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After Earnings

After Earnings

Written by: Morning Brew
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The stock market has changed. Once dominated by a few huge players, a new wave of engaged retail investors have more influence than ever. After Earnings is the show that connects the modern investor with the executives and decision-makers who are shaping the markets. Join us as we bring the conversations that used to only be available to hedge fund managers to the rest of us. Economics Personal Finance Politics & Government
Episodes
  • Zscaler CFO on Next-Gen Cybersecurity, How AI Models Expose Vulnerabilities & the Software Selloff

    Zscaler CFO on Next-Gen Cybersecurity, How AI Models Expose Vulnerabilities & the Software Selloff
    Jun 15 2026
    Ann Berry is joined by Kevin Rubin, CFO of Zscaler, to discuss how the company's zero trust model protects nearly half of the Fortune 500, what frontier AI models revealed about cybersecurity vulnerabilities and whether the software selloff is missing the bigger picture. 00:00 Kevin Rubin, CFO of Zscaler, Joins01:19 What Zscaler does: zero trust cybersecurity explained02:08 Castle and moat vs. doomsday bunker: the zero trust architecture04:34 Zscaler's customer base05:56 Project Glasswing: partnering with Anthropic on vulnerability research06:35 How frontier AI models find security vulnerabilities at machine speed09:03 Why Zscaler's stock is down 40% despite AI partnerships11:32 Ad break: KeyBank12:17 Using AI internally14:18 International expansion16:46 M&A strategy18:42 Acquisition multiples and the AI premium19:27 How Zscaler evaluates ROI on acquisitions20:45 Earnings results22:50 The war for enterprise sales talent24:36 Capital allocation25:25 Outro and upcoming episodes After Earnings is brought to you by Stakeholder Labs and Morning Brew.For more go to https://www.afterearnings.com Follow UsX: https://twitter.com/AfterEarningsTikTok: https://www.tiktok.com/@AfterEarningsInstagram: https://www.instagram.com/afterearnings_/ Reach OutEmail: afterearnings@morningbrew.com $ZS Learn more about your ad choices. Visit megaphone.fm/adchoices
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    28 mins
  • DraftKings CFO on Prediction Markets, the “Super App” & Sports Betting Integrity

    DraftKings CFO on Prediction Markets, the “Super App” & Sports Betting Integrity
    Jun 1 2026
    Ann Berry is joined by Alan Ellingson, CFO of DraftKings, to discuss how the company is navigating the rising popularity of prediction markets, its new “Super App” designed to let users seamlessly operate across jurisdictions, and how DraftKings is working to maintain integrity in sports betting. 00:00 Alan Ellingson, CFO of DraftKings, Joins00:38 Q1 earnings highlights: revenue, EBITDA, and profitability01:25 Prediction markets: threat or opportunity?02:53 Cannibalization concern: what the data actually shows03:34 Why sportsbook users aren't switching to prediction markets05:26 Prediction market regulation: CFTC rulemaking and legislative bans06:38 Market integrity: fighting insider trading and gaming the system07:58 The Super App: from seven apps to one unified platform09:33 Super App expansion: lotteries, horse racing, and what's next10:06 Could DraftKings move into stock trading?11:08 Rail Bird acquisition: building a prediction market exchange12:07 Ad break: KeyBank12:38 ESPN, NBC, and Amazon: the content partnership strategy14:19 What exclusive broadcast deals actually do for the bottom line15:06 League partnerships vs. broadcast deals: a disciplined approach16:14 State tax hikes: the regulatory landscape17:21 Black market competition: offshore sportsbooks and the tax disadvantage19:26 Cost-cutting and margin defense20:07 Path to 30% EBITDA margins21:26 Breaking down the balance sheet22:23 Prediction markets as a billion-dollar TAM opportunity22:43 Outro and upcoming episodes After Earnings is brought to you by Stakeholder Labs and Morning Brew. For more go to https://www.afterearnings.com Follow Us X: https://twitter.com/AfterEarningsTikTok: https://www.tiktok.com/@AfterEarningsInstagram: https://www.instagram.com/afterearnings_/ Reach Out Email: afterearnings@morningbrew.com $DKNG Learn more about your ad choices. Visit megaphone.fm/adchoices
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    26 mins
  • Duolingo CFO on the Going “Big" Strategy, AI Content Growth & Expanding Beyond Languages

    Duolingo CFO on the Going “Big" Strategy, AI Content Growth & Expanding Beyond Languages
    May 18 2026
    Ann Berry is joined by Gillian Munson, CFO of Duolingo to discuss the company's transformation as it pursues user growth over short-term revenue. They dive into Duolingo’s expansion beyond language learning, growth opportunities across Asia, and how AI is accelerating content production. Gillian also reflects on transitioning from Duolingo’s board to stepping into the CFO role.00:00 Gillian Munson, CFO of Duolingo, Joins01:47 Go big or go home: the strategy shift explained03:32 The cost of not swinging for a billion users04:05 Analyst skepticism addressed05:36 Shots on goal: product, Asia, and performance marketing07:28 Speaking features, AI ingredients, and learning outcomes08:00 Chess, math, and music as new growth vectors10:03 Asian language learners and China's English boom11:34 AI-powered content creation13:51 Where AI costs show up on the P&L14:42 Gross margin compression and investment guidance15:05 2026 guidance: bookings, revenue, and EBITDA targets16:18 The balance sheet: $1B+ cash and buyback strategy18:01 M&A appetite: tuck-ins vs. transformational deals19:34 Why Duolingo is staying software-focused20:43 Gillian's transition from board member to CFOAfter Earnings is brought to you by Stakeholder Labs and Morning Brew.For more go to https://www.afterearnings.comFollow UsX: https://twitter.com/AfterEarningsTikTok: https://www.tiktok.com/@AfterEarningsInstagram: https://www.instagram.com/afterearnings_/Reach OutEmail: afterearnings@morningbrew.com$DUOL Learn more about your ad choices. Visit megaphone.fm/adchoices
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    26 mins
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