Today is Thursday, April 27, 2023.
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Facebook Surprises Investors
Shares of Facebook parent Meta Platforms (Nasdaq: META) surged by 11.63% in after-hours trading on Wednesday after posting strong financial earnings.
Financials: Meta reported earnings of $2.20 per share in the past quarter and revenue of $28.65 billion; both were better than expected.
Details: Advertising revenue is up year-over-year. Daily active users reached 2.04 billion, which was better than expected. Meta also expects full-year expenses to be lower than anticipated.
But: Operating losses for Reality Labs, the company’s metaverse unit, are expected to increase year-over-year.
Final Thoughts: Meta cut costs and grew its ad revenue. The financial impact of the layoffs and severance are still to be determined, but Meta looks strong so far. The stock is up 67% this year.
Notable Earnings Today: Amazon (Nasdaq: AMZN), American Airlines (Nasdaq: AAL), Caterpillar (NYSE: CAT), Intel (Nasdaq: INTC), Eli Lilly (NYSE: LLY), Snap (NYSE: SNAP), Valero Energy (NYSE: VLO), Cloudflare (NYSE: NET), Southwest Air (NYSE: LUV), First Solar (Nasdaq: FSLR), Mastercard (NYSE: MA), U.S. Steel (NYSE: X), Crocs (Nasdaq: CROX), Pinterest (NYSE: PINS), Altria (NYSE: MO), Principal Financial Group (Nasdaq: PFG), AbbVie (NYSe; ABBV), Gilead Sciences (Nasdaq: GILD), Merck (NYSE: MRK), Amgen (Nasdaq: AMGN), Helmerich & Payne (NYSE: HP), Patterson-UTI (Nasdaq: PTEN), A.O. Smith (NYSE: AOS), Barnes Group (NYSE: B), Beazer Homes (NYSE: BZH), BJ Restaurants (Nasdaq: BJRI), Bristol-Myers (NYSE: BMY), Brunswick (NYSE: BC), Boston Beer Co (NYSE: SAM), Capital One (NYSE: COF), Chemed (NYSE: CHE), Chemours (NYSE: CC), Church & Dwight (NYSE: CHD), Cincinnati Financial (Nasdaq: CINF), Comcast (Nasdaq: CMCSA), Coursera (NYSE: COUR), CubeSmart (NYSE: CUBE), Digital Realty Trust (NYSE: DLR), Domino's Pizza (NYSE: DPZ), Essex Property (NYSE: ESS), Federated Hermes (NYSE: FHI), FirstEnergy (NYSE: FE), Gaming and Leisure Properties (Nasdaq: GLPI), Grainger (NYSE: GWW), Harley-Davidson (NYSE: HOG), Hasbro (Nasdaq: HAS), Hershey Foods (NYSE: HSY), Hertz Global (Nasdaq: HTZ), Hilton Grand Vacations (NYSE: HGV), Honeywell (Nasdaq: HON), Hub Group (Nasdaq: HUBG), International Paper (NYSE: IP), JinkoSolar (NYSE: JKS), Keurig Dr Pepper (Nasdaq: KDP), L3Harris (NYSE: LHX), Lear (NYSE: LEA), Linde (NYSE: LIN), Mohawk Industries (NYSE: MHK), Mondelez International (Nasdaq: MDLZ), Northrop Grumman (NYSE: NOC), Olin (NYSE: OLN), Overstock.com (Nasdaq: OSTK), Peabody Energy (NYSE: BTU), Rockwell Automation (NYSE: ROK), S&P Global (NYSE: SPGI), Sanofi (Nasdaq: SNY), Seagen (Nasdaq: SGEN), Sirius XM (Nasdaq: SIRI), Skechers USA (NYSE: SKX), Southern (NYSE: SO), STMicroelectronics (NYSE: STM), Tanger Factory (NYSE: SKT), T-Mobile US (Nasdaq: TMUS), Tractor Supply (Nasdaq: TSCO), Weyerhaeuser (NYSE: WY), Willis Towers Watson (Nasdaq: WTW), Xcel Energy (Nasdaq: XEL).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: Pureboost (Wefunder), Ally Robotics (Republic), CERN Corporation (StartEngine), Apis Cor (StartEngine), Cake Hoopla (SMBX), Gryph & IvyRose (Republic), Eli Electric Vehicles (StartEngine), Kassumay (Honeycomb).
Notable Economic Events Today: GDP (8:30 a.m. ET), Jobless Claims (8:30 a.m. ET), Pending Home Sales (10:00 a.m. ET).
Teladoc’s Solid Momentum
Teladoc (NYSE: TDOC) jumped by 5.16% in Wednesday’s after-hours trading thanks to better-than-expected financial results.
Financials: Teladoc reported a loss of 42 cents per share in the past quarter and revenue of $629.2 million; both were better than expected.
Final Thoughts: Revenue for BetterHelp, Teladoc’s mental health business, grew 21%. CEO Jason Gorevic said that the company has “solid momentum.”
Roku Grows Active Accounts
Roku (Nasdaq: ROKU) ticked up by 2.19% in Wednesday’s after-hours trading after the media company posted better-than-expected financial results.
Final Thoughts: Active accounts grew by 1.6 million in the quarter to 71.6 million, which was also better than expected.
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Trends to Watch
E-Commerce Win: eBay 1Q Revenue, Earnings Top Analysts Expectations (MarketWatch)
Drop: Bitcoin Tumbles as Wild Crypto Market Swing Causes $310M Losses From Liquidations (CoinDesk)
Now That’s Good: Software Maker ServiceNow Handily Beats Estimates On Earnings (Investor’s Business Daily)
Record Loss: Samsung profits plunge 95% (CNN)
Again: Amazon Begins Another Round of Mass Layoffs (Gizmodo)
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