Check out the companies making headlines before the bell. Exxon Mobil — The energy giant reported a stronger-than-expected profit for the second quarter amid record production in Guyana and the Permian Basin. Earnings per share came in at $2.14, beating an LSEG forecast of $2.01 per share. Shares were up slightly in the premarket. Intel — Shares plunged 20% on the back of weaker-than-expected earnings and revenue for the second quarter. The company also announced it would lay off more than 15% of employees due to a $10 billion cost-cutting push. Snap – Shares of the Snapchat parent company sank 17% on disappointing guidance. For the third quarter, Snap expects adjusted earnings to range between $70 million and $100 million, versus a StreetAccount estimate of $110 million. Cloudflare — The IT company jumped 7% after raising its full-year outlook. The company guided full-year earnings in a range between 70 cents and 71 cents per share, higher than the 60 cents to 61 cents it had previously announced. Analysts surveyed by FactSet had estimated full-year earnings per share at 61 cents. Full-year revenue guidance also topped forecasts. Cloudflare also posted an adjusted earnings and revenue beat in the second quarter. DoorDash — The stock advanced 9% after the food delivery service posted second-quarter revenue of $2.63 billion, which exceeded the LSEG consensus of $2.54 billion. DoorDash also lifted the third-quarter guidance for its marketplace gross order value. Amazon — The e-commerce stock fell more than 8% following weaker-than-expected quarterly results. The company reported weaker-than-expected revenue for the second quarter and issued a disappointing forecast for the third quarter. Revenue in its cloud division increased 19% in the second quarter, beating analysts’ estimates , however. Block — The fintech company advanced more than 3% after posting an earnings beat in the second quarter. Block reported adjusted earnings of 93 cents per share, coming above an LSEG consensus estimate for 84 cents per share. Meanwhile, revenue of $6.16 billion missed analysts’ estimates for $6.28 billion. Clorox — The household goods stock rose 1.7%. Clorox issued fiscal full-year earnings guidance in a range between $6.55 and $6.80 per share, topping an LSEG forecast of $6.45 per share. Fiscal fourth-quarter adjusted earnings came in at $1.82 per share, while analysts had forecasted called for $1.56 per share. Apple — Shares of the iPhone maker ticked up 0.3%. The company beat analysts’ estimates on the top and bottom lines for the fiscal third quarter. Apple reported earnings of $1.40 per share while analysts surveyed by LSEG called for $1.35 per share. Revenue came in at $85.78 billion, also surpassing the Street’s estimates. Twilio — The cloud communications stock jumped 5% after Twilio beat quarterly expectations on the top and bottom lines. The company posted second quarter adjusted earnings of 87 cents per share on revenue of $1.08 billion. Analysts polled by LSEG had expected per-share earnings of 70 cents on revenue of $1.06 billion. Coinbase — The crypto exchange operator added 1.3%. In the second quarter, revenue came in at $1.45 billion, slightly above estimates of $1.40 billion, according to LSEG. Booking Holdings — Shares of the online travel company slipped more than 5% despite a top- and bottom-line beat in the second quarter. Booking guided third-quarter adjusted EBITDA between $3.25 billion and $3.35 billion, while analysts had estimated $3.58 billion, according to FactSet. GoDaddy — Shares jumped around 7% after the web hosting company increased its outlook for the full year. GoDaddy issued full-year revenue guidance between $4.525 billion and $4.565 billion, while analysts polled by FactSet had expected $4.53 billion. Coterra Energy — Shares pulled back 1.5% after Coterra Energy reported disappointing earnings results . The energy company announced adjusted second-quarter earnings of 37 cents per share, below the FactSet consensus estimate of 39 cents in earnings per share. Roku — The streaming device company added 2.3% after reporting a second-quarter loss of 24 cents per share postmarket Thursday, better than the 43 cents loss per share expected from analysts polled by LSEG. Revenue came in at $968 million, beating the $938 million consensus estimate. Atlassian — The software stock tumbled more than 12% after issuing weak guidance. Atlassian estimates fiscal first quarter revenue in a range of $1.149 billion and $1.157 billion, while analysts surveyed by LSEG had forecasted $1.16 billion. Full-year revenue growth was also guided lower-than-expected. Microchip Technology — The semiconductor stock fell 7%. Adjusted earnings in the fiscal first quarter topped analysts’ estimates, while revenue came in-line with forecasts. Meanwhile, forward earnings per share guidance of a range between 40 cents to 46 cents in the second quarter missed consensus calls for 59 cents earnings per share, according to FactSet. Management cited a challenging macro backdrop leading to an extended period of an inventory correction. — CNBC’s Sarah Min, Samantha Subin, Lisa Han and Michelle Fox contributed reporting
Barrons Roundtable discusses reports that Gen Z members are aggressive about wanting to retire.
Gen Z is the youngest generation of adults today, but with many struggling to make ends meet, a growing proportion say they do not expect to retire and few are socking away money to do so.
A new report from the TIAA Institute and UTA’s NextGen Practice found that a greater share of these adults age 27 and below do not anticipate retiring – at least in the traditional sense – after prior data showed nearly half of young adults either don’t want to retire, don’t believe they will be able to afford to, or are not thinking about it at all.
Gen Z as a whole has a very different view of retirement than previous generations, and a growing proportion of young adults say they do not plan on retiring at all. (iStock / iStock)
What’s more, just 20% of Gen Z respondents of working age say they are saving for retirement at all. While planning for retirement is important for everyone, saving for the future is critical for this generation that is projected to live past 100 years old. Yet, a higher cost of living could be impacting their ability to do so.
The study found that almost one-third of Gen Z (29%) are living paycheck-to-paycheck, with most of their money going to funding their basic needs, making it increasingly difficult for them to achieve financial milestones like homeownership while saving for their financial futures.
“Thirty-six percent of respondents cited high debt or low income as the primary reason they are not saving for retirement,” Surya Kolluri, head of the TIAA Institute told FOX Business. “Gen Z is spending more on essentials than previous generations.”
Inflation is weighing on Gen Z’s finances more than prior generations, data shows. (iStock / iStock)
Kolluri said it is true that Gen Z is bearing the brunt of inflation more than the generations that preceded them, noting that as of this year, the annual inflation rate for Gen Z was half a percent higher than it was for other generations at the same age.
But Kolluri pointed to some positive findings in the data, too. He said that while only 1 in 5 reported saving for retirement, 66% of those who are saving for retirement are doing so through 401(k)s.
Empower President and CEO Ed Murphy discusses retirement planning on ‘The Claman Countdown.’
There is also at least an awareness amid Gen Z’ers that it is important to save for the future. Eighty-four percent report saving a portion of their income each month (albeit not for retirement), and 57% say they have a budget that they stick to.
Kolluri noted 52% of Gen Z reported putting savings into savings accounts because they value the liquidity that supports current financial freedom.
“They do not equate saving for retirement as helping to ensure their financial freedom later in life…and ‘freedom’ is a concept that is very important to Gen Z,” he said. “They want flexibility and access to savings if and as they want.”
LONDON — Cybersecurity firm Wiz is seeking to hit $1 billion of annual recurring revenues next year, the company’s billionaire co-founder Roy Reznik told CNBC, adding that the firm will go public “when the stars align.”
Wiz makes software that connects to cloud storage providers like Amazon Web Services or Microsoft Azure and scans for everything it stores in the cloud, helping organizations identify and remove risks in their cloud environments. It was founded by four Israeli friends while they served in 8200, the intelligence unit of Israel’s army, and most of Wiz’s engineering personnel are still based in Tel Aviv, Israel.
Earlier this year, the company rejected a $23-billion acquisition bid from Google, which would have marked the tech giant’s largest-ever takeover. At the time, Wiz CEO Assaf Rappaport said the startup was “flattered” by the offer, but would remain an independent company and aim to list instead.
Speaking with CNBC at Wiz’s new office space in London, Reznik said that the company has received offers from “many people that want to get their hands on Wiz stock” — but that, while “very flattering,” the firm still thinks it can do it alone by going public.
“We’ve already broken a few records as a private company, and we believe we can also break a few more records as an independent public company as well,” Reznik said.
Four-year-old Wiz has raised $1.9 billion in venture capital to date, including $1 billion secured this year in a funding round led by Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital at a valuation of $12 billion.
In 2022, Wiz said it had reached $100 million in annual recurring revenue (ARR), up from just $1 million in 18 months. At the time, the startup said it was “the fastest software company to achieve this feat.”
Reznik, who is the vice president of research and development at Wiz, said the firm now hopes to double from the $500 million of ARR it achieved this year and hit $1 billion in ARR in 2025, which CEO Rappaport cited as a key condition before the company goes public.
UK expansion
Wiz has been expanding its presence internationally, with a particular focus on Europe, from where it sources 35% of its revenues. Last month, the firm opened its first European office in London.
“I think the talent here is amazing, and the ecosystem is amazing,” Reznik told CNBC. “We have always been very much involved in Europe — and specifically the U.K. — and I feel like it’s a natural evolvement of Wiz to double down even more here in London and the U.K.”
The U.K. represents a major growth opportunity when it comes to cybersecurity, Reznik said, adding that recent events like the cyberattack on National Health Service hospitals and an incident affecting Transport for London have “roof topped” the level of interest in the kinds of products Wiz offers.
“The cloud market is going to reach $1 trillion over the next next few years,” Reznik, who moved from Israel to the U.K. just three months ago, told CNBC. “This year is going to be around $700 million, while security is just 4% out of that, I would say. So that makes it a $30 billion market, which is huge.”
Speaking about the U.K. market, Reznik said: “We see a lot of interest here. Many of the largest banks and retailers, are Wiz customers. But we’re also seeing a huge potential for growth.”
Wiz’s customers include online retailer ASOS and digital bank Revolut as customers in the U.K.
Check out the companies making headlines in after-hours trading: Netflix — The streaming stock popped more than 4% after third-quarter earnings topped expectations. Netflix earned $5.40 per share on $9.83 billion in revenue, while analysts forecast $5.12 a share and $9.77 billion in revenue. The company also said its ad-tier memberships jumped 35% quarter over quarter. Intuitive Surgical — Shares jumped about 5% after the maker of the da Vinci surgical robot posted better-than-expected third-quarter results. Intuitive Surgical earned $1.84 per share on $2.04 billion in revenue. Analysts surveyed by LSEG had estimated earnings of $1.63 per share on $2 billion in revenue. WD-40 — The maintenance product maker’s shares dropped more than 4% after a disappointing fiscal fourth-quarter earnings report. The company earned $1.23 per share, and said it expects fiscal 2025 profits of between $5.20 and $5.45 per share. OceanFirst Financial — Shares advanced 2.8% after OceanFirst announced that it earned 39 cents per share in the third quarter, a penny above the consensus estimates from FactSet. On the other hand, net interest income and net interest margin both came in lower than forecast. MGP Ingredients — The spirits and food ingredient maker’s stock tumbled nearly 20% after the company warned of disappointing third-quarter results and lowered its full year guidance. CEO David Bratcher said its performance was hurt by weak alcohol trends and elevated whiskey inventories. Marten Transport — Shares of the trucking company slid almost 3% after third-quarter earnings came in lower than analysts anticipated. Revenue and operating income were also lower than the forecasts from three analysts polled by FactSet. Supernus Pharmaceuticals — Shares popped as much as 5% after Supernus Pharmaceuticals announced results from a Phase 2a study of an antidepressant therapy that showed a “rapid and substantial decrease” in depressive symptoms. — CNBC’s Hakyung Kim and Sarah Min contributed reporting.