Between the time markets closed on Tuesday and before they opened again Wednesday morning, more than 600 U.S.-listed firms will have reported quarterly results. Here is a roundup of the stocks we have looked at that reported results.
Google parent Alphabet missed analysts’ profit estimate and beat the revenue estimate with $68 billion in sales. Ad revenue from Google rose 22% year over year, while YouTube ad sales rose 15%. The company also announced a new $70 billion stock buyback. Shares traded down about 2.9% in Wednesday’s premarket session.
Microsoft beat estimates for both profits and revenues. The company expects Azure sales growth to be two points lower in the current quarter. Shares traded up more than 5% early Wednesday.
Visa also beat estimates for top-line and bottom-line results. Payment volume growth was “strong” relative to pre-pandemic levels. Shares were up about 5.6% in premarket trading.
General Motors beat analysts’ consensus profit estimate but missed on earnings. GM expects chip deliveries to continue improving and said it has a goal to build 400,000 electric vehicles in North America over this year and next, while building EV capacity to 1 million vehicles by the end of 2025. Shares traded up about 3.2%.
Chipotle Mexican Grill also beat on both profit and revenue estimates. Digital sales rose to 42% of all first-quarter revenue. Shares traded up 3.6% in Wednesday’s premarket.
Enphase Energy reported better-than-expected results, with profits more than 14% higher than estimates and revenue beating by about 1.7%. The company also raised second-quarter guidance. The stock traded up 9.5%.
Texas Instruments beat on profit and revenue estimates but lowered guidance, citing reduced demand in China due to the COVID-19 lockdowns. Shares traded down about 2.8%.
QuantumScape missed the consensus estimate for the quarterly loss. The company had no revenue. Shares traded up about 1.6%.
Before markets opened Wednesday morning, Boeing, General Dynamics, Kraft Heinz, Spotify, Teck Resources and T-Mobile were to report quarterly. We shall have summaries of these reports in a later story.
Companies reporting before Thursday’s opening bell will include Caterpillar, Peabody Energy and Southwest Airlines, as well as Comcast, McDonald’s and Twitter.
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