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Nov 30, 2023
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Snowflake jumped 7.2% to $187.95 after the software company reported that revenue and earnings jumped in its latest quarter.
Revenue in the fiscal third quarter ending in October jumped 32% to $734.2 million from $557 million; net loss expanded to $214.7 million from $201.4 million; and diluted loss per share expanded to 65 cents from 63 cents a year ago.
The company said remaining performance obligations increased by 23% to $3.7 billion, and the company now has 436 customers with trailing 12-month product revenue of more than $1.0 million.
Non-GAAP adjusted free cash flow soared 70% from a year ago to $111 million in the quarter. -
Salesforce soared 9.2% to $251.53 after the customer contact management software company reported better-than-expected earnings.
Revenue in the third quarter increased 11% to $8.7 billion from $7.8 billion, net income soared to $1.2 billion from $210 million, and diluted earnings per share rose to $1.25 from 21 cents a year ago.
The company repurchased $1.9 billion of its stock in the third quarter.
The software company estimated fourth-quarter revenue to increase 10% and fall in the range of $9.18 billion and $9.23 billion and narrowed its full-year fiscal 2024 revenue outlook to an increase of 11% to between $34.75 billion and $35.8 billion. -
The personal consumption expenditure price index was flat on a monthly basis in October, the Bureau of Economic Analysis reported Thursday.
The alternative watered down measure of inflation, preferred by policymakers, was the weakest since July 2022, after rising 0.4% in September and August.
The annual rate also slowed to 3.0% from 3.4% in September, a low level not seen since March 2021.
Moreover, the annual core PCE inflation, which excludes food and energy, eased to 3.5% from 3.7%, a new low in 27 months.
Personal income and spending inched up 0.2% from the previous month, the monthly report showed. -
General Motors jumped 8.5% to $31.35 after the vehicle maker announced a $10 billion stock buyback, raised its dividend, and reinstated its annual outlook.
The company estimated net income attributable to stockholders between $9.1 billion and $9.7 billion, compared to the previous outlook of $9.3 billion and $10.7 billion.
Diluted earnings per share in the $6.52 to $7.02 range, including the estimated impact of the accelerated stock repurchase, compared to the previous outlook of $6.54 to $7.54
The vehicle maker said it plans to increase its dividend by 33%, or 3 cents per quarter, to 12 cents, beginning with the declaration in January 2024.
GM had about 1.37 billion outstanding shares prior to the announcement of the accelerated stock repurchase program. -
Foot Locker jumped 8.5% to $25.85 after the specialty athletic retailer reported better-than-expected quarterly results.
Revenue in the fiscal third quarter ending in October declined 8.6% to $1.99 billion from $2.17 billion, and comparable store sales fell 8.0%.
The company attributed the decline in sales to "ongoing consumer softness," and the closure of Champ stores negatively impacted same-store sales by 3 percentage points.
Net income in the quarter decreased to $28 million from $96 million, and diluted earnings per share dropped to 30 cents from $1.01 a year ago.
The retailer tightened its full-year revenue growth estimate to between 8.0% and 8.5% from the previous guidance between 8.0% and 9.0%, and comparable sales growth to range between 8.0% and 8.5% from 8.0% to 9.0%.
The company entered into a long-term licensing agreement with two retailers in India and will commence sales operations in 2024.
During the third quarter, the company paid a quarterly dividend of $0.40 per share for a total of $38 million and did not repurchase any shares. -
Petco Health and Wellness Company plunged 16.7% to $3.20 after the specialty retailer reported weaker-than-expected quarterly earnings.
Revenue in the fiscal third quarter ending in October declined 0.5% to $1.49 billion from $1.50 billion, and same-store sales were flat from a year ago but rose 4.1% from two years ago.
The company swung to a net loss of $1.2 billion from a profit of $19 million, and diluted earnings per share dropped to a loss of $4.63 from a profit of 7 cents a year ago.
During the quarter, Petco recorded a $1.2 billion non-cash goodwill impairment charge associated with goodwill originally recorded in fiscal 2015, due to the decline in the company's stock price.
The company reiterated its 2023 revenue guidance to between $6.15 billion and $6.275 billion, adjusted earnings per share to 8 cents from the previous estimate between 24 cents and 30 cents, and confirmed its capital expenditure between $215 million and $225 million. -
NetApp soared 10.3% to $86.11 after the intelligent data infrastructure company reported better-than-expected quarterly results.
Revenue in the fiscal third quarter ending in October decreased 6% to $1.56 billion from $1.66 billion, and billings declined 9% to $1.45 billion from $1.60 billion a year ago.
Net income plunged to $233 million from $750 million, and diluted earnings per share dropped to $1.10 from $3.41 a year ago.
During the quarter, the company returned $403 million to stockholders through stock repurchases and cash dividends.
For the fiscal year 2024 third quarter, the company estimated revenue in the range of $1.51 billion and $1.67 billion and diluted earnings per share in the range of $1.17 billion and $1.27 billion.
For the full year 2024, the cloud infrastructure company estimated revenue to decline 2% from a year ago, gross margin of 70%, and earnings per share between $4.15 and $4.35 a share.
The company also declared a dividend of 50 cents per share to be paid on January 24, 2024, to shareholders on record on January 5, 2024. -
Phillips 66 jumped 3.7% to $122.33 after the activist investor Elliott Investment Management disclosed a stake of $1 billion in the energy company in the hopes of a potential gain of 75%.
Elliott is seeking two board seat and plans to improve oil refiner and retailer's performance, according to the letter sent by the activist investor to the company's board.
Elliott is targeting operating earnings of $14 billion by 2025 by focusing on improving company's refining operations. -
Gross domestic product rose at a faster pace in the third quarter after the U.S. Bureau of Economic Analysis revised its previous estimate.
Real gross domestic product increased at an annual pace of 5.2%, higher than 4.9% in the preliminary estimate, and accelerated from a 2.1% rise in the second quarter.
The GDP increase was the fastest since the fourth quarter of 2021, and the increase in the third quarter primarily reflected a higher increase in government spending, inventory investment, and nonresidential investment, but consumer spending growth was revised lower. -
Zscaler decreased 6.1% to $179.50 after the cyber-security company reported quarterly results and offered a muted outlook.
Revenue in the fiscal first quarter ending in October rose 40% to $496.7 million from $355.5 million; net loss shrank to $33.5 million from $68.1 million; and net loss per share fell to 23 cents from 48 cents a year ago.
Cash provided by operations was $260.8 million, or 53% of revenue, compared to $128.5 million, or 36% of revenue, in the first quarter of fiscal 2023.
Free cash flow was $224.7 million, or 45% of revenue, compared to $95.6 million, or 27% of revenue, in the first quarter of fiscal 2023.
The company estimated second-quarter fiscal 2024 revenue to range between $505 million and $507 million and non-GAPP income from operations between $84 million and $86 million.
For the full-year fiscal 2024, the company estimated revenue between $2.09 billion and $2.10 billion, non-GAAP operating income between $360 million and $365 million, and non-GAAP diluted earnings per share between $2.45 and $2.48 based on 181 fully diluted outstanding shares.
Nov 29, 2023
Nov 28, 2023