Still life of Ozempic and Wegovy with weight scale.

(Michael Siluk/Getty Images)

Hims slips after market despite earnings, revenue beat

The company reported that it has 2.37 million subscribers, up 38% year over year but less than the 2.42 million analysts expected.

J. Edward Moreno

5/5/25 3:20PM

Hims & Hers whipsawed in after-hours trading despite reporting earnings results for the first three months of the year that blew Wall Street expectations out of the park.

It reported earnings per share of $0.20, compared to the $0.12 analysts polled by FactSet were expecting. The company also reported $586 million in sales, up 111% year over year, far higher than the $538.6 million analysts polled by FactSet were penciling in. Hims & Hers reiterated its full-year revenue guidance of $2.3 billion to $2.4 billion, which is in line with analysts’ consensus.

The company did report that it has 2.37 million subscribers, up 38% year over year but less than the 2.42 million analysts expected. It also said it expects to make between $530 million to $550 million in revenue in the second quarter of this year, less than the $564 million the Street was hoping for.

Both estimates would mark a quarter-over-quarter decline in revenue, a first for Hims since it went public in 2020.

Hims did not specify in the report how much revenue it made from its weight-loss segment. This is the last full quarter where the company will be able to continue selling compounded semaglutide, the active ingredient in Novo Nordisk’s blockbuster weight-loss drugs, Ozempic and Wegovy. The FDA declared in February that semaglutide is no longer in shortage, and the deadline for Hims to stop selling copies of the drug is May 22.

Investors have been hungry for details on what Hims’ weight-loss business will look like moving forward. Novo Nordisk announced a partnership Hims and two other telehealth companies last week. Hims users will now be able to access branded semaglutide through the platform, though it’s unclear what kind of margins that gives the company.

Hims has said that it will continue offering personalized GLP-1 drugs, which it says doesn’t skirt the FDA’s regulations. According to the company, more than half of its total subscribers are on some form of personalized medication, though it’s unclear what the figure is for those on semaglutide specifically.

In its shareholder letter, Hims said that it would expand into hormone-related categories like low testosterone and menopause by the end of the year. Hims, which currently also said it would pursue international expansion through “organic growth and opportunistic M&A over the course of the next five years.”

Hims announced earlier on Monday that Nader Kabbani, a longtime Amazon executive who most recently worked at the robotics company Symbiotic, would serve as its next chief operating officer. He is replacing Melissa Baird, a longtime executive who joined Hims shortly after it was founded.

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Goldman hikes year-end gold price forecast to $5,400/oz as private investors and central banks compete for the shiny stuff

Goldman Sachs has raised its December 2026 gold price forecast to $5,400 per ounce, up from the previous $4,900 target, citing strong demand from private sector investors using gold as a hedge against global policy risks, according to a note released late Tuesday.

The revised price target reflects a 17% increase from January's month-to-date average price, with continued central bank buying as the biggest driver of the forecast (accounting for 14pp of the expected appreciation), while ETF inflows add another 3pp — supported by an assumed Fed rate cut this year.

Central banks have been on a gold-buying spree since 2022, after the freezing of Russia's foreign reserves, helping push prices up 15% in 2023 and 26% in 2024. But Goldman analysts note that the rally accelerated in 2025 as competition between central banks and private investors for the limited bullion intensified — driving prices up another 67% last year, with recent tensions over Greenland only adding to the momentum.

That private-sector demand now extends well beyond ETF inflows. Goldman says buying is increasingly coming from a new class of investors seeking protection against macro-policy risk and currency "debasement," including purchases from high-net-worth families and call-option buying — flows that are "hard to track" but have become a "significant incremental source of demand."

Goldman assumes these macro-related "sticky" hedges will persist through 2026 — unlike those tied to the 2024 US election, which unwound quickly once the outcome was clear.

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Citing people familiar with the matter, the Chinese tech giant is reportedly looking to first restructure the unit, known as T-Head, into a partially employee-owned business, before exploring an IPO, though the specific timing for this process remains uncertain.

Though Alibaba’s IPO plans are still at an early stage, with T-Head’s valuation expectations still unclear, recent debuts by rival Chinese chipmakers like Moore Threads Technology have attracted strong interest from investors, jumping 400%+ on its first day after raising $1.13 billion.

Alibaba has also been investing aggressively into AI in the past year, committing more than $53 billion to develop its cloud and AI infrastructure. Last week, the company upgraded Qwen — its flagship AI app — to function more like an agentic chatbot able to place orders for food, book travel, and execute other tasks, as the company pushes further into consumer-facing AI.

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GameStop jumps after CEO Ryan Cohen purchases another 500,000 shares

Ryan Cohen is putting his money where his mouth is.

The GameStop CEO bought another 500,000 shares of company stock for $10.8 million on Wednesday, per a filing.

The stock was trading higher on Wednesday thanks to Cohen’s purchase of 500,000 shares for roughly $10.6 million on Tuesday, extended the gains in the after-hours session on the news, and is now up 3% in premarket trading, as of 4:45 a.m. ET.

“The Reporting Person believes that it is essential for the Chief Executive Officer of any public company to purchase shares of such company in the open market with his or her own personal funds in order to further strengthen alignment with stockholders,” per the filing. “The Reporting Person believes that any Chief Executive Officer who fails to do so should be fired.”

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AppLovin tumbles; company dismisses negative report as “false, misleading, and nonsensical”

AppLovin managed to finish Tuesday well off its lows after initially getting clobbered in the wake of an incendiary report published by CapitalWatch.

Nonetheless, shares are getting torched on Wednesday, ending down nearly 6%. An AppLovin spokesperson forcefully denied the allegations made by CapitalWatch, which included calling the ad tech firm “the ultimate monument to 21st-century new-type transnational financial crime.”

Per an emailed statement:

“We categorically reject the claims made in this report, which is rife with false, misleading, and nonsensical allegations. AppLovin’s public filings transparently disclose our material investments, global operations, and information regarding significant shareholders.”

“Claims that AppLovin facilitated money laundering or its products are used for unauthorized downloads are patently false. AppLovin functions within a broader ecosystem that includes major app stores, operating systems, and payment providers, and the apps monetized through our platform must be publicly available on the major app stores and subject to their independent review and enforcement. Economically, the money laundering theory is implausible: publishers receive only a portion of advertiser spend, meaning any attempt to ‘launder’ funds would require forfeiting a substantial share while creating a highly visible, auditable transaction trail across multiple independent companies. Accepting the report’s premise would therefore imply a systemic failure across the broader mobile advertising and app-store ecosystem, for which the report provides no evidence.”

AppLovin craters after report from CapitalWatch alleges it’s a money-laundering operation for “transnational criminal kingpins”

Per an emailed statement:

“We categorically reject the claims made in this report, which is rife with false, misleading, and nonsensical allegations. AppLovin’s public filings transparently disclose our material investments, global operations, and information regarding significant shareholders.”

“Claims that AppLovin facilitated money laundering or its products are used for unauthorized downloads are patently false. AppLovin functions within a broader ecosystem that includes major app stores, operating systems, and payment providers, and the apps monetized through our platform must be publicly available on the major app stores and subject to their independent review and enforcement. Economically, the money laundering theory is implausible: publishers receive only a portion of advertiser spend, meaning any attempt to ‘launder’ funds would require forfeiting a substantial share while creating a highly visible, auditable transaction trail across multiple independent companies. Accepting the report’s premise would therefore imply a systemic failure across the broader mobile advertising and app-store ecosystem, for which the report provides no evidence.”

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