Dell Stock Rises 6% Premarket on Strong Revenue Beat, Elastic Shares Plunge 27% After Lowering Revenue Forecasts
30 Agosto 2024 - 7:00AM
IH Market News
Dell Technologies (NYSE:DELL) – The computer
and technology solutions company beat estimates with total revenue
of $25 billion (+9% YOY), above the expected $24.1 billion. Net
income was $841 million, or $1.17 per share, compared to $455
million, or $0.63 per share last year. The infrastructure group’s
revenue grew 38% to $11.64 billion, beating the $10.79 billion
forecast, driven by an 80% increase in server sales, especially for
AI. For the quarter, Dell projects adjusted earnings of $2.00 per
share, below the expected $2.19. The company also expects $24.5
billion in revenue at the midpoint, while analysts expected $24.6
billion. Dell said it spent $1 billion in the quarter on share
buybacks and dividends. Shares are up 6.2% pre-market, after
closing down 0.7% on Thursday.
Elastic (NYSE:ESTC) – The data search and
analytics company reported adjusted earnings of $0.35 per share and
revenue of $347 million in the first fiscal quarter, beating
estimates of $0.25 and $344.66 million, respectively. The company
projects second-quarter earnings of $0.37 to $0.39 per share and
revenue of $353 to $355 million, below expectations of $0.34 and
$360.8 million. For the fiscal year, the forecast is adjusted
earnings of $1.52 to $1.56 per share and revenue of $1.436 to
$1.444 billion, lower than the consensus of $1.42 and $1.478
billion. Shares are down 26.7% pre-market, after closing up 0.6% on
Thursday.
Lululemon Athletica (NASDAQ:LULU) – The
sportswear and accessories company reported revenue of $2.37
billion, below the expected $2.41 billion. Net income was $393
million, or $3.15 per share, beating the $2.93 expected. The
company reduced its annual revenue forecast to $10.38-10.48 billion
and expects adjusted earnings of $13.95 to $14.15 per share, down
from previous guidance. After criticism of its “Breezethrough”
leggings, Lululemon Athletica pulled the product from shelves. The
company promised to quickly launch new popular styles and
accelerate the offering of sports and office wear in 2025. Shares
are up 4.6% pre-market, after closing up 0.1% on Thursday.
Ulta Beauty (NASDAQ:ULTA) – The beauty and
cosmetics company reported second-quarter revenue of $2.55 billion
and earnings per share of $5.30, below expectations of $2.61
billion and $5.46, respectively. Comparable sales fell 1.2%. The
company revised its annual revenue forecast to $11-11.2 billion and
earnings per share to $22.60-23.50, below previous forecasts.
Shares are down 6.7% pre-market, after closing up 0.2% on
Thursday.
Marvell Technology (NASDAQ:MRVL) – The
semiconductor and communication solutions company reported
second-quarter net revenue of $1.273 billion, above the estimate of
$1.252 billion. GAAP gross margin was 46.2%, with a net loss of
$193.3 million, or $(0.22) per share. The forecast for the third
quarter is revenue of $1.45 billion, with a gross margin of 47.2%.
Shares are up 9.0% pre-market, after closing up 2.1% on
Thursday.
Gap Inc. (NYSE:GAP) – The clothing and
accessories retailer reported net income of $206 million, or 54
cents per share, beating last year’s $117 million and 32 cents per
share. Revenue was $3.7 billion, above the expected $3.63 billion.
Comparable sales increased 3%, with Old Navy exceeding expectations
and Athleta falling 4%. The company raised its gross margin
forecast to a 200-basis point increase and maintained its annual
sales estimate. Shares are up 0.5% pre-market, after closing up
1.7% on Thursday.
Autodesk (NASDAQ:ADSK) – The design and
engineering software company reported earnings per share of $2.15,
beating the estimate of $2.00. Revenue was $1.51 billion, above the
expected $1.48 billion. For the third quarter, the company projects
EPS between $2.08 and $2.14 and revenue between $1.56 billion and
$1.57 billion. The fiscal 2025 forecast is EPS between $8.18 and
$8.31 and revenue between $6.08 billion and $6.13 billion. Autodesk
raised its annual earnings forecast after pressure from activist
investor Starboard Value LP. The adjustment, which exceeds previous
estimates, reflects an effort to improve margins and efficiency
after accounting delays and leadership changes. Shares are up 4.1%
pre-market, after closing up 1.4% on Thursday.
MongoDB (NASDAQ:MDB) – The NoSQL database and
technology company reported adjusted earnings per share of $0.70,
beating the estimate of $0.49. Second-quarter revenue was $478.1
million, above the expected $464.94 million. The company raised its
annual EPS forecast to $2.33–2.47 and revenue to $1.92–1.93
billion. For the third quarter, the expectation is EPS of
$0.65–0.68 and revenue of $493–497 million. Shares are up 14.4%
pre-market, after closing up 4.4% on Thursday.
3D Systems (NYSE:DDD) – The 3D printing and
related solutions company reported a second-quarter loss per share
of $0.14, worse than the estimate of $0.05. Revenue was $113.3
million, below the forecast of $116.56 million. For fiscal 2024,
the company expects revenue of $450-460 million, below the
consensus of $474 million.
A-Mark Precious Metals (NASDAQ:AMRK) – The
precious metals trading company had fourth-quarter revenue of $2.52
billion, 19% lower than the previous year. Diluted earnings per
share fell 30% to $1.20. Gross profit was reduced by 45% to $43
million. Gold and silver sales decreased by 45% and 44%,
respectively, compared to the previous year. Preliminary non-GAAP
EBITDA was $104.2 million.
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