Movers: AMD, Ferrari, Match Group, Starbucks

Scott Peters
02 Aug, 2023
New York City

Ferrari NV increased 1.3% to $321.69 after the maker of luxury sports cars lifted its annual outlook and reported better-than-expected quarterly earnings. 

Net revenue in the second quarter increased 14% to Є1.4 billion and vehicle shipments declined 2% to 3,392 compared to 3,455 a year ago. 

Adjusted net profit increased 33% to Є334 million from Є251 million and adjusted diluted earnings per share increased 35% to Є1.83 from Є1.36 a year ago. 

Vehicle shipments in the Europe, Middle East and Africa region jumped 17% to 1,638, in North America declined 17% to 869, in the Greater China region dropped 5% to 339 and the rest of Asia fell 16% to 546. 

Ferrari revised 2023 revenue forecast to Є5.8 billion from the previous estimate of Є5.7 billion and higher than Є5.6 billion in 2022. 

The vehicle maker also revised higher diluted adjusted earnings per share range between Є6.25 and Є6.40 from the previous range between Є6.0 and Є6.20 compared to Є5.09 in 2022. 

Advanced Micro Devices, Inc decreased 1.1% to $116.30 after the semiconductor chipmaker reported stronger-than-expected sales and earnings in the second quarter but forecasted weaker-than-expected third quarter sales. 

Revenue declined 18% to $5.4 billion from $6.6 billion and net income plunged 94% to $27 million from $447 million and diluted earnings per share dropped to 2 cents from 27 cents a year ago. 

Data center revenue driven by enterprise sales dropped 11% to $1.3 billion, client segment revenue which includes PC related sales plunged 54% to $998 million and gaming segment revenue declined 4% to $1.6 billion. 

Match Group Inc jumped 1.7% to $47.95 after the online dating site reported strong increase in sales and earnings in the second quarter and forecasted sales are likely to be ahead of market expectations. 

Total revenue in the second quarter rose 4% to $830 million and the company swung to a net income of $137.3 million from a loss of 32.3 million and diluted earnings per share was 48 cents from (11 cents) a year ago. 

Total paying subscribers declined 5% to 15.6 million from 16.4 million and average revenue per subscriber rose to $17.41 from $15.86 a year ago.  

Starbucks Corp increased 0.8% to $102.03 after the coffee chain operator reported higher-than-expected sales in the fiscal third quarter on a sales rebound in China. 

Sales at stores open at least 13 months in China soared 46% from a year ago, after Covid-restrictions ended. 

Global comparable store sales increased 10% and the U.S. and North American comparable store sales increased 7% from a year ago. 

Revenue in the quarter ending on July 2 rose 12% to $9.2 billion and  the company opened 588 net new stores in the quarter, increasing the worldwide total to 37,000. 

Net earnings attributable to shareholders increased to $1.1 billion from $913 million and diluted earnings per share rose to 99 cents from 79 cents a year ago. 

China is expected to drive future sales growth as the company pushes to open more stores in smaller cities of the nation with 1.4 billion people with a preferred hot beverage tea over coffee. 

At the end of the third quarter, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 16,144 and 6,480 stores in the U.S. and China, respectively.