Cisco Beats Estimates and Announces Restructuring, Canoo Rises 6%, Lulus Losses Widen, Latest in Earnings
15 Agosto 2024 - 7:08AM
IH Market News
Cisco Systems (NASDAQ:CSCO) – The networking
and IT solutions company reported adjusted earnings of 87 cents per
share on revenue of $13.64 billion, while analysts surveyed by LSEG
expected it to earn 85 cents per share on revenue of $13.54
billion. Cisco also announced a $1 billion restructuring plan and a
7% reduction in its workforce. This is the second round of layoffs
this year. Shares rose 0.2% pre-market.
Canoo Inc (NASDAQ:GOEV) – The innovative
electric vehicle company had revenue of $605,000 in the second
quarter, below the $910,000 estimate. The GAAP net loss was $5
million, improving from $70.9 million a year ago. Adjusted EBITDA
fell to $38.6 million, a 38% year-over-year improvement. The
adjusted loss per share was $0.61, 46% better than last year’s
$1.13. Shares fell 6% pre-market.
Lulus (NASDAQ:LVLU) – The women’s fashion and
e-commerce company reported revenue of $92 million in the second
quarter of 2024, a 13% drop from the previous year. The net loss
increased to $10.8 million, compared to $2.6 million in the prior
quarter. The gross margin rose 80 basis points to 45.5%. The
company expects revenue between $75 million and $79 million for the
third quarter and plans to reduce operating expenses by 10-15%.
Shares fell 3.2% pre-market.
Lumentum Holdings (NASDAQ:LITE) – The optical
technology and lasers company reported earnings of 6 cents per
share in the fiscal fourth quarter, beating the 2-cent forecast by
FactSet analysts. Quarterly revenue was $308.3 million, above the
expectation of $301.4 million. For the fiscal first quarter of
2025, Lumentum projects revenue between $315 million and $335
million and adjusted earnings between 7 and 17 cents per share.
Analysts expect revenue of $311.4 million and adjusted earnings of
12 cents per share. Shares fell 1.5% pre-market.
Walmart (NYSE:WMT) – Analysts monitored by
FactSet expect Walmart to report adjusted earnings of 65 cents per
share and revenue of $168.6 billion. Walmart shares are up 30% this
year, outperforming the S&P 500. Shares rose 0.8%
pre-market.
Deere (NYSE:DE) – Deere, the agricultural
equipment manufacturer, is expected to show a significant decline
in earnings due to low farmer income and excess inventory. Earnings
per share are expected to fall to $5.68 and sales to $10.9 billion,
compared to $10.20 and $14.3 billion last year. Equipment demand is
expected to drop 15% in the second half. Shares rose 0.2%
pre-market.
AST SpaceMobile (NASDAQ:ASTS) – The global
mobile connectivity satellite company reported second-quarter 2024
EPS of -51 cents, worse than the estimate of -22 cents. Revenue was
$900,000, 95.71% below analysts’ $21 million projection. Shares
fell 0.7% pre-market.
dLocal (NASDAQ:DLO) – The digital payments
company in emerging markets reported earnings per share of 15 cents
in the second quarter of 2024, beating the 10-cent estimate.
Revenue was $171.28 million, 17.31% below analysts’ forecast of
$207.14 million. Shares fell 1.4% pre-market.
Arcutis Biotherapeutics (NASDAQ:ARQT) – The
dermatological disease therapy company reported revenue of $30.9
million, beating the estimate of $27.73 million, driven by demand
for ZORYVE. The net loss was $52.3 million, or $0.42 per share,
improving from last year’s loss of $71 million, or $1.16 per share.
ZORYVE sales grew 547% annually and 43% quarterly. Shares fell 3.7%
pre-market.
StoneCo (NASDAQ:STNE) – The payment and
financial technology company reported earnings per share of 31
cents in the second quarter of 2024, beating the 29-cent estimate.
Revenue was $615.26 million, 3.96% above analysts’ $591.81 million
forecast. Shares rose 1.1% pre-market.
Geopark (NYSE:GPRK) – The oil exploration and
production company reported adjusted EBITDA of $127.9 million with
a margin of 67% and net income of $25.7 million. Revenue was $190.2
million, 14% higher than in the previous quarter. Average
production was 35,608 boepd, a 3% year-over-year decline. The
company repurchased 4.4 million shares and will pay a dividend of
$0.147 per share on September 12, 2024. Shares rose 0.3%
pre-market.
Dragonfly Energy (NASDAQ:DFLI) – The energy
storage solutions company reported a second-quarter 2024 loss of
$0.22 per share, worse than the $0.16 estimate but better than last
year’s $0.25 loss. Revenue was $13.21 million, 6.79% below the
estimate. Shares rose 0.5% pre-market.
Longeveron (NASDAQ:LGVN) – The regenerative
therapies and stem cell company reported a second-quarter 2024 loss
per share of $1.83, worse than the $1.05 estimate. Revenue was
$468,000, exceeding analysts’ $360,000 forecast by 30%. Shares fell
1.9% pre-market.
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