Breaking News
May 1, 2024
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AMD fell 6.8% to $147.70 after the advanced chipmaker reiterated its full-year outlook, dampening expectations of sales and earnings revisions.
Revenue in the first quarter increased 2% to $5.47 billion from $5.35 billion, net income swung to a profit of $123 million from a loss of $139 million, and diluted earnings per share were 7 cents compared to a loss of 9 cents a year ago.
For the second quarter, AMD projected revenue of $5.7 billion with a band of $300 million, representing growth of 6% from a year ago at the midpoint of the revenue range. -
Pinterest soared 16.6% to $39.03 after the social media company reported better-than-expected revenue and earnings in the first quarter.
Revenue in the first quarter increased 23% to $740 million from $603 million, net loss shrank to $24.8 million from $208.6 million, and diluted loss per share eased to 4 cents from 31 cents a year ago.
The company projected second-quarter revenue between $835 million and $850 million, representing growth between 18% and 20% from a year ago. -
Super Micro Computer dropped 14% to $738.50 after the company announced lower-than-expected third-quarter revenue of $3.85 billion and higher-than-expected adjusted earnings per share of $6.65.
Net sales in the fiscal third quarter ending in March increased to $3.85 billion from $1.28 billion, net income soared to $402.5 million from $85.5 million, and diluted earnings per share advanced to $6.56 from $1.53 a year ago.
The company estimated for the fiscal fourth quarter ending in June revenue between $5.1 billion and $5.5 billion and diluted earnings per share between $7.20 and $8.05, including $30 million in expenses related to stock-based compensation. -
Amazon.com rose 1.6% to $177.85 after the online retailer and cloud services provider reported better-than-expected revenue and earnings in the first quarter after advertising revenue soared 24%.
Net sales in the first quarter increased 13% to $143.3 billion from $127.4 billion, net income soared to $10.3 billion from $3.2 billion, and diluted earnings per share advanced to 98 cents from 31 cents a year ago.
Sales in North America increased 12% from a year ago to $86.3 billion, and international sales rose 10%, or 11% in constant currency, to $31.9 billion.
The company said revenue in the current quarter is expected to range between $144 billion and $149 billion, representing an increase between 7% and 11%.
The Amazon Web Services business soared 17% to $25 billion, calming the worries that the division's growth had topped out following slower growth last year.
The company said it plans to invest $10 billion in Mississippi, the single largest capital investment in the state's history, and build two data center complexes and generate 1,000 jobs. -
Southwest Airlines plunged 7% to $27.0 after the regional airline reported a wider-than-expected loss in the first quarter, and the company said it anticipates fewer plane deliveries from Boeing.
Revenue in the first quarter increased 11% to $6.3 billion, net loss expanded to $231 million from $159 million, and diluted loss per share increased to 39 cents from 27 cents a year ago.
The airline said it expects to receive a total of 20 Boeing 737 Max 8 airplanes compared to its previous estimate of 46 planes in 2024, and the company plans to delay retiring some of its older planes and look for ways to cut costs. -
American Airlines Group rose 5.2% to $14.63 after the company reported better-than-expected quarterly results.
Revenue in the first quarter increased 3.1% to $12.6 billion from $12.2 billion; the company swung to a net loss of $312 million compared to a profit of $10 million; and diluted earnings per share were a loss of 48 cents compared to a profit of 2 cents.
The company said it lowered its debt by $950 million in the first quarter, and it is on track to lower its debt by $15 billion by 2025.
The company estimated its adjusted diluted earnings per share for the second quarter between $1.15 and $1.45 and for the full year between $2.25 and $3.25. -
Meta Platforms plunged 14.5% to $421.80 after the social networking site operator projected weaker-than-estimated revenue.
Revenue in the first quarter increased 27% to $36.5 billion from $28.6 billion, net income rose 117% to $12.4 billion, and diluted earnings per share advanced to $4.71 from $2.20 a year ago.
In the quarter, the company repurchased $14.64 billion of its common stock and paid $1.27 billion in dividends.
The company guided second-quarter revenue to range between $36.5 billion and $39 billion and revised its full-year revenue to a range between $96 billion and $99 billion compared to the previous estimate of $94 billion and $99 billion.
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First quarter GDP growth fell short of expectations due to lower investment in inventories, the U.S. Bureau of Economic Analysis reported Thursday.
GDP in the first quarter expanded at an annual pace of 1.6%, sharply lower than the 3.4% annual rate in the final quarter of 2023.
Increases in consumer and government spending and residential and non-residential fixed investment were offset by a decrease in private inventory investment. -
Chipotle Mexican Grill rose 3% to $3,026.0 after the restaurant chain operator reported better-than-expected quarterly results.
Revenue in the first quarter increased 14.1% to $2.7 billion from $2.4 billion, net income rose to $39.2 million from $291.6 million, and diluted earnings per share advanced to $13.01 from $10.50 a year ago.
Same-store sales increased by 7%, driven by a 5.4% increase in store traffic and a 1.6% rise in average sales.
The company estimated full-year comparable sales to increase in the mid- to high-single-digit range, and the restaurant chain plans to open between 285 and 315 stores, with 80% having the drive-through Chipotlane. -
Tesla jumped 12.4% to $162.25 after the electric vehicle maker reported a decline in sales and earnings, but the company's outlook supported market expectations.
Revenue in the first quarter declined 9% to $21.3 billion, net income dropped 55% to $1.13 billion from $2.51 billion, and diluted earnings per share fell to 34 cents from 73 cents a year ago.
In a statement released to investors, Tesla said the volume growth rate in 2024 "may be notably lower than the growth rate achieved in 2023."
The company said it plans to launch "new vehicles, including more affordable models," manufactured on the same production lines without needing additional investment.
The company aims to achieve a 50% increase in annual vehicle production before investing in new plants and equipment.
Apr 25, 2024
Apr 24, 2024