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"Those our sales numbers? Nice."
Pro tip for WeWork ex-CEO Adam Neuman: Don't put your $37.5M NYC penthouse on the market like you just did — just turn it into a coworking apartment.
Stocks rose last week despite a worsening coronavirus situation (the death toll is now higher than SARS').
Canopy Growth's surprise earnings hint at a cannabis turnaround
Cue the "high" jokes... Canopy Growth, Earth's biggest cannabis company, whipped up a surprise Friday: Stronger-than-expected revenues and a smaller-than-expected loss. Sales were up 62% from last quarter, and operating expenses were down 14%. That combo forms a soothing CBD balm on the bruised cannabis industry:
Aaaand exhale... Canopy's strong earnings lifted its own stock 13% on Friday. Then it passed the fun to the right — pot peers Aurora and Tilray both jumped almost 8%, and so did smaller cannabis companies in the US and Canada.
Is this the end of the dip?... Despite the bubble-hype, cannabis can still sit back and enjoy some trends in its favor: It's seen as a safer alternative to opioids, US states have legalized, and CBD-infused-everything is killing social stigma. Young industries just need time to mature, hash out their issues, and self-select leaders. But every cannabis company is different — Canopy rival Aurora just reported an almost $1B loss over just 3 months.
It's like Ben & Jerry's giving up dairy... 98% of Delta's hefty carbon footprint is jet fuel, so it's announced a new bold move: Become the world's 1st carbon neutral airline by 2030. Delta's splurging $1B starting in March to get there, but the plan is mostly through carbon offsets (paying for a certificate for someone else to plant trees or install solar panels). Sustainability pressure on a majorly polluting industry just hit a fresh milestone.
Wedding bells... T-Mobile and Sprint won approval from a judge for their long-delayed merger marriage — 13 states had sued to block the mega-merger, saying it would reduce competition and lead to pricier phone bills. But the judge doesn't think it's so clear. If this decision stands, we're left with a three-opoly of major carriers: Verizon, AT&T, and the new T-Mobile.
...and who's down
Everybody hurts... even $1.4T Apple. On Monday, it revealed it doesn't expect to meet its 2nd quarter revenue forecasts — that's less than a month after posting its biggest quarterly profit. Ever. Coronavirus has slowed Apple's iPhone supply chain as factories shut across China. Plus, sales in China are already suffering as locals stay home instead of heading to work or shopping for new noise-cancelling AirPods.
Brand is everything... Ecommerce startup Brandless is shutting down after failing to build a brand without a brand. The Softbank-backed company tried to make products cheaper for consumers by saving on marketing costs, cutting out grocery stores, and deleting logos. But its no-frills, health-conscious go-to's ($3 organic cashew butter, cruelty-free moisturizer, etc) weren't able to compete in the crowded direct-to-consumer space where brand wins.
Not-quite-Unicorn of the Day: It's Headspace — the meditation and sleep app just snagged $93M in fresh funding
Our 15-minute pod is breaking down Headspace's strategy to beat rival Calm in the (stressful) Wellness Wars.
In 2019, Netflix's electricity usage jumped 84% to 451K Mwh — enough to power 40K American homes for a year
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