Palantir and Lucid Shares Surge After Beating Estimates; ZoomInfo and Chegg Drop 16% – Earnings Update
06 Agosto 2024 - 6:47AM
IH Market News
Palantir Technologies (NYSE:PLTR) – The AI
software company reported $678 million in Q2 revenue, up 27%
year-over-year, beating the $653 million estimate. Net income was
$134 million, or 6 cents per share, compared to 1 cent the previous
year. The annual revenue forecast increased to up to $2.75 billion.
Shares rose 11.2% pre-market.
Lucid Group (NASDAQ:LCID) – The electric
vehicle company reported $200.6 million in revenue, beating the
$192.06 million estimate. The company produced 2,110 vehicles and
delivered 2,394. Lucid ended the quarter with $4.28 billion in
total liquidity. The forecast is to manufacture 9,000 vehicles in
2024. Additionally, the company will receive up to $1.5 billion
from Ayar Third Investment Company, an affiliate of the Saudi
Arabia Public Investment Fund. The investment includes $750 million
in convertible preferred stock and an equal amount loan. Shares
rose 12.3% pre-market.
ZoomInfo Technologies (NASDAQ:ZI) – The
business information software company reported adjusted earnings of
17 cents per share, below analysts’ 23 cents estimate. Revenue of
$291.5 million also missed the $307.7 million consensus estimate.
ZoomInfo lowered its annual revenue and profit forecasts, now
projecting sales between $1.19 billion and $1.205 billion and
adjusted earnings per share between 86 and 88 cents. The company
also announced board and CFO changes, with Graham O’Brien taking
over temporarily. Shares fell 15.8% pre-market.
Chegg (NYSE:CHGG) – The education technology
company focused on learning reported a $616.9 million loss,
contrasting with a $25.6 million profit the previous year. Adjusted
for non-recurring items, profit was 24 cents per share, slightly
above the 23-cent expectation. Total revenue fell 11% to $163.1
million but still beat the $160 million forecast. The subscription
services segment also saw an 11% decline to $146.8 million, and
subscribers reduced by 9% to 4.4 million. The Q3 revenue forecast
is between $133 million and $135 million, below the market
expectation of $143 million. Shares fell 15.7% pre-market.
Avis Budget Group (NASDAQ:CAR) – The car rental
company reported $3.05 billion in Q2 revenue, below analysts’ $3.14
billion forecast. Net income of $15 million also missed estimates,
while adjusted EBITDA was $214 million. Vehicle rentals increased
2% year-over-year. However, Avis issued an optimistic Q3 forecast
due to strong summer demand.
InterContinental Hotels Group (NYSE:IHG) – In
the last quarter, the global hotel chain (Holiday Inn, Crowne
Plaza, and Kimpton) saw a 3.2% growth in RevPAR (Revenue per
Available Room), driven by improvement in North America, although
China continued to decline. Total revenue increased 7% to $1.1
billion, and operating profit rose 12% to $535 million. The
dividend was raised by 10%. Shares rose 0.7% pre-market.
CSX Corp (NASDAQ:CSX) – The railway
transportation company reported Q2 earnings of 49 cents per share,
beating analysts’ 48-cent estimate from LSEG. Revenue of $3.70
billion was in line with market forecasts. Shares rose 1.4%
pre-market.
Spirit AeroSystems (NYSE:SPR) – The aerospace
components company reported a larger-than-expected loss of $2.73
per share, with revenue of $1.49 billion. Analysts expected a loss
of 90 cents per share and $1.59 billion in revenue.
Teradata (NYSE:TDC) – The data analytics
company exceeded expectations with $0.64 per share earnings,
beating the $0.48 forecast. Revenue was $436 million, below the
$447.3 million estimate, down 5.6% year-over-year. Net margin was
2.31%, and return on equity was 70.34%. Projections were $0.54-0.58
per share for next quarter and $2.20-2.26 for the fiscal year.
Shares fell 8.1% pre-market.
Simon Property Group (NYSE:SPG) – The
commercial property company reported Q2 earnings per share of
$1.51, beating the $1.45 estimate. Revenue was $1.46 billion, above
the $1.3 billion estimate. The 2024 EPS forecast is $7.37 to $7.47,
above the $6.53 expectation. Additionally, Simon Property raised
its dividend by 15 cents.
Realty Income (NYSE:O) – The real estate
investment company reported Q2 EPS of $0.29, below the $0.36
estimate. Adjusted FFO (Funds from Operations) was $1.07 per share,
beating the $1.05 expectation. Revenue increased 31.4% to $1.34
billion. The 2024 adjusted FFO forecast is $4.19 to $4.29 per
share. Shares fell 0.3% pre-market.
Hims & Hers Health (NYSE:HIMS) – The
digital health company reported Q2 revenue of $315.6 million, up
52%. Hims & Hers earned $13.3 million (6 cents per share),
beating the 4-cent estimate. The Q3 revenue forecast is $375 to
$380 million and up to $1.4 billion for 2024. The company plans to
acquire a compounding pharmacy for $31 million to produce copycat
weight loss drugs. It has been selling similar products since May,
amid a shortage of Novo Nordisk and Eli Lilly drugs. Shares rose
5.7% pre-market.
Clover Health (NASDAQ:CLOV) – The health
insurance company reported a net income of $7.2 million and
adjusted EBITDA of $36.2 million. Insurance revenue increased 11%
to $349.9 million. The medical cost ratio improved to 71.3%. Annual
revenue forecast increased to $1.35 to $1.375 billion, and
projected adjusted EBITDA is $50 to $65 million. Shares rose 3.2%
pre-market.
Yum China Holdings (NYSE:YUMC) – The fast food
operator reported a 4% increase in operating income to $266
million, but Q2 revenue of $2.68 billion slightly missed the
forecast. Net income rose 8% to $212 million, with strong
performance from KFC and Pizza Hut franchises. KFC expanded its
presence, and Pizza Hut attracted customers with new offerings.
Same-store sales fell 4%, reflecting intense competition in China’s
fast food market. Despite this, profit margin remained strong at
15.5%, exceeding expectations. Yum China announced the CFO Andy
Yeung’s departure, to be temporarily replaced by Adrian Ding.
Shares rose 8.1% pre-market.
Caterpillar (NYSE:CAT) – Caterpillar will
release its Q2 earnings on Tuesday. Investors are more interested
in how the company assesses the global economy after weak economic
data affected markets. Recently, Caterpillar shares fell due to
economic uncertainties, and the stock movement may vary up to 6%
after results. The expectation is for $5.54 EPS and $16.8 billion
in sales.
Sony Group (NYSE:SONY) – Sony Group will
release its Q1 results on Wednesday, with a forecasted 1.5% drop in
net income to 214.30 billion yen ($1.49 billion) and a 7.8%
decrease in revenue to 2.732 trillion yen. Investors will watch for
potential annual forecast adjustments and the impact of
acquisitions and performance in the gaming sector.
Avis Budget (NASDAQ:CAR)
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