In morning trading Friday, the Dow Jones industrials were up 0.49%, the S&P 500 up 0.46% and the Nasdaq 0.19% higher.
After U.S. markets closed on Thursday, Amazon reported better-than-expected earnings per share (EPS) and revenue. Comments from CFO Brian Olsavsky related to slower growth and lower profitability in the company’s AWS cloud business brought an after-hours surge of around 12% to a screeching halt. Shares traded down about 3.9% Friday morning.
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First Solar missed consensus estimates on both the top and bottom lines. Revenue rose by nearly 50% year over year but came in about 24% below forecast growth. Shares traded down 14.3%.
Intel beat estimates on the top and bottom lines despite a year-over-year drop of 36% in revenue. The company expects to see margin improvement in the second half of the year. Shares traded up 4.8% Friday morning.
T-Mobile reported mixed results, beating the EPS estimate but missing on revenue. The company forecast higher 2023 growth in postpaid subscribers than its previous estimate and a 9% jump in adjusted EBITDA. Shares traded down 3.4%.
U.S. Steel solidly beat both top-line and bottom-line estimates. Shares traded down 3.2% Friday morning.
Before markets opened on Friday, Chevron reported that EPS and revenue for its first quarter came in above analysts’ consensus. Oil production was down 3% in the quarter, and capital spending rose 55%. Free cash flow fell by more than 30% year over year, largely due to the increase in capex. Shares traded up 0.6% Friday morning.
Exxon Mobil had mixed results in the first quarter, beating the EPS estimate and missing on revenue. Net profit rose to an all-time (140-year) high of $11.4 billion. CFO Kathy Mikells attributed the positive surprise to a 40% combined increase in production from the Permian Basin and offshore Guyana. Shares traded up 2%.
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