Exxon Mobil Net Profit Drops 28% to $8.22 Billion, Atlassian Surprises with Revenue Boost and Co-CEO Exit, and More in Earnings

Exxon Mobil (NYSE:XOM) – Shares of Exxon Mobil are down 1.7% in pre-market trading after reporting first-quarter earnings below forecasts, affected by pressure on refining margins and falling natural gas prices. Earnings per share were $2.06, versus the expected $2.20. Revenue exceeded expectations, totaling $83.08 billion compared to the forecast of $78.35 billion. Net profit fell 28% year-over-year to $8.22 billion. Oil and gas production declined 12% and fuel segment profits fell 67%, while profits from chemicals more than doubled.

Chevron (NYSE:CVX) – Chevron exceeded earnings expectations, despite a 16% annual decline, reporting a net profit of $5.5 billion, or $2.97 per share. Adjusted for items, earnings were $2.93 per share, above the expected $2.87. However, revenues did not reach projections, totaling $48.72 billion against the expected $50.66 billion. The reduction in profits was attributed to lower refining margins and falling natural gas prices. Shares are slightly down by -0.02% in pre-market.

Atlassian Corp (NASDAQ:TEAM) – Atlassian reported that fiscal third-quarter revenue was $1.19 billion, above the average analyst estimate of $1.11 billion. Earnings, excluding some items, were 89 cents per share, surpassing the 62 cents projected by analysts. Scott Farquhar, co-founder and co-CEO of Atlassian, is stepping down after more than two decades. His colleague, Mike Cannon-Brookes, will be the sole CEO. The surprising change shook investors, leading to a 5.3% drop in shares in pre-market.

Alphabet (NASDAQ:GOOGL) – Shares of Alphabet are up 11.8% in pre-market trading after first-quarter earnings reached $1.89 per share, surpassing analysts’ forecasts of $1.51 per share, as reported by LSEG. Additionally, revenues of $80.54 billion exceeded expectations of $78.59 billion. The tech company also announced its first dividend, valued at 20 cents per share, alongside a $70 billion share buyback program.

Microsoft (NASDAQ:MSFT) – Shares of Microsoft rose 4% in pre-market after impressing investors with revenue of $61.9 billion in the last quarter, up 17% from the previous year. Earnings per share of $2.94 exceeded analyst expectations of $2.82. Capital expenditures reached $14 billion. Cloud revenues rose 21%, with Azure growing 31%. Microsoft issued a revenue forecast for the fourth quarter of $64 billion, slightly below the consensus of $64.5 billion.

Intel (NASDAQ:INTC) – Shares of Intel are down -7.4% in pre-market trading in reaction to the first-quarter earnings release. Intel recorded earnings per share of 18 cents, which exceeded expectations. However, revenue of $12.72 billion, representing a 9% year-over-year increase, came in below forecasts, resulting in a weak forecast for the current quarter. CEO Pat Gelsinger emphasized the company’s long-term potential, highlighting Intel Foundry, now a separate entity, which recorded revenue of $4.4 billion but operated at a loss of $2.5 billion. PC chip sales grew 31%, while data center and AI sales increased by 5%. Intel expects to boost sales with the new AI processor, Gaudi 3.

Snap (NYSE:SNAP) – Shares of Snap jumped 23.7% in pre-market trading in response to solid first-quarter results released by the social media company. Revenue, driven mainly by improvements in the advertising platform, increased 21% to $1.19 billion, above analyst expectations. While analysts projected a loss per share of 5 cents and average revenue per user of $2.67, Snap reported earnings per share of 3 cents and average revenue per user of $2.83.

T-Mobile (NASDAQ:TMUS) – Shares of T-Mobile US fell 1.1% in pre-market after the company hit a revenue of $19.59 billion in the last quarter, slightly below estimates of $19.81 billion. Earnings per share reached $2, exceeding forecasts of $1.87. The company also plans to invest $950 million in a partnership with EQT Fund to acquire network provider Lumos. T-Mobile recorded 532,000 new paying phone subscribers. The company now expects to add 5.2 to 5.6 million subscribers in 2024, highlighting its competitive position in the market.

Roku (NASDAQ:ROKU) – Shares of Roku fell 4.2% in pre-market after the company warned that rival momentum in ad-supported offerings might affect its growth, even with strong quarterly results. Roku’s first-quarter revenue reached $881.5 million, surpassing estimates of $848.6 million. The revenue forecast for the second quarter is $935 million, above the average analyst estimate of $931.4 million.

L3Harris Technologies (NYSE:LHX) – Shares of L3Harris Technologies advanced 1.3% in pre-market after the aerospace and defense company posted an adjusted earnings per share of $3.06, surpassing consensus expectations of $2.90 per share, according to LSEG. Additionally, revenue of $5.21 billion also beat the estimate of $5.11 billion.

Textron (NYSE:TXT) – Textron reported morning earnings and revenues that fell below expectations in the first quarter, with an adjusted quarterly profit of $1.20 per share, against expectations of $1.23 per share. Sales were $3.13 billion, below Wall Street estimates of $3.28 billion. Additionally, Textron expanded its restructuring with about 1,500 job cuts due to U.S. military program cancellations and lower demand for products. The reduction in personnel represents approximately 4% of the global workforce.

TotalEnergies (NYSE:TTE) – TotalEnergies announced a $2 billion share buyback program after exceeding profit expectations in the first quarter. Net profit was $5.72 billion, surpassing last year’s $5.56 billion. The company will also increase its dividend and reiterated its guidance for the year. TotalEnergies’s board rejected a resolution to separate the roles of chairman and CEO. The French company stated that maintaining the union of these roles is crucial for its balanced corporate governance, rejecting the proposal presented by minority shareholders at the annual general meeting. Additionally, its presence on the Paris listing is in question, with New York as a possible alternative. Shares fell 0.3% in pre-market.

Dexcom (NASDAQ:DXCM) – Dexcom reported adjusted earnings of 32 cents per share on revenue of $921 million. Analysts polled by FactSet were expecting earnings of 27 cents per share and revenue of $909.9 million.

Gilead Sciences (NASDAQ:GILD) – Gilead recorded a loss of $1.32 per share, smaller than an expected loss of $1.49 per share. Additionally, revenue of $6.69 billion also surpassed expectations.

Skechers (NYSE:SKX) – Shares of Skechers jumped 11% in pre-market in response to results of a profit of $1.33 per share and revenue of $2.25 billion in the first quarter. Analysts polled by LSEG had forecasted a profit of $1.10 per share and revenues of $2.2 billion.

Boston Beer Co. (NYSE:SAM) – In the first quarter, net profit of Boston Beer was $12.6 million, or $1.04 per share, beating the forecast, while revenue grew to $452.2 million. The company reiterated its projection for the full year.

Capital One (NYSE:COF) – In the first quarter, earnings per share of Capital One Financial rose 35%, driven by rising interest rates. Net interest income (NII) increased 4%, totaling $7.49 billion. Non-interest income jumped 11%, reaching $1.91 billion. Net income available to common shareholders reached $1.20 billion, or $3.13 per share.

Nomura Holdings (NYSE:NMR) – Shares of Nomura Holdings rose 0.3% after Japan’s leading brokerage and investment bank posted a quarterly net profit of $363.87 million (56.8 billion yen), a 670% increase from the previous year. Retail and investment banking revenue reached the highest levels in eight years, fueling the recovery after the previous year’s global banking crisis.

NatWest Group (NYSE:NWG) – Shares of NatWest rose 4.2% in pre-market, even as earnings per share decreased 27% in the first quarter compared to the same period last year, reaching £1.3 billion or about $1.63 billion, surpassing forecasts of £1.2 billion. Revenue decreased to £406 million due to lower deposit balances. Impairment losses were £93 million, better than the £186 million expected.

First Citizens BancShares (NASDAQ:FCNCA) – First-quarter profit of First Citizens BancShares exceeded expectations, boosted by higher interest revenues and gains from the acquisition of the bankrupt Silicon Valley Bank (SVB). Shares rose nearly 10%. Adjusted earnings per share were $52.92, surpassing the average analyst estimate of $43.32, according to LSEG. SVB loans stabilized at $55 billion, with deposits at $38 billion in the first quarter. Net interest income doubled to $1.82 billion, exceeding expectations. First Citizens remains cautious but optimistic about the return of IPOs and deposit recovery in the second half of the year.

Weyerhaeuser (NYSE:WY) – In the first quarter, Weyerhaeuser surpassed profit estimates with adjusted earnings of $0.16 per share, compared to expectations of $0.15. Revenue of $1.8 billion, however, fell short of estimates of $1.85 billion. Adjusted quarterly profit increased, driven by growing demand for home construction.

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