Disney Slashes Streaming Losses, UBS shoots up 9% as profit triples expectations, and More in Earnings
07 Maio 2024 - 8:46AM
IH Market News
Walt Disney (NYSE:DIS) – In the fiscal second
quarter, Disney exceeded analysts’ earnings estimates, thanks to
reduced losses from its streaming services. The company reported a
17% increase in operating income for the segment, with Disney+ and
Hulu turning a profit for the first time. Disney reported an
adjusted earnings per share of $1.21, surpassing the expected
$1.10. Total revenue amounted to $22.08 billion, slightly below the
projected $22.11 billion. Disney+ subscribers rose to 117.6
million, while Hulu’s grew by 1%. U.S. park revenues increased by
7% and international sales by 29%. Shares fell -1.4% in pre-market
trading.
UBS Group AG (NYSE:UBS) – UBS revealed a
first-quarter net profit of $1.8 billion, nearly tripling analysts’
expectations and boosting shares by 9.0% in pre-market trading. UBS
is increasing its capital reserves by about $20 billion,
integrating Credit Suisse’s businesses. CEO Sergio Ermotti stated
that additional new Swiss regulatory requirements might demand
another $20 billion in additional capital as the country seeks to
strengthen its banking system. Despite Swiss government proposals
that could increase its capital requirements, the bank maintains
its stock repurchase plans.
Palantir Technologies (NYSE:PLTR) – Palantir’s
shares fell 10.2% in pre-market trading after the company projected
lower-than-expected annual and quarterly revenues. Adjusted
earnings for the first quarter met market forecasts at 8 cents per
share. The revenue for the period was $634 million, exceeding the
predicted $625 million. For the next quarter, Palantir expects
revenue between $649 million and $653 million, slightly below the
expected $653 million. For the full year, the revenue forecast is
$2.68 billion to $2.69 billion, below the anticipated $2.71
billion.
Jones Lang LaSalle (NYSE:JLL) – In the first
quarter, JLL reported revenue of $5.1 billion, a 9% increase from
the previous year, beating estimates of $4.675 billion. Net profit
reached $66.1 million, reversing a previous loss of $9.2 million,
surpassing estimates of $46.42 million. Earnings per share were
$1.37, compared to a loss of $0.19 last year, exceeding the
anticipated $0.84. The CEO of JLL highlighted the growing interest
in data centers, driven by the adoption of artificial intelligence
by businesses in the U.S. While commercial real estate markets face
challenges, the demand for data centers reflects rare optimism,
highlighting the intersection between technology and real
estate.
Microchip Technology (NASDAQ:MCHP) –
Microchip’s shares fell 3.7% in pre-market trading after the
company projected revenue for the first quarter between $1.22
billion and $1.26 billion, below the analysts’ expectations of
$1.34 billion, according to LSEG. The company also forecasts
adjusted earnings of 48 to 56 cents per share for the period, which
falls short of the anticipated 59 cents by analysts. In the fourth
quarter, the company reported earnings per share of $0.57 and
revenue of $1.33 billion, aligning with analysts’ projections.
Axon Enterprise (NASDAQ:AXON) – Axon Enterprise
raised its annual revenue projections, now expecting revenue
between $1.94 billion and $1.99 billion in 2024, compared to the
previous forecast of $1.88 billion to $1.94 billion. In the first
quarter, adjusted earnings per share were $1.15 on revenue of $461
million, surpassing analyst estimates of 94 cents EPS and revenue
of $441.6 million. Shares are stable in pre-market trading.
Reddit (NYSE:RDDT) – Reddit will present its
first results post-IPO, focusing on revenue growth. Analysts
anticipate a loss of $8.75 per share and sales of $214 million.
Bank of America expects revenue of $212 million, while Raymond
James projects $215-240 million.
Air Lease Corp (NYSE:AL) – Air Lease Corp faced
delays in plane deliveries from Boeing and Airbus, resulting in a
quarterly profit below expectations at 87 cents per share, compared
to the anticipated 91 cents. Its revenue of $663.3 million fell
short of the forecast of $677.2 million.
Lucid Group (NASDAQ:LCID) – The electric
vehicle manufacturer Lucid saw its shares fall 8.5% in pre-market
trading after disclosing first-quarter 2024 results. The company
reported a loss of 30 cents per share and sales of $173 million,
exceeding Wall Street expectations, which had forecast a loss of 25
cents per share and sales of $154 million. The previous year, Lucid
had recorded a loss of 43 cents per share on sales of $149 million.
Moreover, the company reaffirmed its target to produce about 9,000
vehicles in 2024.
BP plc (NYSE:BP) – BP reported a 40% drop in
first-quarter profit to $2.7 billion, below the previous $3 billion
and the expected $2.9 billion, due to lower energy prices and
disruptions at U.S. refineries. Earnings per share fell short of
estimates, maintaining the dividend and the $3.5 billion share
buyback program for the first half of 2024. Shares dropped 1.8% in
pre-market trading.
Simon Property Group (NYSE:SPG) – Simon
Property Group’s shares are stable in pre-market trading after
reporting earnings per share of $1.44 in the first quarter, beating
analyst expectations by $0.08, who had projected $1.36. The
quarter’s revenue reached $1.44 billion, surpassing the consensus
forecast of $1.31 billion. For the fiscal year 2024, Simon Property
forecasts earnings per share between $7.38 and $7.53, significantly
surpassing analysts’ expectation of $6.13.
International Flavors & Fragrances
(NYSE:IFF) – International Flavors & Fragrances disclosed
first-quarter revenue of $2.9 billion, surpassing the $2.78 billion
estimated by analysts from LSEG. The company also exceeded Wall
Street’s projections with an adjusted earnings per share of $1.13,
surpassing the consensus of $0.86 by $0.27. For 2024, IFF projects
revenue between $10.8 billion and $11.1 billion, with the midpoint
slightly below the expectations of $11.05 billion.
Coty (NYSE:COTY) – Coty exceeded Wall Street’s
expectations for third-quarter revenue, reaching $1.39 billion, an
increase of 7.5%. Adjusted net profit was $43.8 million, or 5
cents, compared to $168.1 million, or 19 cents, in the same period
last year. Its online revenue growth was nearly 20%. Adjusted gross
margin rose to 64.8%. The company expects sales growth of 9% to 11%
in the fiscal year 2024, with adjusted earnings per share between
44 cents and 47 cents.
Hims & Hers Health (NYSE:HIMS) – The
telehealth platform recorded a 14.3% jump in pre-market, driven by
a revenue forecast for the second quarter that exceeded analysts’
expectations. In the first quarter, the company announced a net
profit of $11.1 million, or 5 cents per share, reversing a loss of
$10.1 million, or 5 cents per share, from the previous year.
Earnings exceeded FactSet’s forecast of 1 cent per share. Revenue
grew 46% year-over-year, reaching $278.2 million, surpassing
FactSet’s projection of $270 million. The subscriber count
increased by 41%, reaching about 1.71 million. For the next
quarter, Hims & Hers forecasts revenues between $292 million
and $297 million, above analysts’ expectations of $288 million from
LSEG.
Vertex Pharmaceuticals (NASDAQ:VRTX) – Vertex
reported adjusted earnings of $4.76 per share and revenue of $2.69
billion in the first quarter. These results exceeded analysts’
expectations, who had anticipated earnings of $4.06 per share and
revenue of $2.58 billion, according to LSEG. Vertex reiterated its
financial forecast for 2024, projecting product revenue between
$10.55 billion and $10.75 billion, aligning with the analysts’
consensus of $10.718 billion.
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