Snap Inc (NYSE:SNAP) shares tumbled in after-hours trading Thursday after the social media company’s first quarter result missed revenue expectations.
The company reported revenue of $989 million, down from $1.06 billion a year earlier and short of an expected $1.01 billion. Earnings were $0.01 per share, narrowly beating Street projections of a $0.01 per share loss.
Shares of Bombardier (TSX:BBD.B) stalled Thursday as rising profits weren’t enough to outweigh the headwinds of supply chain issues.
The airplane manufacturer posted revenue of US$1.45 billion, up 17% year-over-year from $1.25 billion, while net income swung to a profit of $302 million from a loss of $287 million last year.
Overstock.com Inc. (NASDAQ:OSTK) shares got a boost on Thursday after the company reported 1Q revenue that came in ahead of estimates after several disappointing quarters.
The online furniture retailer reported 1Q revenue of $381 million, which was down 29% year-over-year but higher than the $357.5 million expected by the Street.
Merck & Co Inc (NYSE:MRK) has reported a decline in first-quarter sales following an anticipated decline in sales of its Lagevrio (molnupiravir) coronavirus (COVID-19) treatment.
The drugmaker also raised and narrowed its guidance for full-year 2023 sales.
Eli Lilly & Co stock climbed after the drug maker reported first-quarter earnings showing a revenue beat and raised its full-year guidance.
For the quarter ended March 31, 2023, the Indianapolis-based pharma giant reported that revenue declined 11% to $6.96 billion from $7.81 billion, but was well ahead of the $6.864 billion FactSet estimate. The revenue decline was driven by lower volumes as demand for its COVID-related antibody drugs decreased.
Altria Group, Inc (NYSE:MO) has posted a dip in first-quarter revenues as it earned less from cigarette sales as consumers switch to smoke-free alternatives.
The maker of brands including Marlboro cigarettes reported a 1.2% decline in net revenues to $4.76 billion for the three months to March 31, 2023, falling short of the $4.9 billion expected by Wall Street. Adjusted earnings per share rose 5.4% to $1.18, in line with expectations.
Mastercard Inc (NYSE:MA) has reported first-quarter revenue growth that beat market expectations as consumer spending remained resilient and the cross-border travel market continued to recover.
The payment solutions company grew revenue by 11% to $5.7 billion for the three months to March 31, 2023 - and 14% on a currency-neutral basis - beating the $5.64 billion expected by Wall Street.
Kovo HealthTech Corporation (TSX-V:KOVO) has released its financial results for 2022, revealing major growth in its medical billing and software business.
The company posted revenue of $10,546 in 2022, 79% higher year-over-year. Adjusted EBITDA for the year was 3.1%, and Kovo noted it has reported positive adjusted EBITDA in the last 16 quarters.
Caterpillar Inc. (NYSE:CAT) has reported a strong rise in first-quarter sales and revenues as it benefitted from favourable price realization and higher sales volumes.
The mining and construction equipment manufacturer, which is often viewed as a barometer of the economy, grew revenues by 17% to $15.9 billion for the three months to March 31, 2023, beating Wall Street estimates for $15.1 billion. Sales volumes were driven by higher sales of equipment to end users, partially offset by lower services sales volumes, the company added.
Meta Platforms kept the good times rolling for Big Tech this week with a first-quarter revenue beat and strong full-year guidance.
The tech giant posted revenue of $28.65 billion, up 3% year-over-year and above Street estimates of $27.65 billion, along with earnings of $2.20 per share, down from $2.72 but beating analyst projections of $2.03.
eBay Inc (NASDAQ:EBAY) shares jumped in after-hours trading with the multinational eCommerce company’s earnings again topping expectations in the first quarter.
For the quarter ended March 31, 2023, eBay posted a profit of $600 million or adjusted earnings per share of $1.11, above the Street’s expectation of $1.07 and eBay’s guidance range of $1.05 to $1.09.
A quintet of Big Pharma players will report earnings on Thursday, giving investors a picture of how the sector fared to start 2023.
Eli Lilly and Company, Merck & Co, AstraZeneca PLC (LSE:AZN), Sanofi and Bristol-Myers Squibb are all expected to release their financials. The general consensus is that the numbers won’t look as rosy as last year, but Zacks believes a few of them could have surprises up their sleeves.
Amazon’s cloud computing business Amazon Web Services (AWS) will capture the Street’s attention when the eCommerce giant posts its first quarter earnings after the closing bell in New York on Thursday.
CEO Andy Jassy recently warned of short-term headwinds for the AWS segment, a key driver of the company’s profits, as firms curb spending in the current challenging macroeconomic conditions.
Intel Corp is likely to report its worst quarterly loss on record as it has been seeing shriveling sales in its two key businesses — personal computers and data centers — since last year.
According to analysts polled by FactSet, Intel, which is scheduled to report earnings after the close of markets on Thursday, is likely to report a loss of over $3 billion, or $0.76 a share.
First Quantum Minerals (TSX:FQM) saw its first-quarter 2023 earnings fall more than 80% to US$75 million, or $0.11 per share, as the miner cited a standoff with the government of Panama and a severe rainy season in Zambia as reasons for a 33% quarter-over-quarter decline in its copper output.
Production at Cobre Panamá, the company’s large open-pit copper mine in Panama, was impacted following a dispute with the country’s government over tax and royalty payments.
Shares of Thermo Fisher Scientific (NYSE:TMO) fell Wednesday morning after the company’s first-quarter results revealed declining Covid-19 testing revenue.
The Massachusetts-based company posted saw revenue decline 9% year-over-year from $11.82 billion to $10.71 billion, which beat Street expectations of $10.67 billion. Adjusted earnings were $5.03 per share, down from $7.25 per share a year earlier and in line with expectations.
PacWest Bancorp has reported a first-quarter loss after it booked a massive goodwill impairment as recent market volatility resulted in a sharp fall in its share price.
However, news of a recovery in bank deposits sent its shares higher in early trade.
Teck Resources Limited surprised the markets by announcing Wednesday morning that it has withdrawn its plan to separate its coal and metals business into two separate entities, just hours ahead of a shareholder vote on the proposal.
“Our plan going forward is to pursue a simpler and more direct separation, which is the best path to unlock the full value of Teck for our shareholders,” Teck Resources CEO Jonathan Price said in a statement.
Chipotle Mexican Grill (NYSE:CMG) has reported a strong rise in first-quarter revenue and earnings as it opened new restaurants and focused on getting back to basics.
The fast-casual restaurant chain grew first-quarter revenue by 17% to $2.4 billion, with comparable restaurant sales increasing by 11%. Over the three months to March 31, 2023, it opened 41 new restaurants with 34 locations including a drive-thru Chipotlane.
Gold Resource Corporation (NYSE-A:GORO, ETR:GIH) (GRC) said it ended the first quarter of its 2023 financial year with a solid balance sheet, including $21.4 million in cash after selling 10,055 gold equivalent ounces.
The company noted that it sold 6,508 ounces of gold and 294,815 ounces of silver in the three months to March 31, 2023. Sales of zinc reached 3,060 tonnes, while it also sold 1,417 tonnes of lead and 332 tonnes of copper.
The Boeing Company (NYSE:BA) has reaffirmed its guidance to deliver 400 to 450 airplanes in 2023 and said it plans to increase production to 38 units per month later in the year despite production issues, sending its shares close to 4% higher in pre-market trading.
Reporting first-quarter results, the airplane manufacturer delivered a 28% increase in revenue to $17.9 billion, reflecting 130 commercial deliveries. The growth beat consensus Street estimates for $17.6 billion in revenue. Its net loss narrowed to $425 million from $1.24 billion, resulting in a loss per share of $0.69 from $2.06 previously.
Chesapeake Financial Shares Inc. (OTCQX:CPKF), the parent company of Chesapeake Bank and Chesapeake Wealth Management, told investors that its deposit base has held firm in the wake of the Silicon Valley Bank (SVB) failure.
Announcing first-quarter results, Chesapeake Bank CEO Jeffrey Szyperski commented: “The circumstances related to that failure were idiosyncratic to them and not correlated to what we do as an institution.”
Boston Scientific (NYSE:BSX) has reported first-quarter revenue and earnings that beat its own guidance as well as Wall Street’s expectations due to strong growth at its MedSurg and Cardiovascular units, sending its shares higher in pre-market trading.
The Marlborough, Massachusetts-based medical products company said net sales increased 12% to $3.39 billion on a reported basis for the three months to March 31, 2023, above its guidance range of 3% to 5%.
Alphabet Inc (NASDAQ:GOOG), the parent company of Google, reported its first quarter earnings that blew past expectations.
The results were boosted by a good showing from its advertising segments amidst an industry-wide slowdown in digital ad spending.
Visa Inc (NYSE:V) shares rose in after-hours trading as the global digital payment technology company reported fiscal second quarter 2023 earnings that topped expectations on a surge in transactions during the period.
Revenue jumped 11% year-over-year to $8 billion, ahead of the consensus analyst expectation of $7.74 billion.
Microsoft bulls can breathe a sigh of relief after the software giant surpassed Street expectations on the top and bottom lines after the bell Tuesday.
The company reported fiscal third-quarter revenue of $52.86 billion, up 7% year-over-year and beating expectations of $51.02 billion. Earnings were $2.45 per share, up 10% from last year and ahead of the $2.23 per share projected by analysts.
Boeing missed analysts’ earnings expectations in each quarter of 2022, but the company will get another chance to fly higher when it posts its latest results before the opening bell on April 26.
The consensus Street estimates are $17.567 billion in revenue, which would be a 25.56% gain year-over-year, and a loss of $1.04 per share, 62% better than a year earlier.
eBay is expected to post solid results for the first quarter when the eCommerce company reports after the market close on Wednesday, April 26.
Analysts, on average, expect the online retailer to report earnings per share of $1.07 on revenue of $2.48 billion, compared to earnings per share of $1.05 and revenue of $2.48 billion in the year-ago quarter.
When Roku Inc (NASDAQ:ROKU) reports earnings after the closing bell on Wednesday, it will look to post an earnings beat for the third consecutive quarter.
The video streaming company is projected by analysts to report first-quarter revenue of $707.85 million and a loss of $1.33 per share.
Meta Platforms is set to report its first quarter 2023 earnings after the market close on Wednesday, April 26, and investors will be on the lookout for any mention of the company’s artificial intelligence (AI) plans.
The parent company of Facebook, Instagram, and WhatsApp has shifted its focus from the metaverse to AI as, like other Big Tech firms, the company seeks to capitalize on the recent AI frenzy sparked by the popularity of OpenAI’s chatbot ChatGPT.
Visa Inc (NYSE:V) is reporting its fiscal second quarter 2023 earnings after the closing bell on Tuesday, April 25, with the global digital payment technology company expected to have performed strongly during the period.
Increased transaction volumes, including a jump in high-margin cross-border transactions with the rebound in travel post-pandemic, are expected to drive Visa's growth this quarter.
Tenable Holdings Inc posted first quarter financial results that beat Wall Street expectations, but the stock nosedived on the cyber security company’s weak revenue guidance.
For the period ended March 31, 2023, the Columbia, Maryland-based company reported earnings of $0.13 per share on revenue that grew 18.5% year-over-year to $188.8 million. The consensus earnings estimate was $0.03 per share on revenue of $187.1 million.
GE HealthCare Technologies Inc, the General Electric (NYSE:GE) spinoff, beat first-quarter earnings and revenue expectations in its second quarter as a standalone company.
That hasn’t stopped the medical device company’s stock from dropping more than 8% Tuesday morning to $80.14. The reason for the decline is likely a bit of profit-taking from investors — the stock has gained 50% since the beginning of 2023.
Halliburton Company (NYSE:HAL) reported first quarter financial results that saw revenue grow 32.5% on a year-over-year basis thanks to strong demand and pricing, helping the company easily top Wall Street estimates.
For the period ending March 31, 2023, the Houston-based oil services company posted earnings of $0.72 per share on revenue of $5.7 billion. The consensus earnings estimate was $0.67 per share on revenue of $5.5 billion.
Raytheon Technologies Corporation announced that its first-quarter 2023 sales increased 10% to $17.21 billion, surpassing the FactSet analyst estimate of $16.96 billion, on strong demand from China for commercial aircraft spare parts and services.
The aerospace and defense company also recorded adjusted earnings of $1.22 per share for the period, which also beat the consensus forecast of $1.13.
General Electric (NYSE:GE) is raising the low end of its 2023 profit forecast based on its first quarter performance and market demand, the company said when handing down its results for the quarter ended March 31, 2023.
The company said it now expects to report adjusted earnings per share (EPS) of $1.70 to $2 and free cash flow of $3.6 billion to $4.2 billion, compared to its previous expectation of adjusted EPS of $1.60 to $2 and free cash flow of $3.4 billion to $4.2 billion.
PepsiCo (NASDAQ:PEP) Inc shares climbed after it reported first-quarter financial results that saw revenue rise nearly 10.2% on a year-over-year basis, handily beating Wall Street estimates.
For the period ending March 31, 2023, the Purchase, New York-based beverage and snacks giant reported earnings of $1.50 per share on revenue of $17.8 billion. The consensus earnings estimate was $1.37 per share on revenue of $17.2 billion.
First Republic shares dropped like a stone on Tuesday morning after less-than-positive first quarter earnings sent investors running from the regional bank.
Shares were down 29% at the open to hit $11.41 in New York.
Verizon Communications shares opened 0.6% lower Tuesday after the wireless carrier’s first quarter revealed a revenue miss and a larger-than-expected customer decline.
The telecommunications giant posted revenue of $32.9 billion, down 1.9% year-over-year and below expectations of $33.6 billion, and adjusted earnings of $1.20 per share, down 11% from last year and narrow beating expectations of $1.19 per share.
When Microsoft reports earnings after the market closes on Wednesday, it could offer something of a Rorschach test for investors.
The Street expects revenue of $51.1 billion, 4% higher year-over-year, and earnings of $2.26 per share.
McDonald's Corp (NYSE:MCD) reported that its first-quarter 2023 revenue rose 4.1% to $5.9 billion, surpassing the FactSet consensus of $5.59 billion, aided by higher menu prices and its third consecutive quarter of US traffic growth.
The fast-food giant also recorded adjusted earnings per share, excluding restructuring charges, of $2.63, which also beat the analyst consensus estimate of $2.33.
General Motors Company (NYSE:GM) shares are up 2.6% in premarket trading Tuesday after the company’s first-quarter results beat expectations on both the top and bottom lines.
The automaker posted revenue of $39.99 billion, up 11% from $36 billion last year and ahead of Street expectations of $38.96 billion, while adjusted earnings were $2.21 per share, compared to $2.06 a year earlier and expectations of $1.73.
United Parcel Service Inc (NYSE:UPS) reported mixed first-quarter earnings and a 6% dip in year-after-year revenue which clearly signaled that the large US economy is slowing down.
For the period ending March 31, 2023, the Atlanta-based courier company reported earnings of $2.20 per share on revenue of $22.9 billion. The consensus earnings estimate was $2.19 per share on revenue of $23 billion.
Alphabet Inc (NASDAQ:GOOG) kicks off the first-quarter earnings season for big tech companies after the market close on Tuesday and the market is already factoring in a pick-up in revenue but a dip in earnings.
The parent company of internet search leader Google is expected to post a 14% year-over-year decline in 1Q earnings per share to $1.06 on revenue of $57 billion, up 1.7% from 1Q 2022, according to Zacks Equity Research.
Spotify shares moved higher in pre-market trading after the Stockholm, Sweden-based streaming platform unveiled a higher-than-expected jump in user numbers with the release of its first quarter 2023 financial results.
Monthly active users grew 22% year-over-year from 422 million to 515 million, 15 million above Spotify’s guidance. This represented 5% growth quarter-over-quarter.
3M Co (NYSE:MMM) on Tuesday announced first-quarter 2023 adjusted earnings per share of $1.97, beating the analyst consensus estimate by $0.37.
The maker of 'Scotch' tape and 'Post-it' notes also generated adjusted sales for the quarter of $7.7 billion, down 9.7% year over year but also surpassing the Wall Street consensus by $190 million.
First Republic Bank (NYSE:FRC) announced that its first-quarter 2023 revenue fell 13.4% to $1.2 billion, while its diluted earnings per share for the period dropped 38.5% to $1.23, as the company experienced unprecedented deposit outflows following the collapse of two other mid-sized banks that sparked fear from customers.
The private business banker and wealth manager noted that deposits plunged 40% to $104.5 billion in the quarter, worse than the $145 billion FactSet consensus estimate, although the company said that figure has stabilized since.
Spotify is expected to post a year-over-year drop in earnings when the music streaming giant posts its first quarter 2023 financial results before the market open on Tuesday, April 25.
Analysts, on average, expect Spotify to post a loss per share of €1.04 for the quarter, compared to earnings per share of €0.21 in the first quarter of 2022.
General Electric (NYSE:GE) is expected to report a year-over-year drop in profit and lower revenues when it posts its latest quarterly earnings before the opening bell in New York on Tuesday, April 25.
Across the business, supply chain challenges, including labor and material shortages, and elevated logistics costs are expected to have weighed on General Electric (NYSE:GE)’s performance during the first quarter.
3M Co (NYSE:MMM) is set to report its first-quarter results before the market opens on Tuesday, April 25, and after a tough end to 2022, expectations are for a muted start to 2023 due to reduced consumer spending.
The manufacturing giant, which makes Post-it notes, industrial coatings and ceramics, is expected to report earnings of $1.59 per share, a 40% decline from 1Q 2022. According to the Zacks Consensus Estimate for revenue, net sales are likely to decline about 15% to $7.47 billion.