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☆ Wayfair's losses narrow by more than $100 million after layoffs, even as sales dip
▼ + stars: | 2024-05-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Wayfair's sales slid during its first fiscal quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday. The steepest drop off came from Wayfair's international segment, where sales fell nearly 6% to $338 million compared to the year-ago period. The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously. During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount. On average, orders were valued at $285 during the quarter, compared to the $275.07 that analysts had expected, according to StreetAccount.

Persons: Wayfair, Niraj Shah, Shah, – Organizations: LSEG

☆ Yum Brands earnings miss estimates as Pizza Hut, KFC sales disappoint
▼ + stars: | 2024-05-01 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Yum Brands on Wednesday reported quarterly earnings and revenue that missed analysts' expectations as Pizza Hut and KFC struggled to attract customers. Yum's global same-store sales also fell 3% in the quarter, missing StreetAccount estimates of 0.2% same-store sales growth. Across Yum's three largest brands, only Taco Bell reported same-store sales growth. Taco Bell's U.S. locations reported same-store sales growth of 2%, while its international business posted a decline of 2%. Pizza Hut reported same-store sales dropped 7%, as demand lagged both in its home market and internationally.

Persons: Taco Bell, Yum Organizations: Yum Brands, KFC, LSEG Locations: Austin , Texas, Yum's, Mexican, Bell's U.S, U.S, China

☆ Pinterest shares soar 18% on earnings beat, strong revenue growth
▼ + stars: | 2024-04-30 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Shares of Pinterest popped 18% in extended trading Tuesday after the company reported first-quarter results that beat analysts' estimates and showed its fastest revenue growth since 2021. Pinterest reported 518 global monthly active users (MAUs) for the first quarter, up 12% year over year. In its first-quarter release, Pinterest CEO Bill Ready said the company is driving greater returns for advertisers because of its investments in AI and shoppability. Meta , Snap and Google parent Alphabet all reported first-quarter results last week that exceeded analysts' estimates for revenue. For its second quarter, Pinterest expects to report revenue between $835 million and $850 million, which equates to growth of 18% to 20% year over year.

Persons: Pinterest, MAUs, StreetAccount, Bill Ready Organizations: Digital

☆ Amazon’s advertising revenue jumps 24% in first quarter
▼ + stars: | 2024-04-30 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Amazon reported 24% growth in its advertising unit on Tuesday, the latest sign that the digital ad market is continuing its rebound. Ad revenue climbed to $11.8 billion in the first quarter from $9.5 billion a year earlier. Amazon reported $143.3 billion in total revenue for the period, up 13% from a year ago. Alphabet followed on Thursday, reporting ad revenue for the first quarter of $61.66 billion, up 13% from the year prior, with YouTube ad revenue jumping 21% to $8.09 billion. Snap shares rocketed 28% on Friday after the company reported a 21% increase in revenue to $1.19 billion, the strongest growth in two years.

Organizations: Amazon, Meta, YouTube Locations: New York

☆ Amazon's cloud margin widens on accelerating revenue growth
▼ + stars: | 2024-04-30 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Adam Selipsky, CEO of Amazon Web Services, speaks during the Bloomberg Technology Summit in San Francisco on June 22, 2023. Revenue from Amazon Web Services came out to $25.04 billion, according to the company's earnings statement. The growth marked a step up from the 13% increase Amazon reported for AWS in the fourth quarter. Analysts polled by StreetAccount had expected $7.52 billion in AWS operating income. The AWS operating margin widened to 37.6%, the widest at least since 2014.

Persons: Adam Selipsky, StreetAccount, Gartner, Axios, Anthropic, CFRA's Zino Organizations: Amazon Web Services, Bloomberg Technology Summit, Amazon, Revenue, AWS, Google, Microsoft Locations: San Francisco

☆ AMD's data center business grew 80% but the stock is down
▼ + stars: | 2024-04-30 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

AMD reported first-quarter earnings and sales on Tuesday that were slightly ahead of Wall Street expectations, and provided an in-line forecast for the current quarter. AMD said its closely-watched Data Center segment grew 80% on a year-over-year basis to $2.3 billion thanks to sales of its MI300 AI chip, which competes with Nvidia's AI graphics processors. AMD said it had sold over $1 billion of the AI chips since it launched in the fourth quarter of 2023. AMD also makes central processors which are often paired with advanced AI chips in servers. AMD reported $1.4 billion in first-quarter sales, a 85% annual increase, suggesting that last year's PC slump is over.

Persons: Lisa Su, Su Organizations: AMD, Wall, Revenue, Intel Locations: Las Vegas , Nevada, U.S

☆ Shares of two big online education stocks tank more than 10% as students use ChatGPT
▼ + stars: | 2024-04-30 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

As a result, Jefferies downgraded the stock to underperform from hold and lowered its price target to $4 from $7, suggesting 2% downside from Monday's close. Both stocks sank by more than 10% on Tuesday after issuing disappointing guidance in part because of students using AI tools such as ChatGPT. The rapid rise of artificial intelligence appears to be taking a toll on the shares of online education companies Chegg and Coursera . After Chegg's most recent results, Morgan Stanley lowered its price target to $6.50 from $7 and maintained its underweight rating. He maintained his neutral rating and cut his price target to $8 from $9.

Persons: James, Brent Thill, Jefferies, Chegg, Daniel L, Rosensweig, Nathan Schultz, Thill, ChatGPT, Morgan Stanley, Josh Baer, Schultz, Bryan Smilek, Coursera Organizations: LSEG, JPMorgan, StreetAccount Locations: Shepherdsville , Kentucky

☆ McDonald’s earnings miss estimates as diners pull back, Middle East boycotts hit sales
▼ + stars: | 2024-04-30 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

McDonald's reported mixed quarterly results Tuesday as its reorganization weighed on its profit and boycotts hurt its Middle Eastern sales. McDonald's reported U.S. same-store sales growth of 2.5%, missing expectations of 2.6%. A month into the second quarter, McDonald's U.S. same-store sales are roughly flat, executives said. McDonald's said the segment's same-store sales fell 0.2%, marking the first time since the pandemic that one of the chain's divisions reported a same-store sales decline. McDonald's international operated markets segment, which includes Germany and the United Kingdom, reported same-store sales growth of 2.7%.

Persons: McDonald's, Chris Kempczinski, Kempczinski, Ian Borden, we've, Borden Organizations: LSEG, U.S Locations: U.S, Israel, Japan, Latin America, Germany, United Kingdom

☆ Starbucks shares sink 10% as same-store sales fall, quarterly results miss
▼ + stars: | 2024-04-30 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Starbucks on Tuesday reported weaker-than-expected quarterly earnings and revenue, fueled by a surprise decline in same-store sales. Wall Street was anticipating same-store sales growth of 1%, according to StreetAccount estimates. Across all regions, Starbucks reported shrinking same-store sales and falling traffic. Starbucks' international segment reported same-store sales declines of 6% as both average ticket and transactions dropped. In China, Starbucks' second-largest market, same-store sales plunged 11%, fueled by an 8% decline in average ticket.

Persons: Laxman Narasimhan, Rachel Ruggeri Organizations: Starbucks, LSEG, PepsiCo Locations: U.S, Israel, China

Snap shares surged 28% on Friday after the company surprised Wall Street by showing a profit and reported sales and user numbers that exceeded analysts' estimates. The company reported adjusted earnings per share of 3 cents, while analysts were expecting a 5-cent loss. Snap said adjusted EBITDA "exceeded our expectations" and was primarily driven by operating expense discipline, as well as accelerating revenue growth. Snap reported more than 9 million Snapchat+ subscribers for the period. For the second quarter, Snap expects to report revenue between $1.23 billion and $1.26 billion, up from the $1.22 billion expected by analysts, according to StreetAccount.

Persons: Derek Andersen, Evan Spiegel Organizations: Barker, Revenue, Snapchat, Meta Locations: Santa Monica , California

Microsoft and a major chemical stock were among Friday's biggest analyst calls. He also lowered his price target by $1 to $25, which implies shares can fall roughly 19% from Thursday's close. Sandler increased his price target by $27 to $200, which implies 26.6% potential upside. JPMorgan: Analyst Mark Murphy added $30 to his price target, which is now at $470. He also hiked his price target to $61 from $55, which implies upside of 8% going forward.

Persons: Morgan Stanley, Mobileye, Adam Jonas, Jonas, — Pia Singh, Stifel, Stanley Elliot, Elliott, Alphabet's, Oppenheimer, Jason Helfstein, Ross Sandler, Sandler, Brent Thill, Google's, Justin Post, Post, Wall, Raimo Lenschow, Wells, Michael Turrin, MSFT, Turrin, Mark Murphy, Murphy, Keith Weiss, Weiss, Jeffrey Zekauskas, Zekauskas, Dow, Fred Imbert Organizations: CNBC, Microsoft, JPMorgan, Dow Inc, TAM, Caterpillar, Google, Barclays, –, Jefferies, Bank of America, DOW Locations: Israel, Thursday's, reaccelerate, Wells Fargo

☆ Alphabet set to report first-quarter results after market close
▼ + stars: | 2024-04-25 | by ( Jennifer Elias | ) www.cnbc.com time to read: +4 min

Revenue: $78.59 billion, according to LSEG. : $7.72 billion, according to StreetAccount. Traffic acquisition costs (TAC): $12.74 billion, according to StreetAccount. Wall Street is expecting Alphabet to report a second straight quarter of year-over-year revenue growth in the low teens. CEO Sundar Pichai told employees in January that more job cuts were likely coming in 2024, though he didn't specify at the time which teams would be affected.

Persons: Sundar Pichai, Prabhakar Raghavan, Raghavan, Liz Reid, Meta, Mark Zuckerberg's, Ruth Porat Organizations: Google, TAC, OpenAI, Microsoft, CNBC Locations: Brussels, Belgium, LSEG, StreetAccount

☆ Snap shares soar 25% as company beats on earnings, shows strong revenue growth
▼ + stars: | 2024-04-25 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +4 min

Snap reported first-quarter results on Thursday that beat analysts' estimates and showed a return to double-digit revenue growth. Adjusted EBITDA for the first quarter was $46 million, far surpassing the $68 million loss expected by analysts, according to StreetAccount. For its second quarter, Snap expects to report revenue between $1.23 billion and $1.26 billion, up from the $1.22 billion expected by analysts, according to StreetAccount. Snap said adjusted EBITDA will fall between $15 million and $45 million, compared to Wall Street's expectations of $15.5 million. The company expects to report around 431 million DAUs in its second quarter, up from the 430 million expected by StreetAccount.

Persons: Snap's, Snap Organizations: LSEG Revenue, LSEG, LSEG Global, Revenue, Snapchat, Meta, StreetAccount

☆ Stocks making the biggest moves premarket: Meta Platforms, Honeywell, Merck, Southwest Airlines and more
▼ + stars: | 2024-04-25 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

However, first-quarter earnings and revenue both came above analysts' estimates. Honeywell — The industrial stock rose 2.2% in premarket trading after the company posted earnings per share of $2.25, beating LSEG analysts' estimates of $2.17. Revenue for the quarter came in at $9.11 billion, compared to the $9.03 billion analysts were expecting. Analysts surveyed by LSEG forecast $1.88 in earnings per share and $15.20 billion in revenue. ServiceNow — The workflow management company shed 4% after narrowly beating analysts' revenue expectations in the first quarter.

Persons: Merck, LSEG, ServiceNow, —, Macheel, Samantha Subin, Jesse Pound, Pia Singh, Alex Harring Organizations: Facebook, Honeywell, Merck, Southwest Airlines, American Airlines, LSEG, StreetAccount, IBM, Caterpillar, Deutsche Bank — U.S, Deutsche Bank, Comcast, Technology, Revenue, CNBC Locations: NBCUniversal

☆ Alphabet's earnings are coming up. Here’s what analysts are looking for
▼ + stars: | 2024-04-25 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Google parent Alphabet is set to report earnings after the bell on Thursday, adding to the slate of Big Tech earnings this week. For the first quarter, analysts polled by LSEG are calling for earnings of $1.51 per share on revenue of $78.59 billion. What the Street expects to see: AI, Cloud growth, ad trends Beyond the headline figures, analysts are paying close attention to Alphabet's revenue from the Google Cloud business, YouTube ads and its traffic acquisition costs. The company's ad revenue of $65.52 billion came in lower than analysts' estimates of $65.94 billion, however, according to StreetAccount. With AI, Alphabet is working on both sides of the technology: the innovator and the investor.

Persons: LSEG, that's, Brent Thill, Thill, Maria Ripps, Prabhakar Raghavan, Gemini, Anthropic Organizations: Big Tech, Google, Meta, Jefferies, Capital, YouTube

☆ Stocks making the biggest moves midday: Meta, Victoria's Secret, Microsoft, Caterpillar and more
▼ + stars: | 2024-04-25 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

Honeywell posted adjusted earnings per share of $2.25, beating analysts' estimates of $2.17 per share, per LSEG. Revenue for the quarter also came in better-than-expected at $9.11 billion, compared to the $9.03 billion analysts were expecting. ServiceNow — The digital workflow firm slid 5% after it only narrowly beat analysts' revenue expectations in the first quarter. ServiceNow posted revenue of $2.6 billion, slightly higher than the $2.59 billion analysts polled by LSEG had anticipated. Caterpillar — Shares tumbled 6.5% after revenues of $15.8 billion for the most recent quarter missed analysts' estimates of $16.04 billion, according to LSEG.

Persons: Goldman Sachs, Mark Zuckerberg, ServiceNow, LSEG, —, Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox Organizations: Facebook, Meta, Tech, Microsoft, Beverage, JPMorgan, Monster Beverage, Honeywell —, Honeywell, Revenue, Merck, Co, LSEG, — Bank of America, Southwest Airlines —, Management, StreetAccount, Machines, IBM, Bank of America, Caterpillar, Nvidia —, Nvidia, Comcast, Deutsche Bank — U.S, Deutsche Bank, CNBC Locations: NBCUniversal

☆ Chipotle reports big earnings beat, and its shares are jumping
▼ + stars: | 2024-04-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Chipotle Mexican Grill on Wednesday reported quarterly earnings and revenue that beat analysts' expectations, fueled by higher traffic to its restaurants. Excluding a 36-cent hit from increases to its legal reserves, the burrito chain earned $13.37 per share. Chipotle said traffic increased 5.4% from the year-ago period, while the average check was up just 1.6%. Chipotle has become the rare restaurant chain to report rising transactions despite higher menu prices. In March, Chipotle's board approved a 50-for-1 stock split, one of the largest in the New York Stock Exchange's history.

Persons: Chipotle, Jack Hartung, Brian Niccol, Chipotle's Organizations: LSEG, burrito, New York Stock Locations: Manhattan , New York, California

☆ IBM to acquire HashiCorp in $6.4 billion deal, reports another revenue miss
▼ + stars: | 2024-04-24 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

On Tuesday, The Wall Street Journal reported that IBM was getting close to acquiring HashiCorp, sending shares upward. In 2021 HashiCorp shares started trading on the Nasdaq. HashiCorp shares moved 4% higher in extended trading following the acquisition announcement. Revenue from software, at $5.90 billion, increased about 6% and was below the $5.96 billion consensus among analysts surveyed by StreetAccount. Notwithstanding the after-hours move, IBM shares are up about 13% so far this year, outperforming the S&P 500 index, which is up 6% over the same period.

Persons: Arvind Krishna, Dave McJannet, Rob Thomas, IBM's, HashiCorp Organizations: Economic, IBM, HashiCorp, Street Journal, Bloomberg, Linux, Nasdaq, LSEG, StreetAccount, Weather Company, Francisco Partners Locations: Davos, Switzerland

☆ Meta's Reality Labs posts $3.85 billion loss in first quarter
▼ + stars: | 2024-04-24 | by ( Alex Koller | ) www.cnbc.com time to read: +1 min

Facebook co-founder and chief executive, Mark Zuckerberg, speaks at an Oculus developers conference while wearing a virtual reality headset in San Jose, California. Meta shows no signs of substantially trimming its losses from investing in the metaverse, as competition heightens between the Facebook parent and Apple in the virtual reality market. In its first-quarter earnings report Wednesday, Meta disclosed that its Reality Labs unit recorded a $3.85 billion operating loss. Analysts were expecting a $4.31 billion operating loss and sales of $512.5 million for the quarter, according to StreetAccount. Reality Labs has now lost more than $45 billion since the end of 2020, when Meta first began reporting the business segment separately.

Persons: Mark Zuckerberg, Meta Organizations: Facebook, Apple, Reality Labs, Revenue, Meta Locations: San Jose , California

☆ Stocks making the biggest moves after hours: Meta, IBM, Chipotle, ServiceNow and more
▼ + stars: | 2024-04-24 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Ford Motor — The automobile stock rose 2% after posting a first-quarter adjusted earnings beat and raising its adjusted free cash flow outlook for 2024. On the other hand, Ford's first-quarter revenue came in below expectations. First-quarter revenue of $14.46 billion missed consensus estimates of $14.55 billion, LSEG said. Chipotle earned $13.37 per share, excluding items, outpacing the $11.68 per share LSEG estimate, as traffic to its restaurants was robust. United Rentals — The equipment rental company added 2.4% after posting a first-quarter adjusted earnings and revenue beat.

Persons: LSEG, Ford's, Ethan Allen, Ethan Allen's, Chipotle, Lam, ServiceNow, —, Christina Cheddar, Berk, Darla Mercado, Scott Schnipper Organizations: Technology, Facebook, Meta, Ford, Machines, IBM, Whirlpool, Research, Lam Research, Revenue, Churchill, United Rentals

☆ Meta to report first-quarter results after the bell
▼ + stars: | 2024-04-24 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Meta will report first-quarter results after the bell Wednesday. Revenue: $36.16 billion, according to LSEG. $36.16 billion, according to LSEG. Analysts expect Meta to report a 26% increase in revenue from $28.65 billion a year earlier. Analysts at Baird said in a Monday note that slower spending from China-based advertisers could be a source of concern in the first-quarter results.

Persons: Meta, Mark Zuckerberg, Zuckerberg, Susan Li, Baird Organizations: StreetAccount, Meta, Facebook Locations: LSEG, China

☆ Spotify reports record quarterly profit after a year marked by deep layoffs and activist attention
▼ + stars: | 2024-04-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Spotify reported first-quarter earnings on Tuesday, notching record quarterly profit and beating estimates on the top and bottom lines, after a year of deep cost cutting and streamlining. The company expects net new MAUs of 16 million, for a total of 631 million monthly active users. Spotify attributed the slowed growth to "moderated marketing activity" — driven by cost cutting — resulting in "more normalized growth." ValueAct, which manages nearly $12 billion in assets, has a 0.5% Spotify stake valued at $280 million. When the activist investor first disclosed the position in 2023, it owned around 1.2% of Spotify.

Persons: Daniel Ek, Joe Rogan, MAUs, Mason Morfit's ValueAct Organizations: Spotify, LSEG, StreetAccount Spotify Locations: Tokyo, Swedish

☆ Goldman Sachs is strong, Netflix raises questions: What we learned from earnings this week
▼ + stars: | 2024-04-19 | by ( Hakyung Kim | ) www.cnbc.com time to read: +6 min

Of those companies, 73.6% have beaten earnings expectations, FactSet data shows. Investment banks doing well, BofA not so much The major banks that posted results this week — Goldman Sachs , Morgan Stanley and Bank of America — beat earnings expectations. Bank of America shares fell more than 3% despite the company beating on both top and bottom lines. Mixed earnings picture Although nearly three-quarters of the reported earnings so far have topped expectations, the broader earnings picture is more muddled. The blended earnings growth rate, which considers the reports already out and the estimates from those still pending, sits at just 0.16%.

Persons: — Goldman Sachs, Morgan Stanley, Alastair Borthwick, Wells, Mike Mayo, Goliath, Mayo, Goldman Sachs, Wells Fargo's Mayo, Goldman, Ebrahim Poonawala, cyberattack, George Hill, Doug Anmuth, Jessica Reif Ehrlich, Canaccord Genuity, Chris Harvey Organizations: Investment, Bank of America —, Bank of America, Bank of America's, JPMorgan, Wells, of America, Deutsche, Netflix, NFLX's, Revenue, Microsoft, Exxon Mobil

☆ Stocks making the biggest premarket moves: Eli Lilly, Travelers, United Airlines, Alcoa and more
▼ + stars: | 2024-04-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Travelers — Shares fell nearly 5% after the insurance company reported an earnings and revenue miss for its first quarter. Revenue was $10.18 billion compared with the $10.51 billion expected. J.B. Hunt Transport Services — Shares sank 8% a day after the transportation and logistics company reported an earnings and revenue miss for its first quarter. ASML Holding — U.S.-listed shares sank 5% after the Dutch semiconductor company posted revenue and new bookings that came in below consensus estimates. Omnicom — The stock added nearly 3% a day after the communications company reported an earnings and revenue beat for its first quarter.

Persons: Eli Lilly, ResMed, Eli Lilly's, Zepbound, J.B, Hunt, Joe Biden, TD Cowen, Ferrari, Bernstein, —, Dealbook, Kate Spade, Jesse Pound, Hakyung Kim, Sarah Min, Fred Imbert Organizations: LSEG, Revenue, Travelers, United Airlines, Hunt Transport, ASML, Urban, Jefferies, Autodesk, Alcoa, United Steelworkers, Ferrari, Abbott, Abbott Laboratories, New York Times, Federal Trade Commission Locations: J.B, China, Pittsburgh

☆ Morgan Stanley is about to report first-quarter earnings
▼ + stars: | 2024-04-16 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Ted Pick, CEO Morgan Stanley, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 18th, 2024. Morgan Stanley is set to report first-quarter earnings before the opening bell Tuesday. Pick's tenure has kicked off on a rocky note, as high interest rates have incentivized the bank's wealth management customers to move cash into higher-yielding securities. But if its rivals are any indication, Morgan Stanley could be helped by strong investment banking and trading results in the quarter. Analysts are likely to question Pick about reports that multiple U.S. regulators are investigating Morgan Stanley for potential shortfalls in how it screens clients for its wealth management division.

Persons: Ted Pick, Morgan Stanley, Wells, Goldman Sachs Organizations: LSEG Revenue, Banking, JPMorgan Chase, Citigroup, Monday . Bank of America, Analysts Locations: Davos, Switzerland, Wells Fargo

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