This week, quarterly reports were published by ChargePoint Holdings and Okta. Snap reported its plans to cut down on its staff and close several projects. The stock quotes of Sony Group are noticeably reacting to the news. Let's look into the details of all the above.

ChargePoint report: earnings increased 93%

ChargePoint Holdings shares are growing after quarterly statistics
ChargePoint Holdings shares are growing after quarterly statistics

On Tuesday 30 August, the results of Q2, financial 2023 were presented by ChargePoint Holdings Inc. which specialises in charging equipment for electric cars and develops a network of charging stations.

In May-July, earnings of ChargePoint Holdings Inc. increased 93% compared to the statistics of the same months last year, reaching $108.3 million, net loss recorded a 9% increase to $92.7 million, and loss per share recorded an increase of 4% to $0.28. Quarterly earnings exceeded the consensus forecast by 5%, stepping over the $100 million figure for the first time.

The company expects earnings to reach $125-135 million in Q3 and might amount to $450-500 million by the end of the financial year. Both forecasts imply nearly a doubling of the figures.

On 31 August, the share price of ChargePoint Holdings Inc. (NYSE: CHPT) surged 12.28% to $16.27. However, the next trading session closed with a decline of 5.9% to $15.31.

Snap prepared a plan for reducing spending

Snap shares are growing after news about launching spending reduction programme
Snap shares are growing after news about launching spending reduction programme

On Wednesday 31 August, Snap Inc., the company that owns the popular messenger Snapchat, announced that it has composed a complex programme of spending reduction. One step implies laying off 20% of its staff.

The company will fully stop investing in such projects as the Snap Originals media show, the Zenly app for tracking the geo location of friends, the Voisey music service, and the Pixy compact drone.

Investments in designing the Spectacles apparatus product will be significantly cut down on. As you know, Spectacles are modern sunglasses with a built-in camera.

Moreover, Snap Inc. completed its stocks buyback programme for $500 million. The company has purchased more than 3% of its shares in turnover.

The announced plan cheered up investors, attracting them to the stock: on the same day, the trading session in Snap Inc. shares (NYSE: SNAP) closed with a growth of 8.69% to $10.88. In the next session, the quotes rose 6.99% more to $11.64.

Okta report: earnings increase but shares downslide

Okta shares lost 34%
Okta shares lost 34%

On 31 August, the developer of software solutions for data identification management and safe access, Okta Inc., published its report for Q2, financial 2023.

Okta Inc. reported that earnings in May-July increased 43.2% to $451.8 million, while the net loss dropped 23.9% to $210.5 million, and the loss per share dropped 26.8% to $1.34. The company forecasts that in this quarter, earnings will increase 32-33% to reach $463-465 million.

Regardless of such promising quarterly results and forecasts, on 1 September, the share price of Okta Inc. (NASDAQ: OKTA) plummeted, losing 33.7% and reaching $60.6.

Okta Inc. management explains that this is attributed to the unexpected and substantial issues with the integration of a developer company Auth0 Inc., which the corporation acquired last year.

Sony Group Corp shares are falling

Sony Group shares have been falling since Monday
Sony Group shares have been falling since Monday

The shares of tech giant Sony Group Corporation (NYSE: SONY) have been falling slowly but stably since Monday. They recorded a 3.5% loss in total, reaching $78.88.

The decline started last week when the corporation announced an increase in the cost of the PS5 console for Europe, the Near East, Africa, the Asian-Pacific region, Latin America, and Canada. The price increase is a consequence of the global economic troubles.

This week, it became known that Sony Group Corporation was buying mobile game developer Savage Game Studios. When the agreement is signed, Savage Game Studios will be included in the recently created Sony department PlayStation Studios Mobile.

Judging by this news, we may conclude that the corporation plans to create a serious rivalry in the market of mobile games. Mordor Intelligence forecasts that in 2022-2027 the market will be growing 12.5% every year.

Moreover, it was also heard that Sony Group Corporation is under threat of a class action for $5.9 billion. The company is accused of setting unfair conditions for game developers for PlayStation, video games, and purchases inside games being unjustifiably expensive.

Summing up

ChargePoint Holdings Inc. reported its positive results for Q2 financial 2023, which demonstrated an earnings increase of 93%, consequently sending the shares up over 12%.

With a new plan for spending reduction, Snap Inc. will lay off 20% of its workforce and shut down several projects — this news sent the quotes surging 16% over two days.

Regardless of the positive quarterly statistics, the quotes of Okta Inc. plummeted by almost 34%.

Sony Group Corporation shares, influenced by the news, have been falling since Monday, already losing 3.5%.

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Server is the guru of searching for market insights. Since 2019 he writes about everything that might be useful to the investor, focusing on the stock market and its assets.