Spotify Technology ($SPOT) – Joe Rogan, strong ad growth, and beating expectations on both the top and bottom line couldn't help Spotify overcome weak user growth on the quarter, sending shares down 5.7%. The music streaming and podcast platform has been busy lately, from beefing with Tim Cook to shelling out MLB-sized deals for podcasts. Stealing the limelight however, was the mention of pandemic-hampered user growth, as many listeners primarily used the service on their, now non-existent, commutes.
Apple ($AAPL) – Speaking of Tim Cook, America's largest company by market cap completely destroyed expectations, beating on revenue by almost $10bn to reach $81.4bn for the quarter (not a typo). Not a single product line grew less than 12%, and iPhone sales jumped 50% from a year earlier. But alas, shares fell 1.0% because Wall Street cares more about what you're going to do, not what's already done, and Apple's warning of a potential lack of chip supply dominated trader's minds.
Starbucks ($SBUX) – I will fight anyone who says Starbucks is better than Dunkin Donuts. It seems like Wall Street agrees with me as Starbucks closed down 2.8% yesterday after their earnings call. U.S. sales came in strong as the national addiction to cold brew grew stronger, but unfortunately, China doesn't share the same fandom. A poor outlook in the most populous country on Earth rattled investors, as uncertainty around China spreads even wider.