Earnings Previews: Airbnb, Amazon, Apple

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After U.S. markets closed on Tuesday, AMD beat both earnings per share (EPS) and revenue estimates and issued third-quarter guidance in line with Wall Street estimates. The chipmaker also said it expects current quarter data center and client revenue to grow by double digits while gaming and embedded segments weaken. Shares traded down 0.2% shortly after Wednesday’s opening bell.

Devon Energy met EPS expectations and beat the consensus revenue estimate by almost 6%. However, revenue was down 38.6% year over year for the quarter, and shares traded down 5.9%.

Starbucks beat the consensus EPS estimate but missed on revenue, which rose by 12.5% year over year. The stock traded down 0.8%.

Virgin Galactic also beat the EPS estimate and missed on revenue. The company issued downside revenue guidance for the current and next quarters as well. The stock traded down 4.8%.

Before markets opened on Wednesday, Cameco reported a smaller loss per share than expected but missed the consensus revenue estimate. Revenue fell 13.6% year over year. Shares traded down 4.3%.

CVS Health beat estimates on both the top and bottom lines and reaffirmed fiscal 2023 EPS guidance. The stock traded up about 1% early Wednesday.

Kraft Heinz missed the consensus revenue estimate by about 1.1% and beat on EPS. Revenue rose 2.5% year over year. Shares traded essentially unchanged.

Albermarle, MGM Resorts, Occidental Petroleum, PayPal and Qualcomm will report quarterly results after markets close on Wednesday. The following morning, AB-InBev, ConocoPhillips and Warner Bros. Discovery are on deck to report quarterly earnings.

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