatile market,
Speaker 4: and also, of course, advances in artificial intelligence. Now Coinbase
Speaker 4: is CEO Brian Armstrong. He took to x to post
Speaker 4: that it plans to concentrate its remaining staff around AI
Speaker 4: skills and it wants to reduce layers of management. So
Speaker 4: what is that going to look like? It says in
Speaker 4: this new structure, some teams can consist of just one
Speaker 4: person with the responsibilities of things like engineers, designers, and
Speaker 4: product managers combined into a single role. Now, it's not
Speaker 4: the latest company to cut costs. In the crypto and
Speaker 4: payment space, Block and Gemini Space also slashed staff recently
Speaker 4: again because as they incorporate AI and also coin basically
Speaker 4: going to be out with earnings on Thursday.
Speaker 3: So we're looking for you nailed that and that you
Speaker 3: said slash. Are they slashing or at the margin or
Speaker 3: are they just absolutely getting rid of businesses? That's what
Speaker 3: I can't get a picture.
Speaker 4: I don't I don't know. Are they just doing you know,
Speaker 4: more with less? You know, namely with AI.
Speaker 3: I mean traditionally it's like, you know, two percent, okay,
Speaker 3: it's competition four percent help here. Anything over four percent
Speaker 3: gets your attention. Yep. Those are ginormous. They are.
Speaker 1: And I don't feel like this is pairing back employee
Speaker 1: hoarding like we saw maybe in the pandemic.
Speaker 3: They were well passed you.
Speaker 1: I've just said, clear hoarding. I think this is just AI. Yeah,
Speaker 1: I don't know.
Speaker 4: Which also plays into my next stock is pinterest cut jobs.
Speaker 4: You remember back in January because of AI, so it's
Speaker 4: in the news today because this it's skyrocketing the stock
Speaker 4: nineteen percent a year to date, Pinterest is down about
Speaker 4: ten percent. For those who don't know, Tom Keane, Pinterest
Speaker 4: is a visual search engine. You can save things and
Speaker 4: discover things like recipes, home to core travel.
Speaker 3: You know.
Speaker 4: It was like a feast for the eyes. So the
Speaker 4: company reported first quarter sales at top estimates. It's revenue
Speaker 4: outlook for the current period better than expected. It feels
Speaker 4: more than eighty billion searches each month. I had no
Speaker 4: idea it has over six hundred and thirty million month.
Speaker 3: It was years ago. I interviewed Ben, the founder. You know,
Speaker 3: it was very pinteresting and all that except nobody I
Speaker 3: knew my Michael Darter was not on Pinterest, right, you know.
Speaker 3: I mean it's simple is that it's successful, like and
Speaker 3: it's women, and it's like, you know, how to divorce.
Speaker 4: I don't have the demographics, Mber, but I'm going to
Speaker 4: take a wild guest and say it's mostly women who
Speaker 4: jump on Pinterest and save things, and.
Speaker 3: It's still success.
Speaker 4: You're aspirational, you know pin boards if you will.
Speaker 1: For folks, it's working.
Speaker 3: So my Pinterest bow tie display didn't no.
Speaker 4: That did a fly next, all right, Shopify, We're gonna
Speaker 4: stick with this whole e commerce platform idea. Right now,
Speaker 4: the stock is down six percent. So Shopify continued top
Speaker 4: line growth but weak earnings in the first quarter. Revenue
Speaker 4: was up thirty four percent from a year ago. That
Speaker 4: was good, but net income coming in below expectations, And
Speaker 4: if you include investment losses, Shopify actually swung to a
Speaker 4: loss in the quarter of forty five cents a share.
Speaker 4: Shares of Spotify or not Spotify, I'm sorry Shopify. Shopify.
Speaker 4: We're already down twenty one percent this year after a
Speaker 4: fourth quarter earnings miss. And again it's fears around AI.
Speaker 4: The fear here is that it could displace some of
Speaker 4: these legacy e commerce software companies like Shopify.
Speaker 1: Yeah, possibly, right, I mean, I think it's gonna become
Speaker 1: more and more in the shopping experience. Yeah, for a
Speaker 1: lot of people.
Speaker 4: Now they've got AI shopping assistance that some of these
Speaker 4: icon e commerce platforms are coming out with. So it's prevalent.
Speaker 2: This stock Moover's report from Bloomberg Radio. Check back with
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