Snap Soars, Netflix Slumps, Verizon CEO On Earnings, 5G and Apple

Carl Quintanilla, Jim Cramer and David Faber led off with a look at tech earnings, with shares of Snapchat parent Snap Inc. soaring on a surprise quarterly profit, as well as stronger-than-expected revenue and user growth. A different story for Netflix: Shares slumping on weaker-than expected subscriber growth and its worst earnings miss in the company's history. The anchors also reacted to what Snap CEO Evan Spiegel and Netflix Co-CEO Reed Hastings had to say on their respective earnings calls about competition in wake of the pandemic. Verizon CEO Hans Vestberg appeared on the program to discuss the Dow component's better-than-expected earnings, the company's 5G strategy and how it stands to benefit from Apple's new iPhone 12.