- S&P/TSX13,614.14+0.16%
- S&P 5002,659.41-0.16%
- DOW22,653.86-0.12%
- CAD/USD0.7136-0.1092%
- CRUDE OIL24.62+4.19%
- BTC-CAD10,047.52-0.08%
- CMC Crypto 200148.42-1.94%
- GOLD FUTURES1,679.00-0.28%
- RUSSELL 20001,139.17+0.03%
- 10-Yr Bond0.7360+8.88%
- NASDAQ futures8,046.75+0.43%
- VOLATILITY46.70+3.23%
- FTSE5,704.45+2.19%
- NIKKEI 22518,950.18+2.01%
- CAD/EUR0.6549-0.08%
- Bloomberg
Pinterest Surges After User Numbers Top Analysts’ Estimates
(Bloomberg) -- Pinterest Inc. shares surged after the company reported user numbers that exceeded analysts’ estimates.The digital search and scrapbooking company also withdrew 2020 forecasts after the coronavirus pandemic hurt its advertising business, but investors focused on the growth of Pinterest’s online audience.Monthly active users totaled 365 million to 367 million in the first quarter, higher than Wall Street estimates of 345 million users, according to Bloomberg MODL data. The company also reported preliminary first-quarter sales of $269 million to $272 million, slightly ahead of analyst estimates.“While the company’s ad revenues began to decelerate sharply after the middle of March, engagement on Pinterest has been strong,” Mark Mahaney, an analyst at RBC Capital Markets, wrote in a research note. “In the last two weeks, Pinterest has seen record levels of engagement in terms of search, saving and board creation activity, as users look for ideas on everything from building a home office to fun activities to do with their kids (very necessary).”San Francisco-based Pinterest ended the first quarter with about $1.7 billion in cash, cash equivalents and marketable securities, no financial debt, and stressed that it has not drawn money from its $500 million revolving credit facility.Shares of the company jumped as much as 15% in extended trading. The stock closed at $15.06 earlier in New York trading, leaving it down 40% since early February.That month, the company had projected 2020 revenue of $1.52 billion and said its adjusted profit margin would be flat to up slightly from a year earlier. It scrapped that guidance on Tuesday, saying the Covid-19 pandemic “impacted Pinterest’s advertising revenue globally.”“First-quarter revenue performance was consistent with our expectations through the middle of March, when we began to see a sharp deceleration,” Chief Financial Officer Todd Morgenfeld said.Read more about digital ad budgets evaporating here.Pinterest’s disclosure “largely confirms the negative shock that internet advertising began to experience in March,” RBC’s Mahaney wrote. “With PINS shares up +15% in the after-market, we believe there’s clearly a tell here about how concerned/low market expectations have been.”Pinterest also said that Chief Operating Officer Francoise Brougher is leaving the company effective immediately. Brougher joined Pinterest in early 2018 from payments company Square Inc. Morgenfeld has been appointed to take over her duties.“As we continue to position the company for long-term growth, we believe consolidating our financial and COO organizations under one leader will accelerate our speed of execution,” CEO Ben Silbermann said in a statement.(Updates with analyst comment in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
BloombergAirbnb in Talks to Raise More Debt Amid Global Crisis
(Bloomberg) -- Airbnb Inc. is in talks with investors to take on as much as $1 billion in additional debt after announcing a $1 billion debt and equity deal Monday, according to people familiar with the matter.The travel platform company announced Monday that it was raising $1 billion in debt and equity from Silver Lake and Sixth Street Partners. The company has held discussions about raising $500 million to $1 billion more by either issuing first-lien debt, which would give its holders priority in case of a default, or a convertible note or selling an equity stake, said the people, who asked not to be identified because the information wasn’t public.The additional funds would give Airbnb an extra financial cushion as prospects dim for an initial public offering this year. The money could help Airbnb weather the economic crisis brought on by the coronavirus pandemic without going public, and could also allow the company to make acquisitions, a strategy it has been weighing, people with knowledge of the matter told Bloomberg last month.Airbnb hasn’t disclosed the terms of its deal with Silver Lake and Sixth Street Partners. People familiar with the matter have said that the transaction was comprised of second lien debt, along with warrants for about 1% of the company’s equity. The warrants give Airbnb an $18 billion valuation, one of the people said. That compares with a value earlier of $31 billion.Monday’s deal carried an 11% to 12% interest rate, the people said. The investment doesn’t entitle the investors to a seat on Airbnb’s board of directors, one of the people said.Raising second lien debt, means that Airbnb has room to take on more senior debt, which it is considering. The company could also raise a convertible note or equity instead, the people said.As the home-sharing company raises debt, it is canceling a $1 billion credit facility with several banks that is administered by Bank of America Corp. Those banks include Morgan Stanley and Goldman Sachs Group Inc., both of which advised on the Silver Lake-Sixth Street transaction, one of the people said.The deal announced Monday was meant to help the home-sharing company make it through the pandemic that is devastating the global travel industry, Airbnb said in a statement.“The new resources will support Airbnb’s ongoing work to invest over the long term in its community of hosts who share their homes and experiences, as well as the work to serve all stakeholders in the Airbnb community,” the company said.(Updates with details about fundraising talks starting in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Digital TrendsThe best cheap Fitbit alternatives for workouts
As much as we love Fitbits, they're rather expensive. If all you want is a simple activity tracker, however, then check out these great cheap Fitbit alternatives.
Digital TrendsAll of the fish to catch in Animal Crossing: New Horizons (April 2020)
Before you cast your line, take a look at everything available -- and how many Bells you can get for each
- Bloomberg
Dorsey Pledges $1 Billion of Square Stake for Virus Relief
(Bloomberg) -- Jack Dorsey pledged $1 billion of his stake in Square Inc., the payments firm he co-founded, to coronavirus relief efforts, the largest pandemic-related donation yet.“I hope this inspires others to do something similar,” Dorsey said Tuesday in a tweet. “Life is too short, so let’s do everything we can today to help people now.”It will likely take several quarters or even years to complete the transfer, according to a Square spokesperson. The proceeds from the initial sales will fund coronavirus relief efforts. So far, $100,000 has been donated to America’s Food Fund to “help fund meals to people impacted by COVID,” according to a publicly available spreadsheet Dorsey linked to in his tweet.“After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI,” Dorsey said in the tweet, referring to universal basic income, the idea that all citizens should be provided with a certain amount of money each month. The pledge represents about 28% of his wealth, he said.Dorsey has been working from his home in San Francisco’s affluent Sea Cliff neighborhood, following shelter-in-place orders that are keeping many people from their regular activities. Also the co-founder and chief executive officer of Twitter Inc., he has a net worth of about $3.9 billion, according to the Bloomberg Billionaires Index. The bulk of his fortune -- about $3 billion -- is made up of Square equity.Shares of San Francisco-based Square, which were little changed during regular trading, dropped about 1% in the extended session.While other billionaires have announced significant donations to combat the pandemic and the anticipated economic turmoil, Dorsey’s pledge is by far the biggest so far. Before his announcement, $2.85 billion had been committed in the U.S. by companies, public charities, family foundations and individuals, according to Candid, a nonprofit research and support organization.Amazon.com Inc.’s Jeff Bezos, the world’s richest person, is donating $100 million to Feeding America. Michael and Susan Dell have committed another $100 million, mostly for global relief efforts. The Bill & Melinda Gates Foundation pledged a similar amount to develop a vaccine and pay for detection, isolation and treatment initiatives. Mark Zuckerberg and Priscilla Chan announced a $25 million commitment last month to help research a possible drug for Covid-19. The couple’s philanthropic organization, the Chan Zuckerberg Initiative, is working with Bay Area hospitals to offer free Covid-19 tests.Black, Ken Griffin Donate to Coronavirus Fight: Donation TrackerThis is not the first time Dorsey has announced a large stock pledge. In 2015, shortly after Twitter cut roughly 8% of its employees, Dorsey said he was donating almost $200 million in Twitter stock back to the employee grant pool. “I’d rather have a smaller part of something big than a bigger part of something small. I’m confident we can make Twitter big!” he tweeted at the time.On Tuesday, Dorsey wrote that he wants to be more transparent with his philanthropy so he and others can learn from it, adding that he’s donated $40 million in the past, mostly anonymously.Across the world, there have been more than 1.41 million virus cases and over 81,000 deaths. The San Francisco Bay Area, where Dorsey and his companies are based, had some of the earliest U.S. cases and authorities in the region took aggressive action to rein in the virus.Aside from the physical and mental toll the virus will take, the economic impact is also severe. The U.S. jobless rate has jumped to 4.4% -- the highest since 2017 -- from a half-century low of 3.5%, and is expected to surge in coming months.“Why now?,” Dorsey said in his Tuesday tweet. “The needs are increasingly urgent, and I want to see the impact in my lifetime.”(Updates with details throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Digital TrendsThe best Samsung Galaxy S10 cases and covers
If you've paid for this sleek smartphone, then you'll definitely want to protect it. Check out the best cases.
Consumer ReportsBest Mattresses of 2020
Buying a new mattress can be a headache because it’s difficult to separate the marketing hype from a mattress’s attributes. “There are so many mattresses out there that claim a layer of this and ...
Consumer ReportsBest Foam Mattresses for $600 or Less
You don’t have to spend a fortune to get a good night’s sleep. You can order a queen-size foam mattress online for a few hundred dollars, and have the bed-in-a-box delivered to your doorstep. Bel...
Digital TrendsThe best Minecraft mods
There are thousands of third-party mods for Mojang's hit title. Here are some of the best mods for Minecraft.
Digital TrendsUse less toilet paper with the best bidet attachments
A bidet attachment can upgrade your toilet in many ways. Here are the top picks and what features they offer.
Digital TrendsSony unveils PlayStation 5 controller design in surprise tweet
After generations of DualShocks, the DualSense represents a major makeover
Digital TrendsWHO’s Play Apart Together campaign uses games to promote social distancing
Games are being used to educate and keep players inside
Digital TrendsMayo Clinic is using autonomous shuttle buses to transport COVID-19 tests
Self-driving vehicles are helping overworked hospital staff
Digital TrendsEverything you need to know about coronavirus stimulus checks
From if you qualify to how much money you will get
Digital TrendsApex Legends: character guide (classes, abilities, and tier list)
Our Apex Legends' character guide details the abilities, strengths, weaknesses, and quirks of all 12 legends.
Digital TrendsTwitter CEO Jack Dorsey will spend $1 billion to help fight coronavirus
Donation amounts to roughly 28 percent of his overall wealth
Digital TrendsDigital Trends Live: Virus updates, WhatsApp cracks down, Dragon returns
We discuss the top tech stories, including autonomous vehicles delivering tests
Digital TrendsDisco Elysium port is confirmed for the Nintendo Switch
The murder mystery is one of 2019's best games
Digital TrendsHow to add Zoom to your Outlook account
Using Zoom for work? There's an easy way to integrate it with Microsoft Outlook for meetings. Here's how.
Digital TrendsCheap Soundbars: Huge savings on Sonos, TCL, Vizio at Best Buy
TCL, Vizio, and Sonos soundbars are currently on sale on Best Buy for as low as $80 with up to $50 in savings.
Digital TrendsThe best robot vacuum deals for April 2020: Eufy, Roomba, and Deebot
Cheap robot vacuums can keep your house clean when the kids are home and adults are working from home.
Digital TrendsThese are the best Google Home and Google Nest deals for April 2020
It's hard to beat the convenience of asking Google questions without using your smartphone or computer.
Digital TrendsThe best computer reading glasses to help reduce eye strain
Eye strain, headaches, and dry eyes are all side effects of too much exposure to blue light. Get yourself a pair of blue light blocking computer reading glasses to help relieve the pain -- and these are the best ones available.
Digital TrendsBose denies firmware fried ANC on QC35 headphones but will allow downgrades
In-home testing with customers found some issues, but none related to firmware
Digital TrendsThe best fitness apps for the iPhone
Track calories, see your workout progress, monitor sleep, reduce stress, and achieve all your fitness goals.
