After markets closed on Tuesday, Netflix reported March-quarter results that beat the consensus earnings estimate but missed on revenue. The really bad news was a net loss of 200,000 subscribers, miles away from analysts’ estimate for a net gain of 2.5 million new subscribers. The company also forecast a net loss of 2 million subscribers in the second quarter. The stock traded down more than 27% in Wednesday’s premarket session.
IBM beat analysts’ estimates on both the top and bottom lines Tuesday afternoon, and shares traded up about 1.9% Wednesday morning. Chip manufacturing equipment maker ASML also beat top-line and bottom-line estimates early Wednesday and guided second-quarter revenue below existing estimates, while reaffirming full-year guidance for revenue of €22.3 billion (up 20% year over year). Shares traded up 6% in Wednesday’s premarket.
Abbott Labs beat estimates on both the top and bottom lines Wednesday morning and reaffirmed fiscal 2022 guidance. Investors might be wondering about future sales of its COVID-19 test kits, which accounted for $3.3 billion in quarterly sales. The stock traded down about 2% in premarket trading Wednesday. Baker Hughes missed both the consensus earnings and revenue estimates. The stock traded down about 2%.
Procter & Gamble beat both earnings and revenue expectations and issued guidance that puts consensus estimates near the low end of the company’s forecast ranges. Shares traded 1% higher in the premarket session.
After markets close Wednesday afternoon, Alcoa, CSX, Kinder Morgan, Tesla and United Airlines will be among the host of companies reporting. We also have previewed four firms set to report results before markets open Thursday morning: American Airlines, AT&T, Freeport-McMoRan and NextEra Energy. Earlier in the morning, we previewed expectations for earnings due late Thursday or early Friday from FirstEnergy, Regions Financial and Snap.
Here is a look at five firms reporting quarterly results before Friday’s opening bell.
Dow Jones industrial average component American Express Co. (NYSE: AXP) has posted a 12-month share price increase of 29%, even including big drops in late November and late February.
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