LONDON — Hundreds of the biggest names in European tech rubbed shoulders with politicians and wealthy investors on the lawns of the Soho Farmhouse private members club in rural England on Thursday, at what was one of the first major tech events to happen in over a year.
Attendees of the annual Founders Forum event included the former U.K. Prime Minister David Cameron (who lives just up the road), ex-Finance Minister George Osborne, and the past and present U.K. tech ministers: Ed Vaizey and Oliver Dowden, respectively.
Google’s Matt Brittin and Facebook’s Nicola Mendelsohn, the European bosses of the Silicon Valley heavyweights, showed up, as did the general manager for TikTok in Europe, Rich Waterworth, who previously ran marketing for YouTube on the continent.
Ex-Google CEO Eric Schmidt, LinkedIn co-founder Reid Hoffman and Zoom co-founder Eric Yuan beamed themselves in from the U.S. for video interviews, while DeepMind co-founder Mustafa Suleyman resurfaced after he exited the company in controversial circumstances to join Google. Mike Lynch, who is currently fighting extradition to the U.S. on fraud claims after selling his software start-up Autonomy to HP for over $11 billion, was also in attendance. Palantir co-founder and CEO Alex Karp was due to attend but had to drop out after the U.K. pushed back the date for its full lockdown easing.
“Everyone I want to meet in Europe is here,” reads a quote from Schmidt on the event’s website. “Founders Forum has emerged as the go-to destination for tech in Europe.”
The founders and CEOs of apps like Monzo, Wise (formerly TransferWise), Citymapper, and many more also turned up to network and listen to talks on everything from existential risks that threaten to wipe humanity off the face of the Earth, to hiring top talent in the field of artificial intelligence.
Elsewhere, venture capitalists from firms with billions of dollars at their disposal — such as Sequoia, Index Ventures, Atomico and Balderton — were also present, as were some of the U.K.’s most active angel investors.
For many it was the first in-person tech event they’ve been able to attend in over a year as a result of the coronavirus pandemic.
Throughout the day, people kept saying how “weird” it was to be there as they fist-bumped and elbow-bumped one another. Everyone had to record themselves taking a Covid-19 test and getting a negative result in an app developed by Wise co-founder Taavet Hinrikus before they were allowed to attend.
The ‘Davos of tech’
British Brent Hoberman, Co-Founder of PROfounders Capital, Chairman of made.com and Founder and Chairman of mydeco.com
Eric Piermont I AFP | Getty Images
Branded as “something like the Davos of tech” by The Guardian newspaper, Founders Forum is put on by serial entrepreneur and investor Brent Hoberman.
The former Eton and Oxford student, who co-founded Lastminute.com and the recently listed Made.com, is well-known for having one of the most impressive networks in the European tech scene and many of his friends and investments are invited to Founders Forum each year.
The organizers describe it as a private network of the world’s top-tier entrepreneurs, CEOs and investors from technology, media and digital.
Previous guests have included Snap CEO Evan Spiegel, former Apple design boss Jony Ive, broadcaster David Attenborough, and former Yahoo CEO Marissa Mayer. Prince William, a member of the British royal family, has also attended.
Normally held at the five-star Grove Hotel, this year marks the first time Founders Forum has been held at Soho Farmhouse. Aston Martins, Maseratis, Range Rovers and Teslas could all be spotted in the car park on the day of the event.
“To have an event there is crazy money,” a member of Soho House, which owns Soho Farmhouse, told CNBC, asking to remain anonymous due to the sensitive nature of the discussion.
For some, one of the highlights of the day was witnessing British jet suit inventor Richard Browning flying around a few feet above the ground.
After being fed throughout the day, Founders Forum guests were treated to freshly-grilled lobster, and strawberries and cream in the evening. On their way home, they were given goodie bags containing products from the likes of Cowshed and Charlotte Tilbury.
Timothy Armoo, the CEO of Fanbytes, a company that helps brands advertise through social video, told CNBC he really enjoyed the event.
“The quality of the conversations remained very high which was quite pleasing,” he said.
“With this being the first major event that people have been to in a while, there is the danger that it becomes more of a ‘catch up’ session for friends but that wasn’t the case at all. Meaningful connections were fostered and that’s what you’re looking for when you go to these events. I also really admired how they handled social-distancing rules, people were respectful and the pre-process of taking tests was quite comforting.”
Intuit CEO Sasan Goodarzi speaks at the opening night of the Intuit Dome in Los Angeles on Aug. 15, 2024.
Rodin Eckenroth | Filmmagic | Getty Images
Intuit shares fell 6% in extended trading Thursday after the finance software maker issued a revenue forecast for the current quarter that trailed analysts’ estimates due to some sales being delayed.
Here’s how the company performed in comparison with LSEG consensus:
Earnings per share: $2.50 adjusted vs. $2.35 expected
Revenue: $3.28 billion vs. $3.14 billion
Revenue increased 10% year over year in the quarter, which ended Oct. 31, according to a statement. Net income fell to $197 million, or 70 cents per share, from $241 million, or 85 cents per share, a year ago.
While results for the fiscal first quarter topped estimates, second-quarter guidance was light. Intuit said it anticipates a single-digit decline in revenue from the consumer segment because of promotional changes for the TurboTax desktop software in retail environments. While that will affect revenue timing, it won’t have any impact on the full 2025 fiscal year.
Intuit called for second-quarter earnings of $2.55 to $2.61 per share, with $3.81 billion to $3.85 billion in revenue. The consensus from LSEG was $3.20 per share and $3.87 billion in revenue.
For the full year, Intuit expects $19.16 to $19.36 in adjusted earnings per share on $18.16 billion to $18.35 billion in revenue. That implies revenue growth of between 12% and 13%. Analysts polled by LSEG were looking for $19.33 in adjusted earnings per share and $18.26 billion in revenue.
Revenue from Intuit’s global business solutions group came in at $2.5 billion in the first quarter. The figure was up 9% and in line with estimates, according to StreetAccount. Formerly known as the small business and self-employed segment, the group includes Mailchimp, QuickBooks, small business financing and merchant payment processing.
“We are seeing good progress serving mid-market customers in MailChimp, but are seeing higher churn from smaller customers,” Sandeep Aujla, Intuit’s finance chief, said on a conference call with analysts. “We are addressing this by making product enhancements and driving feature discoverability and adoption to improve first-time use and customer retention.”
Better outcomes are a few quarters away, Aujla said.
CreditKarma revenue came in at $524 million, above StreetAccount’s $430 million consensus.
At Thursday’s close, Intuit shares were up about 9% so far in 2024, while the S&P 500 has gained almost 25% in the same period.
On Tuesday Intuit shares slipped 5% after The Washington Post said President-elect Donald Trump’s proposed “Department of Government Efficiency” had discussed developing a mobile app for federal income tax filing. But a mobile app for submitting returns from Intuit is “already available to all Americans,” CEO Sasan Goodarzi told CNBC’s Jon Fortt.
Goodarzi said on CNBC that he’s personally communicating with leaders of the incoming presidential administration.
On the earnings call, Goodarzi sounded optimistic about the economy.
“Our belief, which is not baked into our guidance, is that we will see an improved environment as we look ahead in 2025, particularly just with some of the things that I mentioned earlier around just interest rates, jobs, the regulatory environment,” he said. “These things have a real burden on businesses. And we believe that a better future is to come.”
Bluesky has surged in popularity since the presidential election earlier this month, suddenly becoming a competitor to Elon Musk’s X and Meta’s Threads. But CEO Jay Graber has some cautionary words for potential acquirers: Bluesky is “billionaire proof.”
In an interview on Thursday with CNBC’s “Money Movers,” Graber said Bluesky’s open design is intended to give users the option of leaving the service with all of their followers, which could thwart potential acquisition efforts.
“The billionaire proof is in the way everything is designed, and so if someone bought or if the Bluesky company went down, everything is open source,” Graber said. “What happened to Twitter couldn’t happen to us in the same ways, because you would always have the option to immediately move without having to start over.”
Graber was referring to the way millions of users left Twitter, now X, after Musk purchased the company in 2022. Bluesky now has over 21 million users, still dwarfed by X and Threads, which Facebook’s parent debuted in July 2023.
X and Meta didn’t immediately respond to requests for comment.
Threads has roughly 275 million monthly users, Meta CEO Mark Zuckerberg said in October. Although Musk said in May that X has 600 million monthly users, market intelligence firm Sensor Tower estimates 318 million monthly users as of October.
Bluesky was created in 2019 as an internal Twitter project during Jack Dorsey’s second stint as CEO, and became an independent public benefit corporation in 2022. In May of this year, Dorsey said he is no longer a member of Bluesky’s board.
“In 2019, Jack had a vision for something better for social media, and so that’s why he chose me to build this, and we’re really thankful for him for setting this up, and we’ve continued to carry this out,” said Graber, who previously founded Happening, a social network focused on events. “We’re building an open-source social network that anyone can take into their own hands and build on, and it’s something that is radically different from anything that’s been done in social media before. Nobody’s been this open, this transparent and put this much control in the users hands.”
Part of Bluesky’s business plan involves offering subscriptions that would let users access special features, Graber noted. She also said that Bluesky will add more services for third-party coders as part of the startup’s “developer ecosystem.”
Graber said Bluesky has ruled out the possibility of letting advertisers send algorithmically recommended ads to users.
“There’s a lot on the road map, and I’ll tell you what we’re not going to do for monetization,” Graber said. “We’re not going to build an algorithm that just shoves ads at you, locking users in. That’s not our model.”
Bluesky has previously experienced major growth spurts. In September, it added 2 million users following X’s suspension in Brazil over content moderation policy violations in the country and related legal matters.
In October, Bluesky announced that it raised $15 million in a funding round led by Blockchain Capital. The company has raised a total of $36 million, according to Pitchbook.
Alphabet shares slid 6% Thursday, following news that the Department of Justice is calling for Google to divest its Chrome browser to put an end to its search monopoly.
The proposed break-up would, according to the DOJ in its Wednesday filing, “permanently stop Google’s control of this critical search access point and allow rival search engines the ability to access the browser that for many users is a gateway to the internet.”
This development is the latest in a years-long, bipartisan antitrust case that found in an August ruling that the search giant held an illegal monopoly in both search and text advertising, violating Section 2 of the Sherman Act.
The potential break-up would include preventing Google from entering into exclusionary agreements with competitors like Apple and Samsung, part of a set of remedies that would last 10 years.