NEW YORK, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at Chewy (NYSE:CHWY), Wayfair Inc. (NYSE:W), NexTech AR (OTC: NEXCF) (CSE: NTAR) and eBay (NASDAQ:EBAY) from recent earnings calls and investor conferences.
eBay, Inc. (NASDAQ:EBAY) CEO Jamie Iannone: “A Clear Vision To Realize Enormous Untapped Potential of eBay.”
Earnings call Highlights: https://bit.ly/3g3VUlw
Wall Street Reporter highlights tech leaders comments and insights from recent earnings and analyst calls:
Wayfair Inc. (NYSE:W) CEO Niraj Shah: “Wide Spectrum of Products - Now Positions Wayfair To Capture Outsized Share of Increased Category Demand”
“Q2 demonstrated that Wayfair is now a meaningful, well-recognized, and trusted household brand. Millions of customers, new and loyal, are seeking us out when their attention is on their homes...Q2 demonstrated the wisdom of our strategic investments and the returns that they can generate. Our proprietary logistics network allowed us to effectively meet peak demand, not just for a few days or a three-week holiday stretch, but consistently over the course of a full quarter. The wide spectrum of product classes we've seated over the last several years positioned us to capture an outsized share of increased category demand…”
“…We believe the Home Goods category in total remained relatively resilient over the last several months. Consumers de-prioritize expenses such as travel and entertainment, and shifted their focus and discretionary spending to their homes. We see evidence of this in strong and consistent demand across nearly all of the product classes we sell, not just those directly linked to having to shelter or work from home.”
“…Q2 2020 was a very strong quarter for Wayfair, as COVID demand tailwinds benefited our sales momentum. More significant is that these circumstances highlighted the attractiveness of Wayfair's value proposition to our customers, a solid foundation we have built over multiple years, and the early fruits from the plants we put in motion last year to drive tighter execution and efficiency gains…We picked up a year's worth of new customers in just one quarter, and we're seeing great repeat behavior, ongoing engagement, from these customers… Even as reopenings continue, we're going to see that the secular shift to e-commerce has been accelerated meaningfully, and that rolls forward…”
“Accelerated e-commerce adoption was also an important tailwind in Q2, and should bring longer lasting benefits to our business. What was even before COVID an inexorable shift to e-commerce then became supercharged over the last several months, and we believe much of the step change in online penetration will prove to be sticky. In fact, our view is that e-commerce adoption is likely to continue to shift faster than it did pre-COVID. Just to put things into perspective, in the quarter, we activated nearly five million net new customers more than the last four quarters combined…Our observations tell us that this new cohort of customers is reengaging with our platform at higher than usual rates after their initial purchase, and that this engagement is translating into higher than average repeat order rates.”
NexTech has been making news recently with explosive growth in it’s AR-powered video conference solutions for global enterprise, and EdTech. (The global virtual events market in 2020 is $90 billion and expected to reach more than $400 billion by 2027, according to Grandview Research). Not to be overlooked is NEXCF’s substantial e-commerce business which utilizes Augmented Reality solutions to optimize customer experiences, and selling rates.
On July 17, NEXCF announced a major product line expansion which takes it from selling just one major brand - Miele - to now adding seven consumer brands, including, Dyson, Philips Norelco, MR. Coffee, VitaMix, Breville and Cuisinart. These new distribution deals position the company to take full advantage of the new SFH (shop from home) paradigm shift in e-commerce as well as leverage its full augmented reality technology stack into these brands, which includes its WebAR, ARitize360 app and it's 3D/AR advertising network. The company expects these new products to have a significant impact on future revenues. Evan Gappelberg, Chief Executive Officer, NexTech AR noted "Up until 60 days, Miele accounted for the majority of our AR ecommerce business. Now with seven major new brands and more in the works, we are exponentially increasing our AR e-commerce revenue potential."
August 13 - NEXCF announced it has been selected by the Canadian Urban Transit Association (CUTA) to provide its InfernoAR virtual event services. NexTech's InfernoAR will power CUTA's annual conference, which will be virtual for the first time ever, November 16-19, 2020. This latest contract is the latest, in a growing growing global shift in dollars from government agencies, universities, and corporations to virtual meetings and AR solutions - technologies which NexTech is uniquely positioned to provide.
July 30 - NEXCF announced a new contract with Ryerson University to provide InfernoAR Augmented Reality Remote Learning Solutions, with an initial focus on first year Chemistry, Biology and Physics students from the Faculty of Science at Ryerson and enable over 5,000 students to participate in rich, collaborative AR enhanced learning experiences during the Fall and Winter Terms. Ryerson University of Toronto, Canada has over 46,000 students.
July 27 - NEXCF announced that it has priced its prospectus offering, raising up to C$15,000,000. The offering will be conducted on an agency basis for the issuance of up to 2,307,692 units of the Company at a price of C$6.50 per Unit. The unit's consist of one share of common stock, and a half warrant exercisable at C$8.00. The Offering is being led by Mackie Research Capital Corporation as sole agent and sole bookrunner.
July 22 - NEXCF reported preliminary Q2 2020 results: Revenue increases +133% to $3.5 million. Gross Profit increases +171% to $2.1 million with a 60% margin.
July 8 - NEXCF announced it has filed to up-list its shares to NASDAQ.
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eBay, Inc. (NASDAQ:EBAY) CEO Jamie Iannone: ”A Clear Vision To Realize Enormous Untapped Potential of eBay.”
“…Consumer behavior is rapidly evolving, and this dynamic has been accelerated by COVID-19, contributing to a significant volume acceleration and new customer acquisition. This led to a very strong quarter, coming in ahead of the recently increased expectations we shared in early June….Volume was strong across most major markets in the Marketplaces business, growing 29%, our highest quarterly growth rate in 15 years. We also added approximately 8 million more buyers to bring the annual active buyer base to 182 million.”
“Our ambition to become the best global marketplace has been built with customers at the center, and an acknowledgment of the driving force of our success has always been and must continue to be our leadership in technology. This is why the entire team at eBay is rallying around three key priorities to execute on the vision: One, to build compelling next gen experiences for our enthusiasts. Second, is become the partner of choice for our sellers and third is to cultivate lifelong, trusted relationships with buyers. We plan to modernize and simplify the experience to drive more purchase frequency by leveraging AI teams to remove friction throughout the buying journey…We’re building up our capabilities in AI and data science and computer vision.”
“...We have a clear vision to realize the enormous untapped potential of eBay. This will be a multiyear process and will require investment but through a tech-led re-imagination, our plan is to become the best marketplace in the world for buyers and sellers.”
eBay (NASDAQ:EBAY) Earnings call highlights available at: https://bit.ly/3g3VUlw
Chewy, Inc. (NYSE:CHWY) Sumit Singh, CEO: “Chewy: Essential Services For Pets & Pet Parents”.
“...our shop-at-home business proved resilient amid the current economic disruption. First quarter results reflect the significant change that occurred in customer shopping behavior as the pandemic spread. First quarter net sales increased 46% year-over-year to $1.62 billion. We ended the quarter with 15 million active customers, an increase of 3.7 million compared to the end of first quarter 2019 and the fastest acceleration of new customer acquisition in the Company's history.”
“Autoship customer sales exceeded $1 billion for the first time in a single quarter, totaling $1.1 billion or 67.9% of total net sales. Net sales per active customer grew 6.6% to $357 when adjusting to exclude the extra week in 2018. Q1 gross margin expanded by 50 basis points year-over-year to 23.4%. In addition to the scale benefits from overall revenue growth, our private label business contributed 60 basis points to the year-over-year expansion in gross margin...Our healthcare Rx business continued its robust growth in Q1 despite clinic closures and/or reduced clinic hours due to the pandemic…For the first time in Chewy's history, we delivered positive adjusted EBITDA of $3.4 million, improving margins by 160 basis points year over year. This marks a significant milestone achievement for our company.”
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