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Disney Slashes Streaming Losses, UBS shoots up 9% as profit triples expectations, and More in Earnings

Fernanda T
Latest News
May 07 2024 7:46AM

Walt Disney (NYSE:DIS) – In the fiscal second quarter, Disney exceeded analysts’ earnings estimates, thanks to reduced losses from its streaming services. The company reported a 17% increase in operating income for the segment, with Disney+ and Hulu turning a profit for the first time. Disney reported an adjusted earnings per share of $1.21, surpassing the expected $1.10. Total revenue amounted to $22.08 billion, slightly below the projected $22.11 billion. Disney+ subscribers rose to 117.6 million, while Hulu’s grew by 1%. U.S. park revenues increased by 7% and international sales by 29%. Shares fell -1.4% in pre-market trading.

UBS Group AG (NYSE:UBS) – UBS revealed a first-quarter net profit of $1.8 billion, nearly tripling analysts’ expectations and boosting shares by 9.0% in pre-market trading. UBS is increasing its capital reserves by about $20 billion, integrating Credit Suisse’s businesses. CEO Sergio Ermotti stated that additional new Swiss regulatory requirements might demand another $20 billion in additional capital as the country seeks to strengthen its banking system. Despite Swiss government proposals that could increase its capital requirements, the bank maintains its stock repurchase plans.

Palantir Technologies (NYSE:PLTR) – Palantir’s shares fell 10.2% in pre-market trading after the company projected lower-than-expected annual and quarterly revenues. Adjusted earnings for the first quarter met market forecasts at 8 cents per share. The revenue for the period was $634 million, exceeding the predicted $625 million. For the next quarter, Palantir expects revenue between $649 million and $653 million, slightly below the expected $653 million. For the full year, the revenue forecast is $2.68 billion to $2.69 billion, below the anticipated $2.71 billion.

Jones Lang LaSalle (NYSE:JLL) – In the first quarter, JLL reported revenue of $5.1 billion, a 9% increase from the previous year, beating estimates of $4.675 billion. Net profit reached $66.1 million, reversing a previous loss of $9.2 million, surpassing estimates of $46.42 million. Earnings per share were $1.37, compared to a loss of $0.19 last year, exceeding the anticipated $0.84. The CEO of JLL highlighted the growing interest in data centers, driven by the adoption of artificial intelligence by businesses in the U.S. While commercial real estate markets face challenges, the demand for data centers reflects rare optimism, highlighting the intersection between technology and real estate.

Microchip Technology (NASDAQ:MCHP) – Microchip’s shares fell 3.7% in pre-market trading after the company projected revenue for the first quarter between $1.22 billion and $1.26 billion, below the analysts’ expectations of $1.34 billion, according to LSEG. The company also forecasts adjusted earnings of 48 to 56 cents per share for the period, which falls short of the anticipated 59 cents by analysts. In the fourth quarter, the company reported earnings per share of $0.57 and revenue of $1.33 billion, aligning with analysts’ projections.

Axon Enterprise (NASDAQ:AXON) – Axon Enterprise raised its annual revenue projections, now expecting revenue between $1.94 billion and $1.99 billion in 2024, compared to the previous forecast of $1.88 billion to $1.94 billion. In the first quarter, adjusted earnings per share were $1.15 on revenue of $461 million, surpassing analyst estimates of 94 cents EPS and revenue of $441.6 million. Shares are stable in pre-market trading.

Reddit (NYSE:RDDT) – Reddit will present its first results post-IPO, focusing on revenue growth. Analysts anticipate a loss of $8.75 per share and sales of $214 million. Bank of America expects revenue of $212 million, while Raymond James projects $215-240 million.

Air Lease Corp (NYSE:AL) – Air Lease Corp faced delays in plane deliveries from Boeing and Airbus, resulting in a quarterly profit below expectations at 87 cents per share, compared to the anticipated 91 cents. Its revenue of $663.3 million fell short of the forecast of $677.2 million.

Lucid Group (NASDAQ:LCID) – The electric vehicle manufacturer Lucid saw its shares fall 8.5% in pre-market trading after disclosing first-quarter 2024 results. The company reported a loss of 30 cents per share and sales of $173 million, exceeding Wall Street expectations, which had forecast a loss of 25 cents per share and sales of $154 million. The previous year, Lucid had recorded a loss of 43 cents per share on sales of $149 million. Moreover, the company reaffirmed its target to produce about 9,000 vehicles in 2024.

BP plc (NYSE:BP) – BP reported a 40% drop in first-quarter profit to $2.7 billion, below the previous $3 billion and the expected $2.9 billion, due to lower energy prices and disruptions at U.S. refineries. Earnings per share fell short of estimates, maintaining the dividend and the $3.5 billion share buyback program for the first half of 2024. Shares dropped 1.8% in pre-market trading.

Simon Property Group (NYSE:SPG) – Simon Property Group’s shares are stable in pre-market trading after reporting earnings per share of $1.44 in the first quarter, beating analyst expectations by $0.08, who had projected $1.36. The quarter’s revenue reached $1.44 billion, surpassing the consensus forecast of $1.31 billion. For the fiscal year 2024, Simon Property forecasts earnings per share between $7.38 and $7.53, significantly surpassing analysts’ expectation of $6.13.

International Flavors & Fragrances (NYSE:IFF) – International Flavors & Fragrances disclosed first-quarter revenue of $2.9 billion, surpassing the $2.78 billion estimated by analysts from LSEG. The company also exceeded Wall Street’s projections with an adjusted earnings per share of $1.13, surpassing the consensus of $0.86 by $0.27. For 2024, IFF projects revenue between $10.8 billion and $11.1 billion, with the midpoint slightly below the expectations of $11.05 billion.

Coty (NYSE:COTY) – Coty exceeded Wall Street’s expectations for third-quarter revenue, reaching $1.39 billion, an increase of 7.5%. Adjusted net profit was $43.8 million, or 5 cents, compared to $168.1 million, or 19 cents, in the same period last year. Its online revenue growth was nearly 20%. Adjusted gross margin rose to 64.8%. The company expects sales growth of 9% to 11% in the fiscal year 2024, with adjusted earnings per share between 44 cents and 47 cents.

Hims & Hers Health (NYSE:HIMS) – The telehealth platform recorded a 14.3% jump in pre-market, driven by a revenue forecast for the second quarter that exceeded analysts’ expectations. In the first quarter, the company announced a net profit of $11.1 million, or 5 cents per share, reversing a loss of $10.1 million, or 5 cents per share, from the previous year. Earnings exceeded FactSet’s forecast of 1 cent per share. Revenue grew 46% year-over-year, reaching $278.2 million, surpassing FactSet’s projection of $270 million. The subscriber count increased by 41%, reaching about 1.71 million. For the next quarter, Hims & Hers forecasts revenues between $292 million and $297 million, above analysts’ expectations of $288 million from LSEG.

Vertex Pharmaceuticals (NASDAQ:VRTX) – Vertex reported adjusted earnings of $4.76 per share and revenue of $2.69 billion in the first quarter. These results exceeded analysts’ expectations, who had anticipated earnings of $4.06 per share and revenue of $2.58 billion, according to LSEG. Vertex reiterated its financial forecast for 2024, projecting product revenue between $10.55 billion and $10.75 billion, aligning with the analysts’ consensus of $10.718 billion.