Microsoft (NASDAQ:MSFT) – Microsoft exceeded
expectations in the first fiscal quarter with earnings per share of
$3.30 (above the expected $3.10) and revenue of $65.59 billion
(surpassing the estimated $64.51 billion). Microsoft’s Intelligent
Cloud segment reported revenue of $24.09 billion, a 20% increase,
slightly above StreetAccount’s expectation of $24.04 billion.
Despite a 16% year-over-year revenue increase, the moderate growth
forecast for the next quarter and delays in data center
infrastructure affected investor reactions. Shares fell 3.9% in
pre-market trading.
Meta Platforms (NASDAQ:META) – Meta exceeded
expectations with earnings per share of $6.03 (against the
anticipated $5.25) and revenue of $40.59 billion (above the
expected $40.29 billion). Advertising revenue rose 18.7% year over
year. However, the daily active user count of 3.29 billion fell
short of projections. The company raised its capital expenditure
forecast for 2024 and warned about rising infrastructure costs in
2025, particularly in AI. Shares fell 3.6% in pre-market
trading.
Roku (NASDAQ:ROKU) – Roku surpassed
expectations in the third quarter, with revenue of $1.06 billion, a
16% increase, and a loss per share of just 6 cents, compared to the
expected loss of 32 cents. Revenue from its dominant platform,
including advertising, also grew 16%, totaling $908 million. This
was the first quarter the company exceeded $1 billion in revenue,
marking a significant financial milestone. However, shares fell
14.3% in pre-market trading after estimating that gross profit for
the current quarter would hit $465 million and adjusted EBITDA of
$30 million, both metrics below Wall Street expectations.
Booking Holdings (NASDAQ:BKNG) – Booking
Holdings exceeded expectations with adjusted earnings of $83.89 per
share, above the expected $77.52, and revenue of $7.99 billion,
surpassing the forecast of $7.63 billion. Strong demand for
international travel, especially in Europe and Asia, offset
weakness in the U.S. and China domestic markets. The company
recorded 299 million room nights, an 8.1% increase. Shares rose
6.1% in pre-market trading.
Carvana (NYSE:CVNA) – Carvana surpassed
expectations in the third quarter, reporting earnings per share of
64 cents (against the expected 25 cents) and revenue of $3.65
billion, above the forecast of $3.45 billion. Net income was $148
million, adjusted EBITDA was $429 million, and the adjusted EBITDA
margin was 11.7%. The company raised its adjusted EBITDA forecast
for 2024, indicating optimism in reaching values well above the
previous target of up to $1.2 billion. Shares rose 20.4% in
pre-market trading.
Starbucks (NASDAQ:SBUX) – Starbucks reported
earnings per share of 80 cents and revenue of $9.07 billion, both
below expectations of $1.03 and $9.36 billion, respectively. Global
same-store sales fell 7%, with declines of 6% in the U.S. and 14%
in China. Under the new leadership of Brian Niccol, the company is
seeking a strategic restructuring to win back customers and regain
growth. Niccol announced plans to prioritize speed and simplicity,
aiming to deliver coffee orders in under four minutes and ensure
punctuality for online orders. He also plans to streamline the
menu, reintroduce customizations, and create a welcoming
experience. Additionally, Starbucks is eliminating the extra charge
for non-dairy milk to stimulate sales, thereby reducing costs for
some customers. Shares rose 0.5% in pre-market trading.
DoorDash (NASDAQ:DASH) – DoorDash reported a
25% increase in third-quarter revenue, reaching $2.71 billion and
surpassing the forecast of $2.66 billion. For the first time since
its IPO, the company reported earnings per share of 38 cents, above
the expected 22 cents. For the fourth quarter, it projects adjusted
EBITDA between $525 million and $575 million, exceeding
expectations. Shares rose 1.8% in pre-market trading.
eBay (NASDAQ:EBAY) – eBay’s revenue in the
third quarter was $2.58 billion, slightly above estimates, with a
2% increase in gross merchandise volume, totaling $18.3 billion.
eBay projected fourth-quarter revenue between $2.53 billion and
$2.59 billion, below the analysts’ expectation of $2.65 billion,
due to consumer caution regarding collectible and refurbished
items. Shares fell 9.8% in pre-market trading.
Allegiant Travel Company (NASDAQ:ALGT) –
Allegiant Travel Co. projected adjusted earnings of 50 cents per
share for the fourth quarter, below the expected 67 cents, impacted
by hurricanes that will reduce revenue by up to $40 million. In the
third quarter, the company reported an adjusted loss of $2.02 per
share, worse than the anticipated deficit of $1.86, while revenue
of $562.2 million exceeded the forecast of $560.4 million. Shares
fell 8.7% in pre-market trading.
Coinbase (NASDAQ:COIN) – Coinbase reported
earnings per share of 28 cents and revenue of $1.21 billion, both
below LSEG expectations of 41 cents and $1.26 billion,
respectively, due to a weaker cryptocurrency market. Net income was
$75.5 million. Revenue from subscriptions and services grew 66%
year over year, while stablecoins and institutional trading
performed strongly. Shares fell 1.8% in pre-market trading.
Robinhood (NASDAQ:HOOD) – Robinhood reported
adjusted earnings per share of 17 cents and revenue of $637 million
in the third quarter, slightly below expectations of 18 cents and
$661 million, respectively. Net income was $150 million. Compared
to the previous quarter, adjusted EBITDA fell from $301 million to
$268 million, and customer net deposits declined from $13.2 billion
to $10 billion. The company announced new products, such as the
advanced trading platform Robinhood Legend and event contracts, and
reported the suspension of the 1% incentive on deposits for Gold
customers. Shares fell 11.3% in pre-market trading.
STMicroelectronics (NYSE:STM) –
STMicroelectronics revised its annual forecast to the lower end of
the range of $13.2 billion to $13.7 billion, expecting revenue of
$13.27 billion amid weak industrial demand. In the third quarter,
revenue fell 26.6% to $3.25 billion, while EBIT exceeded
expectations, totaling $381 million. The company forecasts a sharp
revenue decline between the fourth quarter of 2024 and the first
quarter of 2025. Shares rose 0.2% in pre-market trading.
Cognizant Technology Solutions (NASDAQ:CTSH) –
Cognizant exceeded expectations in the third quarter, with adjusted
earnings per share of $1.25 (above the expected $1.15) and revenue
of $5.04 billion, surpassing the estimate of $5 billion. Driven by
recovering demand for IT services, the company raised its annual
revenue forecast to between $19.7 billion and $19.8 billion, above
the previous projection.
Equinix (NASDAQ:EQIX) – In the third quarter,
Equinix’s revenue rose 2% to $2.20 billion, while adjusted funds
from operations reached $9.05 per share, exceeding the estimate of
$8.49. The EPS was $3.10, better than the estimate of $2.92.
Equinix projected fourth-quarter revenue between $2.26 billion and
$2.30 billion, slightly above the analysts’ average expectation of
$2.26 billion, driven by strong demand for data centers to support
AI.
LPL Financial (NASDAQ:LPLA) – LPL Financial
exceeded third-quarter expectations with adjusted earnings of $4.16
per share, 12% above the estimate of $3.71, and revenue of $3.10
billion, surpassing the consensus of $3.04 billion. With $27
billion in new organic assets, LPL also expanded to 23,686 advisors
and expects to repurchase up to $100 million in stock in the fourth
quarter.
Prudential Financial (NYSE:PRU) – Prudential
Financial reported earnings per share of $3.48 in the third
quarter, slightly above the analysts’ estimate of $3.47. Quarterly
revenue was $14.48 billion, below the consensus of $14.89 billion.
International operating revenue fell to $766 million. Despite this,
its investment management unit, PGIM, saw an increase in profits to
$241 million, with assets under management rising to $1.56
trillion.
CF Industries (NYSE:CF) – CF Industries,
headquartered in Northbrook, Illinois, reported net income of $276
million, or $1.55 per share, in the third quarter ended September
30. This marks a significant increase compared to net income of
$164 million, or 85 cents per share, in the same period last year.
The company recorded a 68% increase in third-quarter profit, driven
by higher prices for nitrogen fertilizers, with ammonia rising to
$530 per ton in September. Natural gas, a raw material for
fertilizers, remained cheap, aiding the company’s margins.
Sunnova (NYSE:NOVA) – Sunnova Energy reported a
loss of $122.6 million in the third quarter, or 98 cents per share,
larger than the estimated loss of 53 cents from analysts. Revenue
was $235.3 million, below the forecast of $241.2 million. Shares
fell 5.6% in pre-market trading.
Shell (NYSE:SHEL) – Shell reported earnings of
$6 billion in the third quarter, exceeding forecasts by 12%, driven
by LNG sales, which grew to 17 million tons. Despite a 57% drop in
refining profits due to weaker global margins, the company
announced a new $3.5 billion share buyback program, maintaining the
dividend at 34 cents per share. Shares rose 0.9% in pre-market
trading.
TotalEnergies (NYSE:TTE) – TotalEnergies
reported adjusted net income of $4.1 billion in the third quarter,
marking a three-year low, impacted by refining margins down 65% and
upstream disruptions. Profit fell 37% year over year, nearly
aligned with the forecast of $4.2 billion. Production averaged 2.4
million barrels per day, influenced by disruptions in Libya and
Australia. EBITDA fell 23.6% year over year to $10 billion. Shares
fell 1.7% in pre-market trading.
Etsy (NASDAQ:ETSY) – Etsy reported earnings per
share of $0.45 in the third quarter, below the analysts’
expectation of $0.53. However, revenue exceeded forecasts, reaching
$662.4 million, above the consensus of $653.45 million. Shares rose
6.9% in pre-market trading.
Riot Platforms (NASDAQ:RIOT) – Riot Platforms
reported a loss per share of $-0.54 in the third quarter, worse
than the analysts’ estimate of $-0.17. Revenue also fell short of
expectations, totaling $84.79 million against the consensus of
$92.79 million. Shares fell 4.5% in pre-market trading.
MGM Resorts International (NYSE:MGM) – MGM
Resorts reported adjusted earnings per share of 54 cents, below the
expected 61 cents, and revenue of $4.18 billion, slightly below the
forecast of $4.21 billion. The 13% drop in revenue from casinos in
Las Vegas, totaling $476 million, contributed to the
underperformance. Shares fell 6.1% in pre-market trading.
Stellantis (NYSE:STLA) – Stellantis reported a
27% drop in third-quarter net revenues, totaling €33 billion ($35.8
billion), below the expected €36.6 billion. The decline was
attributed to lower shipments and pricing and exchange challenges.
The company advanced its U.S. inventory reduction, targeting a cut
of 100,000 units by November. Shares rose 3.0% in pre-market
trading.
MetLife (NYSE:MET) – MetLife reported adjusted
earnings of $1.95 per share in the third quarter, slightly below
the $1.97 from the previous year, with a 27% drop in collective
benefits profits, totaling $373 million. The unit was impacted by a
review of actuarial assumptions and weak non-medical health
underwriting. In contrast, investment revenue rose 8% to $5.3
billion due to higher interest rates.
Amgen (NASDAQ:AMGN) – Amgen reported adjusted
earnings of $5.58 per share in the third quarter (a 13%
year-over-year increase), above the expected $5.11, with revenue of
$8.5 billion, in line with forecasts. Growth was driven by higher
sales of cholesterol medications (Repatha, +40%) and osteoporosis
treatments (Prolia, +6%). The company plans to disclose promising
results for its potential obesity drug, MariTide, by year-end.
Merck (NYSE:MRK) – Merck reported adjusted
earnings of $1.57 per share in the third quarter, surpassing the
estimate of $1.50, with revenue of $16.66 billion, above the
expected $16.46 billion. Sales of Keytruda rose 17%, reaching $7.43
billion, while Gardasil vaccine sales fell 11% to $2.31 billion.
The company revised its annual sales forecast to between $63.6
billion and $64.1 billion.
Anheuser-Busch InBev NV (NYSE:BUD) –
Anheuser-Busch InBev recorded a 2.4% decline in beer volumes in the
third quarter, impacted by weaker sales in China and Argentina. The
company announced a $2 billion share buyback and is seeking to cut
costs to improve margins. While it experienced growth in some
markets, China saw a significant decline, and global consumers are
opting for cheaper beer options due to economic slowdown.
Third-quarter revenue fell short of estimates, with a 2.1%
increase, although its profits exceeded estimates. Shares fell 4.4%
in pre-market trading.
Clorox (NYSE:CLX) – Clorox Co. reported net
income of $99 million in the first quarter, or 80 cents per share.
Excluding one-time costs, adjusted earnings were $1.86 per share,
surpassing the analysts’ expectation of $1.36. Revenue was $1.76
billion, above the forecast of $1.63 billion. Clorox raised its
annual earnings forecast to up to $6.90 per share, above the
previous estimate of $6.80 and the average analyst estimate of
$6.65. The company reported a 31% increase in organic sales in the
last quarter, driven by market recovery following the cyber attack,
supported by advertising and discounts to attract customers
back.
Other corporate highlights
Alphabet (NASDAQ:GOOGL) – Eric Schmidt, former
CEO of Google, suggests that U.S. military replace old tanks with
drones using artificial intelligence, noting that low-cost drones
can easily destroy expensive tanks. Schmidt, who advises on
military technology, emphasizes that rapid changes in drone tactics
indicate that the future of conflicts will be dominated by this
technology. Shares fell 1.1% in pre-market trading.
Amazon (NASDAQ:AMZN) – Amazon is updating Alexa
to compete with ChatGPT and launched a beta version in 2024.
However, delays, inconsistent responses, and technical challenges
are complicating the full launch, which has been postponed to 2025.
Additionally, over 500 Amazon employees have urged AWS CEO Matt
Garman to reverse the mandatory return-to-office policy,
challenging his statement that most support this measure. They
criticized the lack of data backing the decision and emphasized
that the rule negatively impacts workers with family
responsibilities and special needs. Shares fell 1.2% in pre-market
trading.
PepsiCo (NASDAQ:PEP) – PepsiCo is sharing more
data with major retailers to gain insights into consumer behavior
and streamline its supply chain. To address falling snack sales,
the company is reformulating products and packaging, in addition to
increasing collaboration with retailers, such as Carrefour, to
optimize orders and boost sales.
Super Micro Computer (NASDAQ:SMCI) – Super
Micro Computer revealed that Ernst & Young (EY) resigned as its
auditor, raising concerns among investors regarding the company’s
accounting. EY cited governance and financial control issues
following an internal investigation and new data received. In
response, Super Micro disagreed with the decision and stated it
does not expect significant revisions in its financial reports.
Shares fell 4.9% in pre-market trading after closing down 33% on
Wednesday.
Vodafone (NASDAQ:VOD) – Vodafone and Romanian
operator Digi signed a memorandum with the Hellenic
Telecommunications Organization to acquire Telekom Romania Mobile.
Vodafone would buy the majority of the company and assets, while
Digi would take over some others. Negotiations are in the early
stages and do not guarantee an agreement. Shares fell 1.2% in
pre-market trading.
Blackstone (NYSE:BX), Rogers
Communications (NYSE:RCI) – Blackstone made a $5.03
billion (C$7 billion) bid for a minority stake in Rogers
Communications’ mobile phone infrastructure, according to the Globe
and Mail. The deal, which will help Rogers reduce its debt,
involves selling a part of its wireless backhaul
infrastructure.
Spirit Airlines (NYSE:SAVE) – Spirit Airlines,
aiming to cut costs and strengthen its finances, will place around
330 pilots on leave in January 2025 and demote 120 captains. Facing
ongoing losses and a drop in shares following a failed merger with
JetBlue, the company plans to reduce its capacity and sell older
aircraft to generate liquidity.
Azul SA (NYSE:AZUL) – S&P downgraded Azul
from CCC+ to CC with a negative outlook, viewing its financing
agreement of up to $500 million as a “default.” The transaction
improves Azul’s cash flow by $150 million and may convert up to
$800 million in debt to equity if targets are met.
Toyota Motor (NYSE:TM) – Toyota and Nippon
Telegraph & Telephone Corp. will invest $3.3 billion (¥500
billion) by 2030 to develop autonomous driving technology with AI,
planned for 2028 and available to other companies. The technology
aims to improve road safety by using a network that anticipates and
responds to accidents.
Nike (NYSE:NKE) – John Slusher, a veteran at
Nike, has been appointed CEO of US Olympic and Paralympic
Properties (USOPP), responsible for marketing the Los Angeles 2028
Games and Team USA rights until that date. Slusher, with 26 years
of experience in sports marketing at Nike, will lead sponsorship,
product, hospitality, and ticket revenue. Shares fell 0.2% in
pre-market trading.
AstraZeneca (NASDAQ:AZN) – The Chinese
investigation into AstraZeneca has reached high levels, including
local president Leon Wang, over aggressive sales practices,
especially regarding oncology drugs Tagrisso and Imjudo. Employees
have been arrested for allegedly manipulating results for insurance
qualification. AstraZeneca, known for reduced prices to enter
China’s reimbursement list, now faces a significant impact on its
local operations. Shares fell 1.0% in pre-market trading.
Vodafone (NASDAQ:VOD)
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