Pinterest, Zoom Shares Soar in Trading Debuts
A I blockchain smart cities, the digital transformation happening now makes the seemingly impossible doable at Deloitte. We help clients harnesses powerful technologies to improve business and the world, Deloitte dot com slash look again. This is tech news briefing im Tanya boost does in the newsroom at the Wall Street Journal and over on Wall Street Pinterest and zoom rise in their trading. Debuts breaking down another big day as twenty nineteen lives up to its reputation as the year for tech IPO's more after these tech headlines. Samsung will look into what caused some galaxy fold phones issue to tech reviewers to malfunction casting doubts over the rollout of the industry's first mainstream foldable screen device despite multiple tech reviewers reporting problems Samsung pledged to make the galaxy full device available April twenty six in the US stating that there was no change to the release as the journal reported some tech reviewers encountered problems after unknowingly peeling off the top layer of the galaxy folds display effectively tearing off part of the phone screen believing. It had been a protective cover it is a hot topic of discussion you can see here and read more about it at wsJcom. Journal says Amazon is checking out of China's fiercely competitive domestic e-commerce market, the company told sellers Thursday that it will no longer operate. It's third party online marketplace on its Chinese website beginning in July, the decision marks an end to a long struggle by America's ecommerce giants in the Chinese market entering the Chinese market with great fanfare in the early two thousands only to struggle in the face of competition from China's faster moving internet titans. And it turns out that Qualcomm is bet on five G is paying off three more than two years of takeover threats, and legal strife, the chipmaker trained its focus on the future promises of five. G two promising results the success of Qualcomm strategy, accelerating spending on five G while staring down existential threats has pushed up the company stock thirty eight percent since Monday's close hitting highs not seen since twenty fourteen coming up it finally happened Pinterest and zoom make their trading debuts. Assessing more of a much hype tech IPO market after this support for this podcast and the following message. Come from Deloitte, a global leader in digital transformation helping clients apply. Technologies like cloud an AI to their unique business challenges Deloitte got com slash look again. Tears of online image board, Pinterest and conferencing firm zoom video communications Rosen. They're trading debuts Thursday giving the IPO market a boost after the recent high-profile wobble by lift Pinter's stock opened at twenty three dollars and seventy five cents up twenty five percent from its initial public offering price and one of the most anticipated offerings of a year that may break records in terms of dollars raised shares of zoom opened up at sixty five dollars about eighty one percent above their IPO price here to break down a very big day. On Wall Street is the Wall Street Journal's Maureen Farrell joining us in the podcast duty. Oh comporting. Thanks for having me. So how does Thursday's big debut? How does it set the stage for the IPO market going forward? Because I don't know if you've heard, but there's a lot of excitement in the tech IPO's phys. I think it sets it up. Very well. I think a lot of other companies are looking at the performance of zoom of a Pinterest. And I think it's going to. People who are considering it maybe would probably want to go. If you see how well these two companies at least on their first day. And of course, who knows what happens from here, but these were solid two huge debuts. I mean, the pops of zoom in particular more than seventy percent, we rarely seen that that was kind of do a double take at that figure. I was like what does that normal? It's not definitely sort of this darker horse, and the running it seems how did it shape up other than the big jump there that we saw and how do you see it shaping of? I mean, the jump was crazy not only the first day pop. But when you look at it twenty seventeen January raised capital, it was you'd at a billion dollars. So even when it went public before the jump. It was went to ten billion dollars, which is crazy to see in just a little over a year from private to public. And then, you know, an ended the day up even higher so it's a an incredible debut. I think a lot of people in Silicon Valley know, the company they used. Videoconferencing software. But I think a lot of other, you know, the broader public didn't know it as well as Pinterest, but there's excitement and its revenue and financial profiles. Incredible. The growth is really fast. There's a substantial revenue already, and it has profits and Pinterest as well very attractive to investors during its roadshow. What in particular pop for Pinterest? I think and potential investors really liked the growth story. It's still growing a lot. It's losses or not as steep as a lot of other tech companies. They're narrowing they don't necessarily need the cash as much they're getting a much closer. I mean, they're still not profitable. But they're not burning a ton of cash is this unusual for two companies with multibillion dollar valuations to go public like this on the same day. What do we make of it? We've seen it before. But not a ton. And there they were on each exchange. Zoom was on NASDAQ Pinterest on the NYSE. I think it just shows how hot the market is. Runs kind of racing to get out there. So they're only so many days and having said that up next is Uber. What else do we have to look forward to? It's still early issue in the year mover. Other names, we hear about it around or slack post meets the delivery service, those alone, and they'll be tons more. But those are three of the big names like the buzzy est as of late Maureen Farrell, it's a busy day. Like, we said, and we appreciate the time. Thanks. Thank you for all the latest details on all things tech IPO's in twenty nineteen follow latest coverage at wsJcom that does it for the tech news briefing im Tanya boost does in the newsroom at the Wall Street Journal. Thanks for listening.