Zomato falls 11 percent; Walmart cuts forecast; ‘Stop mimicking TikTok,’ Kardashians tell Instagram

Zomato’s shares fell as much as 14 percent yesterday, after a post-IPO lock-in period ended for the loss-making food delivery service and tech platform company. Walmart issued an earnings warning, lowering its projections for the current quarter and the full year, signalling the deepening slowdown. Atlassian names Rajeev Rajan CTO. And the Kardashians don’t like where Instagram is headed. Notes: Zomato’s shares fell as much as 14 percent yesterday, after a post-IPO lock-in period ended for the loss-making food delivery service and tech platform company, Times of India reports. The stock ended the day 11 percent lower. Zomato was listed on the stock exchanges in Mumbai with much fanfare a year ago, more than doubling from its listing price of Rs. 76 and then quickly plummeting to the 50s before the lock-in period ended yesterday. Analysts told Times of India that the company has no clear path to profitability over the next few years and that recent bets on quick delivery are unlikely to pan out. Such ventures haven’t done well in other markets and make Zomato’s outlook “more speculative,” Richa Agarwal, senior research analyst at Equitymaster told Times of India. Walmart, yesterday, issued an earnings warning, lowering its quarterly and full-year profit guidance, blaming inflation, and signalling a deepening slowdown. The announcement sent shares of Amazon down 4 percent as well, CNBC reports. “The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hard-line categories, apparel in Walmart US is requiring more markdown dollars,” CEO Doug McMillon said in a news release. Walmart now expects adjusted earnings per share for the second quarter and full year to be lower by 8-9 percent and 11-13 percent, respectively. Previously, it had forecast them to be flat to up slightly for the second quarter and to drop by 1 percent for the full year, according to CNBC. Atlassian, a provider of team collaboration and productivity software, has appointed Rajeev Rajan as its new chief technology officer, the Nasdaq-listed Australian company said in a press release yesterday. Rajeev, who’s previously worked at Meta and Microsoft, will lead all the engineering, IT and security teams at Atlassian worldwide. In 2018, when Kylie Jenner criticised the redesign of Snapchat, its parent company Snap’s shares fell 7 percent. Now Jenner and her sister Kim Kardashian, influential social media celebrities, have taken issue with the direction Instagram is headed. Yesterday, they urged Instagram to stop mimicking rival TikTok, CNBC reports. To their hundreds of millions of Instagram followers, Jenner and Kardashian posted a message that read, “Make Instagram Instagram Again.” Mark Zuckerberg, CEO of Meta, which owns Facebook and Instagram, has been pushing into short videos, a market that TikTok dominates in mobile. Meta shares, however, held their price, according to CNBC. Theme music courtesy Free Music & Sounds: https://soundcloud.com/freemusicandsounds