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FOCUS LIST🔎
CXAI – Up over 50% in the pre-market after announcing Q2 earnings and largest “expansion” deal and strategic multi-year agreement with Google Cloud
GCTS – Up over 25% after signing MOU with Samsung to accelerate the development of 4G/5G chipsets and modules
BZFD – Up over 16% in pre after reporting Q2 financial results and issuing positive Q3 guidance
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HOTLIST🔥
CXAI – Up over 50% in the pre-market after announcing Q2 earnings and largest “expansion” deal and strategic multi-year agreement with Google Cloud
CXApp Inc. (CXAI) provides a workplace experience platform for enterprise customers in the United States and internationally. It offers CXApp, a software-as-a-service platform with native mapping, analytics, on-device positioning, and applications technologies for use in various applications.
In the after-hours yesterday, the company announced Q2 earnings and largest “expansion” deal and strategic multi-year agreement with Google Cloud.
Highlights include:
Increase of 78% in renewal and expansion bookings from the same period last year. The Company reported its largest “expansion” deal with a major enterprise customer in the financial sector that is now scaling its footprint globally after the initial pilots. This customer’s annual recurring revenue (ARR) grew by 112% as a result of this expansion.
The subscription to one-time revenue split was 85% for the quarter compared to 79% last year, gross margin was 80% upward from 75% from last year and the net retention rate (NRR) was 105%.
The Company has continued to optimize the operational cost structure leveraging investments in AI resulting in a net 15% operating expense reduction from Q2’23 to Q2’24.
The Company also announced today the signing of a multi-year multi-million dollar strategic agreement with Google Cloud. This agreement entails mutual commitment on the development and delivery of advanced AI infrastructure, security and application products. Google Cloud will also co-invest with CXApp Inc. in the continuous deployment, monitoring and modernization of the AI-native CXAI platform.
CXAI traded up over 50% in the pre-market in reaction to the earnings report and partnership with Google Cloud.
The $2.20 area acted as support in the pre-market and will be an important level to watch.
Above it, targets to the upside are $2.50, $2.60, $2.95, and then the after-hours high at $3.13. Beyond that, $3.80, $5.50 and $7 come into play.
Below $2.20, targets to the downside are $2, $1.80, $1.60 and then a gap fill at $1.47.
GCTS – Up over 25% after signing MOU with Samsung to accelerate the development of 4G/5G chipsets and modules
GCT Semiconductor Holding, Inc. (GCTS) operates as a fabless semiconductor company, designs, develops, and markets integrated circuits for the wireless semiconductor industry.
In the pre-market this morning, the company announced the signing of a Memorandum of Understanding (MOU) with Samsung Electronics Co., Ltd (Samsung) that aims to accelerate the development of 4G/5G chipsets and modules, as well as drive the adoption by device makers.
GCT will work together with Samsung to promote the total Samsung/GCT solution and to strengthen the ecosystem of OEM/ODM device makers in order to support wireless operators worldwide, including the Saudi Arabian oil group Aramco, in the 450 MHz and 4.0 GHz business, mission-critical public safety, and more.
The stock traded up over 25% in the pre-market in reaction to the proposed partnership.
The $3.50 area acted as support in the pre-market and will be an important level to watch.
Above it, targets to the upside are $3.80, $4, $4.20, $4.40, $4.60, $4.80 and then the pre-market high at $4.89. Beyond that, $5.40 and $5.80 come into play.
Below $3.50, there is a gap to fill at $3.40 and $3 comes into play.
BZFD – Up over 16% in pre after reporting Q2 financial results and issuing positive Q3 guidance
BuzzFeed, Inc. (BZFD) is a digital media company that distributes content across owned and operated, as well as third-party platforms. The company offers BuzzFeed, a go-to authority for entertainment, pop culture, and Internet with articles, lists, quizzes, videos, and original series; BuzzFeed News, a pocket friendly newsroom; Tasty, a platform for food content; HuffPost, media platform for news, politics, opinion, entertainment, features, and lifestyle content.
In the after-hours yesterday, the company reported Q2 2024 financial results and issued Q3 guidance.
Highlights include:
Programmatic Advertising Revenues Grew 3% Year-Over-Year
Affiliate Commerce Revenues Grew 9% Year-Over-Year
BuzzFeed delivered Q2 revenues of $46.9 million, declining 24% compared to the second quarter of 2023
Advertising revenue declined 19% year-over-year to $23.8 million
Programmatic advertising revenue grew 3% year-over-year to $16.0 million
Content revenue declined 48% year-over-year to $11.4 million
Commerce and other revenues grew 7% year-over-year to $11.7 million
Affiliate commerce revenues grew 9% year-over-year to $10.4 million
Third Quarter 2024 Financial Outlook
We expect overall revenues in the range of $58 million to $63 million, or approximately 3% lower to 5% higher than third quarter of 2023
We expect Adjusted EBITDA in the range of $6 million to $11 million, approximately $8 million higher year-over-year at the midpoint
The stock traded up over 16% in the pre-market in reaction to the positive outlook.
The $2.60 area has acted as support in the pre-market and will be an important level to watch.
Above it, targets to the upside are $2.70, $2.80, $2.90 and then the pre-market high at $2.98. Beyond that $3.20, $3.60 and $4.56 come into play.
Below $2.60, targets to the downside are $2.50, $2.40 and then a gap fill at $2.24.
MARKET NEWS 📰
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