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Tesla Falls 7% on Profit Miss, Deutsche Bank Down 8% on Loss, Alphabet Drops 3% – Earnings Recap

Fernanda T
Latest News
July 24 2024 5:47AM

Tesla (NASDAQ:TSLA) – Tesla reported adjusted earnings per share of 52 cents, below the expected 62 cents. Revenue was $25.50 billion, surpassing the forecast of $24.77 billion. Automotive sales fell 7%, totaling $19.9 billion. Tesla projects lower growth for 2024 and a focus on cost reduction. Shares fell 7.3% pre-market.

Alphabet (NASDAQ:GOOGL) – Alphabet exceeded second-quarter expectations with adjusted earnings per share of $1.89 and revenue of $84.74 billion, while analysts tracked by LSEG predicted $1.84 in revenue of $84.19 billion. Google Cloud earned $10.35 billion, against the forecast of $10.20 billion. Search ad revenue was $48.5 billion, higher than the forecast of $47.6 billion. YouTube revenue of $8.66 billion, despite increasing from the previous quarter, was below the estimate of $8.93 billion. Shares fell 3.2% pre-market.

Deutsche Bank (NYSE:DB) – In the second quarter, Deutsche Bank reported a loss of 143 million euros, better than the forecast of 145 million, due to a provision of 1.3 billion euros (or 1.41 billion dollars) for a Postbank lawsuit. This was the first quarterly loss after 15 quarters of profit. Investment banking revenues rose 10%, but retail and corporate revenues fell. Shares fell 8.2% pre-market.

Texas Instruments (NASDAQ:TXN) – Texas Instruments reported earnings per share of $1.22, surpassing LSEG’s consensus estimate of $1.17. The company’s revenue was $3.82 billion, in line with analysts’ forecasts. Shares rose 2.2% pre-market.

Seagate Technology (NASDAQ:STX) – Seagate reported earnings of $1.05 per share, excluding items, with revenue of $1.89 billion. Analysts surveyed by LSEG estimated EPS of 75 cents and revenue of $1.87 billion. The company attributed its stronger performance to an improvement in the cloud environment. Shares rose 5.4% pre-market.

Visa (NYSE:V) – Visa reported adjusted earnings of $2.42 per share, in line with expectations. Revenue was $8.90 billion, slightly below the estimate of $8.92 billion. Payment volume grew 7%, and processed transactions increased 10%. The company noted a slowdown in volume growth in the US in July compared to June. Shares fell 2.6% pre-market.

Capital One Financial (NYSE:COF) – In the second quarter, Capital One reported a 5% increase in revenue, reaching $9.51 billion, below analysts’ expectations from LSEG. Adjusted earnings per share were $3.14, below the consensus of $3.42. The bank increased its reserves to cover potential credit losses.

Chubb (NYSE:CB) – Chubb reported mixed results in the second quarter. Adjusted earnings per share were $5.38, surpassing the consensus estimate of $5.14 per share. Quarterly revenue was $12.29 billion, below the consensus estimate of $13.04 billion.

Enphase Energy (NASDAQ:ENPH) – Enphase reported adjusted earnings of 43 cents per share, 5 cents below LSEG’s consensus estimates. Revenue was $304 million, short of analysts’ forecast of $310 million. However, the company reported better-than-expected margins and projected third-quarter revenues between $370 million and $410 million, exceeding analysts’ estimate of $404 million. Shares rose 5.2% pre-market.

Mattel (NASDAQ:MAT) – In the second quarter, Mattel reported adjusted earnings of 19 cents per share, above analysts’ estimates from LSEG of 17 cents per share. Revenue was $1.08 billion, slightly below the forecast of $1.1 billion. Mattel reiterated its fiscal year outlook and highlighted its gross margin expansion.

Cal-Maine Foods (NASDAQ:CALM) – In the fiscal fourth quarter, Cal-Maine reported earnings of $2.32 per share, below FactSet’s estimate of $2.41. Sales were $640.8 million, also below the estimate of $652.3 million. The largest US egg producer attributed the results to the avian flu outbreak, which impacted its performance.

International Business Machines (NYSE:IBM) – IBM’s second-quarter results will be released on Wednesday after the market closes. IBM shares may benefit from low expectations as the company navigates mixed demand for IT services. Analysts predict revenue of $15.62 billion and adjusted earnings per share of $2.18 for the second quarter. Shares fell 0.4% pre-market.

GE Vernova (NYSE:GEV) – GE Vernova’s second-quarter results, expected to be released before the market opens on Wednesday, may surprise, given the uncertainty. The company, recently spun off from GE Aerospace, has no previous results for comparison, increasing the difficulty of Wall Street’s prediction. The expectation is that the company will report EBITDA of $442 million and earnings per share of 73 cents, with sales of $8.3 billion. Volatility is expected due to recent issues in the Vineyard wind power project.

Chipotle Mexican Grill (NYSE:CMG) – Chipotle will release its second-quarter results on Wednesday with optimistic forecasts. Analysts expect earnings per share of 32 cents and revenues of $2.94 billion, as Chipotle restaurant visits have increased significantly, indicating strong same-store sales performance. Shares rose 0.5% pre-market.