Special Situations 🌐 Research Newsletter (Jay)
$SQ BLOCK SHARES SLIP 3% AFTER GROSS PAYMENT VOLUME MISS
*BLOCK 2Q GROSS PMT VOL $52.50B, EST. $53.47B
*BLOCK 2Q TRANSACTION REV $1.48B, EST. $1.51B
$SQ BLOCK BEAT 2Q NET REV. $4.40B, EST. $4.34B
*BLOCK 2Q CASH APP REV. $2.62B, EST. $2.52B
*BLOCK 2Q ADJ EBITDA $187M, EST. $146.4M
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Special Situations 🌐 Research Newsletter (Jay)
$Z down on 9% earnings; we expected this...
Zillow 2Q Revenue $1.01B Vs. $1.31B Y/y
*ZILLOW 2Q REV. $1.01B, -23% Y/Y
Zillow Group reports Q2 adjusted EBITDA $164M vs $183M last year
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Special Situations 🌐 Research Newsletter (Jay)
Cloudflare $NET up 26%, up 44% on the week, back to increasingly astronomic valuation
*CLOUDFLARE SEES 3Q REV. $250.0M TO $251.0M, EST. $247M
$NET 2Q REV. $234.5M, EST. $227.2M
$NET SEES FY ADJ. OPER INCOME $7.0M TO $11.0M
$NET STILL SEES FY ADJ EPS 3.0C TO 4.0C, EST. 2.9C
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Rihard Jarc
$SQ earnings are out here are the numbers:

- Revenue ex Bitcoin $2.62B up 33% YoY
- Gross profit $1.47B up 29% YoY
- Net loss of $209M

More after the call.
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Ethan Mollick
What substances make people more creative in experiments?
☕️Coffee does! It helps creative problem-solving https://t.co/Jlb7jv67qH
🍻Contrary to what many think, alcohol doesn’t https://t.co/1B6EYlNBfl
🚬Pot does not, but makes you think bad ideas are good https://t.co/sUjPahndMG https://t.co/a7X2mM4Tyv
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Special Situations 🌐 Research Newsletter (Jay)
$BYND HAS BEEN A GREAT SHORT FOR MANY
-Beyond Meat cut its net revenue guidance for the full year; the guidance missed the average analyst estimate.

*BEYOND MEAT CUTTING ABOUT 4% OF GLOBAL WORKFORCE
*BEYOND MEAT SEES FY NET REV. $470M TO $520M, SAW $560M TO $620M
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Five Minute Macro
I'm a bit late to this, but Everything Everywhere All at Once is absolutely incredible. Do yourself a favour and see it.
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Rihard Jarc
Am I the only one who doesn't like the template that $SQ uses for reporting earnings? It's like a maze.
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Special Situations 🌐 Research Newsletter (Jay)
$AMC marginal beat on revenue $1.17bn vs. est $1.16bn; stock down 9%, EPS miss -20c v -19c est
$AMC 2Q Loss $121.6M >AMC
$AMC announces spec div of AMC pfd Equity Units
Co has applied to list its AMC Pfd Equity Units on NYSE under the symbol $APE

Market not buying into ape-sh*t
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Rihard Jarc
Here goes $NET again.
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Morning Brew ☕️
Saving for retirement — where do you even start? (ft. @applecomedy) https://t.co/5YEnWqnKvY
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Paul Graham
I wonder if there's a business in brokering and monitoring deals between competitors who would otherwise get into keyword ad battles that ended in expensive stalemates.
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Morning Brew ☕️
somebody's gotta keep this slack channel interesting https://t.co/QL5V1glX96
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Jim OShaughnessy
We're investors with Jason, and I believe him--give the new organic milk chocolate bars a try! https://t.co/Z90wuYO8Hn https://t.co/EElh1W8G0v
This is the best product we have ever made in our 10-year history of @HuKitchen. Organic, grass-fed milk chocolate. Try some!:

https://t.co/Lc0GgT9DuH https://t.co/QeaCc5pYj9 - Jason H. Karp
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