Movers: AMD, Expeditors International, Ford Motor, Generac, Match Group, Starbucks

Scott Peters
03 May, 2023
New York City

Advanced Micro Devices Inc fell 7.2% to $83.50 and the semiconductor company forecasted demand weakness to persist in the second quarter. 

Revenue in the first quarter declined 9% to $5.4 billion from $5.9 billion and gross margin fell to 44% from 48% a year ago. 

The company swung to a net loss of $139 million from $786 million and diluted earnings per share fell to ($0.09) from 56 cents a year ago. 

For the second quarter of 2023, AMD expects revenue to be approximately $5.3 billion, plus or minus  $300 million and non-GAAP gross margin to be approximately 50%.  

Client group, which includes PC makers, sales plunged 65% to $739 million from $2.1 billion. Data center sales inched slightly higher to $1.295 billion from $1.293 and the company hinted for higher sales in the second half. 

Gaming segment sales, which includes sales to console makers and graphics chips, edged lower to $1.8 billion from $1.9 billion and embedded segment, which includes networking chips, sales jumped to $1.5 billion from $595 million a year ago.  

Starbucks Corp declined 4.2% $109.66 after the coffee chain operator reiterated its annual earnings outlook and comparable store sales in China rebounded following the ending of zero-Covid policy. 

Revenue in the first quarter rose 14% to $8.7 billion from $7.6 billion after sales picked up in China following the end of zero-Covid policy. 

Net earnings attributable to shareholders increased to $908.3 million from $674.5 million and diluted earnings per share to 79 cents from 58 cents a year ago. 

Expeditors International of Washington Inc was nearly unchanged at $113.24 after the company estimated weak demand conditions for ocean and air cargo freights to persist in the current quarter.  

Revenue in the first quarter plunged 44% to $2.6 billion following the steep drop in rates and volumes. 

Net income dropped 35% to $226.01 million from $346.1 million and diluted earnings per share fell to $1.45 from $2.05 a year ago. 

In the quarter, the company repurchased 2.0 million shares at an average price of $108.98 a share. 

Match Group increased 4.8% to $36.25 after the online dating site reported mixed quarterly results. 

Total revenue in the first quarter declined 1% to $787.1 million from $798.6 million a year ago. 

Net earnings plunged to $120.8 million from $186.5 million and diluted earnings per share declined to 42 cents from 60 cents a year ago. 

Tinder revenue was flat at $441 million and Hinge revenue increased 27% driven both by increase in payers and revenue per payer.  

Ford Motor Company increased 1.4% to $11.96 after the company swung to profit in the first quarter. 

Revenue in the first quarter increased 20% to $41.5 billion from $34.5 billion a year ago. 

The automaker swung to a profit of $1.8 billion from a loss of $3.1 billion and diluted earnings per share was 44 cents compared to ($0.78) a year ago. 

Net income of $1.8 billion compared to a net loss in the 2022 period that was primarily  attributable to a change in the mark-to-market value of the company’s investment in electric vehicle maker Rivian.  

Ford's adjusted earnings before interest and taxes, or EBIT, were $3.4 billion, an increase of  45% and margin of 8.1%.

Ford reiterated its 2023 outlook released in February and estimated adjusted EBIT of $9 billion to $11 billion and adjusted free  cash flow of about $6 billion.

Generac Holdings Inc soared 15.1% to $118.34 after the energy company reported positive quarterly results. 

Net sales in the first quarter declined 22% to $888 million from $1.14 billion a year ago. 

Net income in the quarter dropped to $12 million from $114 million and diluted earnings per share plunged to 5 cents from $1.57 a year ago.