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AMD Shares Surge 9% on Earnings Beat; Match Group Rises 10%, Pinterest & Lemonade Drop 13%, and More Earnings Updates

Fernanda T
Latest News
July 31 2024 5:59AM

Advanced Micro Devices (NASDAQ:AMD) – The semiconductor and processor company reported adjusted second-quarter earnings of 69 cents per share and $5.84 billion in revenue, beating the 68 cents and $5.72 billion forecasts, respectively. AI chip revenue exceeded $1 billion in the second quarter. AMD raised its AI chip sales forecast to $4.5 billion in 2024, up from $4 billion, with supply limited until 2025. Shares rose 9% pre-market.

Match Group (NASDAQ:MTCH) – The dating and relationship app controller reported earnings per share of 48 cents, matching analysts’ forecasts. Revenue was $864.07 million, beating the $856.32 million estimate by 0.90%. Match Group will lay off about 6% of its staff and end live streaming services on its dating apps. Despite this, the company reported a smaller decline in paying Tinder users. Shares rose 9.8% pre-market.

Pinterest (NYSE:PINS) – The image-sharing company posted adjusted second-quarter earnings of 29 cents per share and $854 million in revenue, beating estimates. However, Pinterest issued a third-quarter revenue forecast of $885 million to $900 million, below analysts’ expectations. Shares fell 12.8% pre-market.

Lemonade (NYSE:LMND) – The digital insurer using AI for affordable insurance reported a $57.2 million loss, or 81 cents per share, compared to the estimate of 88 cents. Revenue of $122 million met expectations. Operating costs rose 13%, or $12 million. For the third quarter, the company projects In Force premiums between $875 million and $879 million, against FactSet analysts’ consensus of $898.4 million. Lemonade expects revenue between $124 million and $126 million, while the consensus was $134.9 million. For the year, it expects In Force premiums of $940 million to $944 million and revenue between $511 million and $515 million, while the consensus was $515.1 million. Shares fell 12.7% pre-market.

Microsoft (NASDAQ:MSFT) – The diversified technology company reported earnings of $2.95 per share and $64.73 billion in revenue, surpassing expectations of $2.93 per share and $64.39 billion in revenue. Net income was $22.04 billion. The company projects revenue of $63.8-$64.8 billion next quarter, with accelerated cloud growth in 2025. Microsoft disappointed on cloud revenue, which grew 19%, below expectations. Cloud revenue was $28.52 billion, below the $28.68 billion expected. Shares fell 3% pre-market.

Samsung Electronics (USOTC:SSNHZ) – In the second quarter of 2024, Samsung posted an operating profit of 10.4 trillion won ($7.52 billion), a 15-fold increase from the previous year. Revenue grew 23% to 74 trillion won, or about $53.5 billion. The chip division’s profit was 6.45 trillion won (about $4.66 billion), the highest since the second quarter of 2022. The AI-driven semiconductor price recovery boosted profits. Demand for DRAM and HBM chips drove sales and prices, with growing expectations for HBM3E chips. Samsung Electronics projected strong chip demand, especially with AI, in the second half of 2024.

Electronic Arts (NASDAQ:EA) – The video game publisher reported first-quarter earnings of $1.04 per share, beating the $0.41 estimate. Revenue reached $1.26 billion, above the $1.21 billion forecast. For fiscal 2025, Electronic Arts projects revenue between $7.30 billion and $7.70 billion, compared to the $7.53 billion expectation.

Skyworks Solutions (NASDAQ:SWKS) – The semiconductor company reported adjusted earnings of $1.21 per share, matching expectations, and revenue of $906 million, slightly above the $900 million forecast.

Arista Networks (NYSE:ANET) – The computer networking company reported second-quarter adjusted earnings of $2.10 per share and $1.69 billion in revenue, above the $1.95 and $1.65 billion forecasts, respectively. Shares rose 3.9% pre-market.

Informatica (NYSE:INFA) – The enterprise cloud company reported second-quarter revenue of $401 million, below the $403 million forecast. Adjusted earnings per share were 23 cents, 1 cent above expectations.

Starbucks (NASDAQ:SBUX) – The coffee chain reported quarterly revenue of $9.11 billion, below the $9.24 billion expected, and adjusted earnings per share of 93 cents, meeting expectations. Net income was $1.05 billion. The company projects low-single-digit revenue and earnings per share growth. Shares rose 3.2% pre-market.

Mondelez International (NASDAQ:MDLZ) – The food and beverage company reported adjusted earnings of 86 cents per share, beating the 79 cents estimate, but revenue of $8.34 billion, below the $8.45 billion forecast. Revenue fell due to consumer preference for cheaper alternatives. Sales volumes fell 2.2%, while prices rose 4.7%. Mondelez maintained its annual revenue and earnings forecasts and increased its dividend by 11%.

Live Nation Entertainment (NYSE:LYV) – The entertainment and events company reported second-quarter earnings of $1.03 per share, below the $1.07 estimate. Revenue matched the $6.02 billion forecast.

Caesars Entertainment (NASDAQ:CZR) – The gaming and hospitality company reported quarterly revenue of $2.83 billion, below the $2.867 billion estimate, with a profit of 0 cents per share, below the 13 cents expected. Revenue fell 1.7% year-over-year. The company maintains a capital expenditure forecast of $800 million for 2024, excluding the Danville project, and is optimistic about operational trends in Las Vegas and digital segments. Shares rose 3% pre-market.

Mizuho Financial Group (NYSE:MFG) – Japan’s third-largest bank posted a first-quarter fiscal net profit of ¥289.3 billion ($1.9 billion), up 18% and nearly 40% of the annual target. The result exceeded analysts’ average forecast, driven by loan and trading growth. Shares rose 4.2% pre-market.

Western Union (NYSE:WU) – The money transfer company reported mixed second-quarter results, with adjusted earnings of 44 cents per share, below the 45 cents forecast, while revenue of $1.07 billion exceeded the $1.06 billion expectation. Shares fell 2.8% pre-market.

First Solar (NASDAQ:FSLR) – The solar energy company reported earnings of $3.25 per share and $1.01 billion in revenue, beating forecasts of $2.69 per share and $942 million in revenue. Shares rose 2.8% pre-market.

Takeda Pharmaceutical (NYSE:TAK) – In the first quarter of 2024, Takeda reported nominal revenue growth of 14.1% and 2.1% adjusted for currency fluctuations. Growth was driven by new products, which rose 17.8% adjusted for currency fluctuations and accounted for 46% of total revenue. Adjusted operating profit grew 4.5%, with a margin of 31.6%. Earnings per share (EPS) rose 17.5%, reaching 176 yen. Despite these positive results, the company faces future challenges, such as greater impact from generic erosion and increased R&D investments, adjusting its profit and EPS forecast for a possible 10% decline in the fiscal year.

DuPont de Nemours (NYSE:DD) – DuPont will report its second-quarter earnings this morning with an expected EPS of 85 cents and sales of $3.1 billion, unchanged from last year. The company faces an industrial economic slowdown but benefits from demand for electronics and AI. Investors will also watch the company’s plan to split into three units.

Qualcomm (NASDAQ:QCOM) – Qualcomm is expected to benefit from growing demand for AI-powered smartphones. The company is expected to report third-quarter fiscal revenue of $9.2 billion and adjusted earnings of $2.25 per share. Shares rose 3.2% pre-market.

Berkshire Hathaway (NYSE:BRK.B) – As Berkshire Hathaway reports second-quarter results, investors will focus on not only operating profits but also share buybacks, cash levels, and potential Apple stock sales. The company’s cash is expected to exceed $200 billion, and buybacks are likely to be below the $2.6 billion of the previous quarter. The stock has outperformed the market, up 22% this year.

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