The Best One Yet - “Lyft is worth only 1 Lyft” — Apple’s horizontal dominance. Hopin’s $125M. Lyft’s non-moment.

Episode Date: November 12, 2020

We’ve been thinking it for weeks, but now that Lyft’s reported earnings we’re just gonna say it: Lyft hasn’t done anything this year. Apple’s “One More Thing” event shows that it’s not only vertically integrating… it’s horizontally dominating. And Hopin is our “Unicorn of the Day” for snagging a fresh $125M to be the Zoom for events (but ultimately the Zoom for Zoom).$LYFT $AAPL $INTCGot a SnackFact? Tweet it @RobinhoodSnacks @TBOYJack @NickOfNewYorkWant a shoutout on the pod? Fill out this form:https://forms.gle/KhUAo31xmkSdeynD9Learn more about your ad choices. Visit podcastchoices.com/adchoices Hosted on Acast. See acast.com/privacy for more information.

This is Nick. This is Jack. And this is Snacks Daily. It is Thursday, November 12. Nick, Thursday's the new Friday. That's why I'm wearing my slamming salmon to this. Snackers, he's doing what I knew it was going to come out on a Thursday. This is a good day to do it. Snackers, stocks barely budged, and this happens to be the best one yet. Yeah, so what are we going to do? Slam and Salmon, Jack, first story. What do you think? Lyft just reported earnings, but we've just got to say what we've been thinking at Snacks Daily for weeks.

Jack, I'm just going to say it. Lyft has done nothing this year. All right, now I'm done. Our second story, Apple has one more thing to say, so it hosted an event yesterday called One More Thing. A creative team over there. They're talking vertical integration. We're thinking horizontal domination. For our third and final story, we're hitting our unicorn of the day, which is Hopin, which is the Zoom, for live events. We're wondering if Hopin can replace your convention center. But Snackers, let me rewind us.

Beep, to December 31st, 2019. Nick and I placed on this pod are three bold business wishes for the company. coming year. Yep, and Jack, first one, a Chipotle with no tables. Guess what Chipotle announced yesterday. Jack, a Chipotle with no tables. That's right. Chipotle has its first ever location with no dining room, no chairs, no loitering. No. But exactly what we predicted last year. Jack, I'm looking around this thing. I can't even see one of those little napkin dispensers, you know, that traps your fingers. They're the worst. You can only get one napkin, yeah. You always end up getting either none or way more than you you want. You're walking around. You're like, a hand still. It's stuck on my hand. I'm going to need help.

So let's talk more about Chipotle's first ever digital-only Chipotle location. That's right. You have to order from the app. No excuses, Timmy, you've got to do an app order. And since there's no tables, it's for pickup or delivery only. That is the only purpose burritos are getting rolled there. Now, here's what Jack and I thought was fascinating about this. The strategic location is near West Point, New York.

I watched a football game at Mitchie Stadium at West Point once. Loved it, but I assumed this was a typo. That can't be where the first digital-only Chipotle is. Jack, I did a lacrosse camp there once. If you want to get up to West Point, you take the one train to the Bronx last stop, and then you have to walk for four days. It is way past the one train, man.

Very past the one train. Now, the reason behind this, apparently, Snackers, Chipoli noticed that Army cadets at West Point are a captive audience and they're crushing Carnay-asided delivery all the week. The students at the U.S. Military Academy are doing 3,000 push-ups. They require 3,000 calories of Geisa.

Jack, when it comes to this Chipotle without a single table, what's the takeaway for our buddies over in Burritoville? Even if this new Chipotle ends up cutting costs like we think it might, guac is still extra. Let's add out of three stories. You're tuned in the snacks daily. We spoke to the lawyers and we got to get something legal out the way. It snacks about to hear ain't food. It's air candy. They don't reflect the views of the robberhood family.

It's all informational just so you know. We're not recommending any securities. Nope. It's not a research report or investment advice. Not an offer or sale of a security. Right. Snacks is digestible. Business news for you.

Robberhood Financial, LLC, member FINRA slash SIPC. For our first story, Lyft just announced earnings, and the stock actually rose. Jack, the stock actually rose. But sadly, we have to remind you, Snackers, Lyft has done nothing in 2020. Lyft, where have you been? What have you been up to? We haven't covered you since hands across America. Okay, before we continue ratting on.

on Lyft here, Nick. We should cover their earnings that they announced yesterday. We should. This would be the fair thing to do. So Jack and I jumped on snacks down. We got excited. We're like, Lyft's got something for us here. What do we see, Jack? What do we see? The number of riders that used Lyft last quarter rose from the previous quarter. Okay. But we're still down 50% from like the normal days of 2019 when there was no pandemic. Less okay. And that's why Lyft Snackers lost a cool $460 million last quarter. You know, half a billion dollars in three months gone. But then Lyft announced that they're going to be. profitable. Okay. By the end of next year, which sounds good. We're talking profit. We talk an adjusted profit on this one. Probably adjusted profitable if I had to guess. And remember, Stackers, I'm technically an adjusted billionaire. And this podcast is an adjusted dinosaur movie. You should tell your children, if you adjust, you can become anything, little Timmy. It's a beautiful thing. Timmy does say that but here's the reality. Lyft hasn't done anything since the pandemic started in March. Jack couldn't have said it more succinctly. We are almost done 2020, by the way. Lift

Still only worth one lift. It's still only worth the lift. Like, what's going on? All right, so we've got to be extra fair here to lift. We've only been one level of fare. So Jack and I are going to whip out the all Uber Lift comparison scorecard, like an AB testing kind of thing that these tech companies love. All right, let's start with Uber.

They have actually a lot of highlights since March, kicking it off with growing Uber Eats. Okay. To the point that Uber Eats is now bigger than the original Uber ride-haling business. Boom, point number two, apparently Uber Eats got so big, they acquired one of their competitors postmates just a couple months ago. And then they're like, food and humans isn't enough to deliver. Let's deliver anything.

So they launched Uber Direct recently. But then they said, you know what? We're tired of like chicken, parms and humans. Let's scale Uber Freight and bet big on Uber Freight. Uber Freight is now worth $3.3 billion, which is almost half of what Lyft is worth. Incredibly awkward. Oh, and then they said, we're going to announce one more thing. We got one more thing for you.

Uber Elevate. Helicopter ride share. Come on. And then they said, you know, actually, wait a second. We got one. And one more thing. Yesterday, Uber announced Uber reserve. I hear like the executive like banker crowd is really excited about being able to reserve an Uber. This one's big. You can book an Uber 30 days in advance and select your favorite driver as of yesterday. Boom, five star Frank at 4 p.m. next Friday.

Now, that is impressive. And that's just the last six months since the pandemic start. Bravo Uber. Somewhere in Uber land, a product manager just got a bonus. All right, now let's look at the cross-town San Francisco rival of Uber, Lyft, which is still pretty much just a rides company. Yeah, and they're not even like doing like chicken palm delivery. They're just doing human deliveries. Now, to be extra, extra fair, Lyft did pilot a grocery and medication delivery service during the pandemic, but you haven't even heard about it. I mean, a pilot is just texting someone. That's not a date. That's not a relationship. And that's not a future wedding. So, Jack, what's the takeaway for our buddies over at Lyft? Lift has

failed in 2020, and its stock price proves it. Snackers, stock ticker don't lie. Uber stock is up 51% so far in 2020 near all-time highs. Lift stock is down 16% in 2020. Near all-time lows. Even when Lyft stock has jumped on certain days this year, it wasn't because of anything that Lyft did. Jack, I know what you're thinking. It jumped after Proposition 22 got passed and it jumped after the vaccination news from Pfizer just a few days ago. Lyft's biggest wins of 2020 were not Lyft related. No, in fact, a whole bunch of other stocks rose when those two announcements happened. Because of how well Uber is doing, you got no excuse for Lyft doing nothing in 2020. For our second story, Apple just had another big product event focused on MacBooks. They talked about vertical integration at the Apple event, but it makes us notice

Apple's horizontal domination. Yes, it does. Now, they named this event because they're cheeky over at Apple. One more thing. That's a tribute to Steve Jobs who, like, announced the iPhone as, like, a PS to one of its product unveils in, like, 2004. An adorable honoring of Steve Jobs. However, this was also the consolation game of, like, events for Apple. It's the smallest of Apple's three big product events this fall. Yeah, they're announcing new MacBooks.

There's no cool hologram logo. In September, we got new Apple Watches. We got Apple Fitness Plus, the new app, and we got a bunch of Apple service bundles, was actually really disappointed. Jack, fantastic. Sign me up. You're going to call your parents and tell them what just happened when you hear that offense. In October, we got the showstopper, the new iPhone. 12, full disclosure. This guy's getting a mini. So, Jack, is that mini new iPhone coming on the new Peloton you got ordered too? Dude, I have had some product humble bags. It's true. Christmas come early over at the Kramer household. And then in November, we get this new event, the one more thing event

with a MacBook Air that's, wait for it? Even thinner. Yeah, I've cut MacBook so thin, Nick, I couldn't even see it. Now, the other highlight of the event was they actually brought back John Hodgman. Great guy. Yeah, remember the guy who acted like a PC that was like really lame and hard to work with in those famous Apple ads? Did the tweet jacket, the three-piece suit, the whole thing. Great guy.

Great guy. They brought him back. Now, we are glad that you didn't watch the event because, let's be honest, you didn't. You didn't. And we're glad you didn't because... The updates were invisible. Invisible. Yeah. Apple didn't change the clothes.

They changed the brain within one of its products. Yeah. Instead of Intel's computer processing chips, get this. Oh my God. They made their own. It's called M1. Right. So we saw a bunch of new Apple MacBooks. They look pretty much the same as the old MacBooks. They just had their Apple chip in there. And Intel, who used to make these chips for Apple, they'll lose an Apple as a big buyer. Now Apple's going to make its own chips, basically. This is bad news for Intel.

But this is also a big sign of Apple's increasingly vertical integration. Yeah, Apple is owning way more parts of the supply chain than it used to. It's a long supply chain that Apple's working with, from like mining copper in some faraway country, to assembling the iPhone, also in a far away country, to selling the iPhone in a store, probably right down the block from you. Yeah, you're absolutely right. Now, not all of this is done by Apple, the supply chain, but more of it is now done by Apple than it ever has.

Right. MacBooks are now not just designed by Apple in Cupertino, California. They're also made using an Apple-produced brain, the M1 chip. Boom, vertical integration gives you a benefit if you're a MacBooker of more native applications, like on your iPhone. And for Apple shareholders, you just cut out a middleman, Apple did, which could mean more profits for Apple. So, Jack, what's the takeaway for our buddies over at Apple? What's more impressive than this vertical integration stuff is Apple's horizontal moves. Snackers, until 2007, Apple was called.

Apple computers. Never forget it. Now, despite dropping computers from the name, they're just Apple Inc. now, Apple still, until recently, has just been essentially a computer company. iPhone, iPad, MacBook, they're all basically different sized computers. They're essentially siblings, different clothes, same house.

But in the last few years, Apple has realized they have one incredible advantage, and they can stretch that advantage really wide. Jack, any product they make will be perfectly compatible with iPhone. That is an incredible advantage. because iPhone is essentially an organ.

Beautiful. It's an involuntary muscle that's always running for everybody in club app. This is an aggressive analogy. Now, today, Apple is way beyond computers. Visa is everywhere you want to be. Apple is everywhere. There's a native advantage because of iPhone integration.

You're right. Fitness Plus app, Apple Music, Apple News, Apple TV Plus streaming, you name it. The watch, the speakers, even video games, and the Apple TV dongle, and credit cards. It's all Apple iPhone advantage. Apple went vertical today, but it's a $2 trillion company because of its horizontal moves. For our third and final story, Hopin is trying to be your virtual venue for live online events. It just got $125 million of VC money and is now worth $2 billion, which is like a fourth of a lift.

Okay, that is an accomplishment. Bigger accomplishment here, congrats on the URL Hoppin. Hopin.com.T.O. Think about it. Hop into. First time a company name has become a verb and a preposition. And a preposition. Now, Hoppin was founded by someone who loved in-person networking but couldn't do it anymore. It's a sad but inspiring story. Jack and I jumped in snack style. Founder's name is Johnny Bafarit.

He's a Brit who had, unfortunately, a severe reaction to a medication badly weakened his immune system. Right. So for Johnny, shelter in place has been a reality for the last five years. That's what he's living with. And so we started Hopin to solve a problem that at the time. time only was existing for him. He wanted to fix this for himself. That problem is the inability to network in person with others at physical events. So Johnny finally launched Hoppin back in January 2019, 14 months before the pandemic made Hoppin a verb and a preposition simultaneously.

In the last nine months, the growth of Hoppin is unlike anything I've ever seen from any company we've ever reported on. This is true. Jack is bursting out of that slamming salmon. Jack's face is turning slam and salmon right now. Hoppins users went from 5,000 to 3.5 million. I don't even know what that is in percentage terms. Jack, the number of companies using Hoppin has jumped from 2,000 to 50,000 in that same period of time. Nick, it went from zero revenue to 20 million annual recurring revenue, which is growth of infinity percent. Jack, that is a billion lifts. And it is profitable, just like Zoom was before its IPO. So here's what Jack and I think. found fascinating about Hoffin. You've done the virtual meeting, Snackers. You've done the virtual

cocktail parties. You've done the virtual graduation. You may have even done the virtual bachelor's. You might be thinking. How is Hoppin different than Zoom? They literally have a frequently asked question on their website. That's like the main thing people ask when they go to Hopin. Kind of hilarious. Now, Hopin is like a Zoom video conference, but it's designed for more like a concert or a conference, not a weekly audit meeting like Zoom. No, so Jack and I jumped in Snackstyle. We actually used Hopin recently. So we, we, We were excited when this fundraise happened that we could share more on the story. Buddy of ours launched a book, but before he spoke about the book, there was a randomized

networking session where you get bumped into people and have to have a live video conversation with them, like it a real networking thing. Do this on Hopin. We know what you're thinking. How do you get out of the conversations that you're tired of when it's a virtual event, when you can't just say, I have to go to the bathroom or they're almost out of the chicken satire. You can actually still say you have to go to the bathroom. Like, that's still a physical We think you're probably going to go with like the what. Wi-Fi is not working. There you go.

And if the conversation actually goes well, they give on Hoppin everyone a virtual business card that you can exchange. You can be like, can I have your business card? And they'll push a button and like you'll exchange digits. Now Jack and I also once presented at an event where we got to use Hopin where like the keynote speaker presentation's got to like a live feed with comments and questions going on that actually was like user helpful. You can have a survey there. It's really good. It's hard to describe, but it's really good. I love that you set that one on Jack,

like we had a whole bunch of examples, but we really focused on the survey one. We did love the survey one. So Jack, what's the takeaway for our buddies over at Hoppin? Hoppin has plans to become a social network? Zoom doesn't. Snacker Zoom? It's where you're meeting, connecting, sharing,

complaining, celebrating, celebrating more these days. The one flaw with Zoom, Zoom bar mitzvahs suck. It does. Zoom requirements. is a pre-planned, orchestrated, proactive, unspontaneous engagement, that's actually kind of antisocial network. Hoppin has a differentiator that you don't notice it first, but they have an explore tab that just launched. New feature Hop and Explore. They've got 15,000 monthly events going on on the

hop-in platform onto which you can hop in. Just like when you're bored and checking out Instagram, you might click the Explore tab. Hopin is the same thing. You can browse and then hop into an event. You'll want to do the wellness immersion together over in the Yucatan, but virtually you from Vermont, me from California. I'd rather check out the Texas A&M pep rally that's going down at Hopin. And Jack, maybe because you and I don't know anything about coding, we could join the TechCrunch hackathon and just watch and see what these things actually are. It's a spectator sport. If Hopping can develop this explorer feature, then it can become the social network that Zoom isn't. It's basically Eventbrite meet Zoom, which could be a problem in the future for Zoom.

Jack, can you whip up the takeaways for us over there? Uber has done a lot since the pandemic started. Honestly, Lyft, you've done pretty much nothing, and your stock reflects that. We're speaking second person here. We can say that. We can say that. For a second start, Apple is doing its own chips now. It took over one cog of the vertical supply chain of computers.

But it's a $2 trillion company because of its iPhone-connected horizontal dominance. For our third and final story, Hoping is now worth $2 billion as events and conference. is move digital. We're talking to a unicorn of the day that could become a social network, thanks to explore. Now, time for our snack fact of the day. This one tweeted in by Dan, a great snacker. I think this is the second snack fact, Jack. This is good, clean, family fun from our buddy, Dan. Lovely Boulder, Colorado. A new study shows that half of U.S. Netflix users share their password with someone else. Jack, it means one of us is on three. Ready? one, two, guilty, for sure.

Now, half of those Netflix password shares, so now a quarter of Netflix users, I guess, based on math, they share their password with someone outside of their immediate family. Another study has found that the number one streamer with the most rampant password sharing is Disney Plus. Yeah, so I guess more than half of Disney Plus users share their password. True. And that is the streamer with the most people watching and not paying for it.

Kind of makes sense, though, since almost two-thirds of Disney plus users are too young to legally work. They can't even read a credit card number. Snackers, you looked fantastic on the new Friday. Jack, I love the slamming salmon. Thank you, Nick. I do my best at Snackers. We'd love if you could hit up some H-Y-H-YS-D with your buddies. You know, tell your buddies. Have you had your snacks daily?

Easy question. That's it. And we grow. We all win. If you know, you know. And before we go, big congrats to Snackers. Jake Evans and Valeria Santiago just got engaged over in Des Moines, Iowa. And Remy and Edna just moved into a new home in San Jose, California.

And Jackie graduating down in Bogota, Columbia. Happy birthday to Blake DeMoss in Kansas City. Kansas? Actually, I'm not sure if it's Missouri or Kansas. We're about to get a lot of tweets. And happy birthday to Lucas Fortell in Sausalito. And Shannon Irish in Harlem, New York. And Ramon Gordon in Queens.

And Lauren Brown at Thayer Street, Providence, Rhode Island. Nice slice of Anthony's, let us know, Lauren. And Adi Taraski in Cleveland, Ohio. Paris on the lake. And Bart Hardwick in Santa Barbara. Barbara, California. And Remington Safferpoor in Chicago. Does sales, not logistics, but also does logistics. And Zach Moore, happy birthday in Boston. And Dylan Reb in Lebanon, Pennsylvania. And Bruce Lykin in Arlington, Virginia. And Riley DeVine in Warrenville, Illinois. This is Jack, Nick, on stock of Apple and Chipotle.

The Robin Hood Snacks podcast you just heard reflects the opinions of only the hosts who are associated persons of Robin Hood Financial LLC and does not reflect the views of Robin Hood Markets, or any of its subsidiaries or affiliates. The podcast is for informational purposes only and is not intended to serve as a recommendation to buy or sell any security and is not an offer or sale of a security. The podcast is also not a research report

and is not intended to serve as the basis of any investment decision. Robin Hood Financial LLC, member FINRA, SIPC.