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The Stock Movers report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
I'm Tim Stanebeck along with Carol Masser. Let's take a look at some stocks on the move today. We're joined by Bloomberg, a news process. That reporter Isabelle Lee. A lot to choose.
From today, A lot to choose from, but I made sure to choose double digit gains or the clients, because go big. It's Friday, So let's talk with block tickers XYZ.
Which is also cool on its own.
So shares are up around fifteen percent. This comes after the company said it was reducing its workforce by almost half in a bet that AI will just change labor productivity. So that amounts to some four thousand employees. And Jack Dorsey's company has been restructuring its business model since staffing in twenty twenty four. That's as the stock has slagged. And I want to bring up this point that they
have really hired so much. They tripled their workforce between twenty nineteen to twenty twenty three, which is why analysts say, is it really AI or just a.
Real pandemic over right, and like we heard that from a lot of companies, I feel like over the last couple of years. So is that what's going on or is it something more dramatic when it comes to AI.
Because the movie which was announced that a share shareholder letter offered little details.
Jack Dorsey did respond to some of that criticism. He said, yes, we over hired during COVID because I incorrectly built two separate company structures square in cash app rather than one, which we corrected mid twenty twenty four, but dismisses all the complexity we took on through lending banking and buy now, pay later, and that we're now targeting two million dollars
in gross profit per person. Four x are pre COVID efficiency which stayed flat at five hundred thousand from twenty nineteen to twenty twenty four, and we have to do and run an efficient company better than most. So he says this is the way to make it more efficient. He's acknowledging that they over high, but this is the right there. You can see it on the screen, right.
Yeah. They are investing heavily and in AI tools to run more efficiently. They have their own AI tool called Goose, like the singular version of geese. So, I mean, who knows. Only time will tell, but for now, investors are liking it. I mean, of fifteen percent, that's pretty big.
Yeah, unless you can't do everything you need to do.
The story here is is this just something that block is going to do or is this going to become commonplace?
And that's the fear, I know, especially after the Citrini report.
Yeah, we're just very true.
Done do I like to do?
Okay, Yeah, there are questions. We're going to dig into more of that later. Let's go to do a lingo. We just talked to the company's CEO.
I know that was a good interview. Do a lingo. Tickers.
The UOL shares are down more than seventeen percent after the company gave a fullier outlook that is below expectations. This is the lowest since February twenty twenty three. If you type si ns go, so is a language learning software and a lot of people are obsessed with this, including my team leader of Wildonna. She has a more than two thousand day streak and I said that is a little crazy. I mean, this is a thousand which.
This means every day you're on the platform.
Yes, exactly, I'm in three hundred and fifty chess nothing.
I know that is nothing. But what are you learning language?
She's ye, I do Spanish, but I did.
Chess twenty she's doing Spanish.
I have a five day streak I think five years ago.
Not too late.
But I'm committed to my job, not the language.
Is it?
Bells?
Bosses?
Are you Bona? Is my boss? So well done?
Why are shares down? Because the company said that in they're drive to gain subscribers, this would me in slower earnings gross and narrower profit margins. I also feel like maybe this was a pandemic thing, you know, when people were stuck at home. Now I'm in between the office, travel, meeting friends, so maybe it could be that too.
But they're a learning platform, so it's math, it's other things, right, So.
They yeah, doing some math, yes, yes.
Absolutely, mostly language.
But time is finite. Wow.
And Luis has talked about you just now, which if you missed, you can check it out on our podcast feed.
But he did. Uh.
He has in the past talked about what we need to we compete with. You know, anytime somebody opens their phone, so we compete with Netflix or non Netflix, Instagram, TikTok, TikTok, anything like.
That, Bloomberg.
That's why we need to make it fun.
You just sit there and go exactly, there's meditation. Now it's very okay, let's go to Figs. Figs.
Ticker is Figs f I GS So I have never worn Figs. I'm not a medical worker, but.
A lot of my friends who are love it. They're coffee scrubs. Okay, exactly. So my friends in Asia they.
Remember family members in the hospital and they were really cute exactly, and like you would go.
To the nurse and like some they'd order here and I'd have to bring them back. And they're also like way more expensive than others. But then my friends would say, no, it's really worth it.
They like them. Yes, it's the quality and stuff.
So anyway, shares our op let's see twenty three percent. This is the most the highest since May twenty twenty two. The company results were much stronger than expected, prompting a lot of analyst upgrades. One of them is Goldman Sachs. They said that this shows momentum. Key Back also upgraded. They said the better than expected The results show that PIGS is focusing on delivering profitable, sustainable growth.
The Stock Mover's Report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.