Zoom (NASDAQ:ZM) CEO Yuan Zheng said on a blog post that the company will cut about 1,300 jobs as part of the restructuring. Yuan Zheng said he was responsible for the company’s problems, and he would cut his salary and give up bonuses.
Morgan Stanley published a research report that AMD (NASDAQ:AMD) has a weak outlook, with data center businesses falling by double digits quarter-on-quarter and gross margin lower than expected. In a challenging environment, Dama still believes that this is better than feared. The bank’s revenue forecast for fiscal 2023 remained largely unchanged, but gross margin was lowered. AMD data center limited visibility into customer inventory levels will improve the data center’s risk profile, but given its strong market share, the bank raised its group price target to $87 with an overweight rating. The bank expects the group’s first-quarter revenue of US$5.317 billion, non-GAAP gross margin of 50%, non-GAAP operating profit of 20% and earnings per share of US$0.57.
Bernstein: Raised Pinterest (NYSE:PINS) price target to $27 from $25.
Bernstein: Raised Pinterest (NYSE:PINS) price target to $27 from $25 Read Post »
Deutsche Bank released a report that although preliminary evidence shows that the Meta Platforms (NASDAQ:META) short video platform Reels business is performing well, competition is everywhere and cyclical concerns remain. The bank believes that Meta’s challenges remain largely temporary, and that investments in privacy-preserving measurement and location solutions, growth in signals on the platform, and increased Monetization of Reels should mitigate current headwinds over time. The company is shifting to prioritizing efficiency this year and beyond, lowering the midpoint of its FY23 operating expense and capital expenditure guidance by $5 billion and $4 billion, respectively, which is expected to deliver significant upside in earnings and free cash flow. In terms of revenue, Reels appears to have reached sufficient size to focus on monetization efficiency while adding $40 billion in repurchase authorizations, which is another positive news for capital allocation. The bank kept its revenue forecast relatively unchanged, but raised its
On Semiconductor (NASDAQ:ON) announced its Q4 and full-year 2022 results, with Q4 revenue of $2,103.6 million, up 14% year-over-year; Gross margin for the fourth quarter was 48.5%, up 343 basis points year-over-year, and non-GAAP gross margin was 48.4%, up 321 basis points year-over-year. Full-year fiscal 2022 revenue was $8.3 billion, up 24% year-over-year. In addition, On Semiconductor announced that its Board of Directors has approved a new share repurchase program authorizing the repurchase of up to $3 billion of the Company’s common stock through December 31, 2025.
On Semiconductor (NASDAQ:ON) generated $8.3 billion in 2022, up 24% year-over-year Read Post »
Bank of America Securities issued a rating report saying that it is still concerned about the following points, including Apple’s (NASDAQ:AAPL) total revenue is lower than the bank and market expectations; We believe that there is no catalyst to drive the increase in demand; Weak end-market demand as customer confidence remains sluggish; iPad and Mac face tough year-over-year comparisons; and share buybacks lower than in previous quarters. The bank pointed out that even if the exchange rate is unfavorable and the macroeconomy is weak, the company’s profit margin is still strong; The bank lowered its revenue forecast for this year to $384 billion from $389 billion, raised its EPS estimate to $5.86 from $5.73 and raised its price target to $158 from $153, reiterating its neutral rating.
Bank of America: Raised Apple’s (NASDAQ:AAPL) price target to $158 with neutral rating Read Post »
Skyworks Solutions Inc. (NASDAQ:SWKS) had a fiscal first-quarter adjusted EPS of $2.59 versus analyst expectations of $2.58. First-quarter revenue was $1.33 billion, versus analysts’ expectations of $1.32 billion. First-quarter adjusted operating profit was $491.3 million, versus analysts’ expectations of $487.9 million. Announced a $2 billion share repurchase program. Second-quarter adjusted EPS is expected at $2.02, versus analysts’ expectations of $2.23. Second-quarter revenue was $1.13-1.18 billion, versus analysts’ expectations of $1.19 billion.
Pinterest Inc. (NYSE:PINS) had Q4 2022 revenue of $877 million, versus analyst expectations of $887.2 million; Fourth-quarter adjusted EBITDA of $195.8 million versus analyst expectations of $181 million; fourth-quarter monthly active users of 450 million versus analysts’ expectations of $449.8 million; Board of Directors authorized repurchase of up to $500 million of shares; departure of CFO Todd Morgenfeld; First-quarter revenue growth is expected to be 0% to less than 10% year-over-year.
Bank of America Securities released a report that Alphabet (NASDAQ:GOOGL) net income in the fourth quarter of last year was $63.1 billion, less than market expectations of $63.6 billion; Among them, YouTube revenue was worse than expected, further slowing down from 2% year-on-year in the third quarter to 8% year-on-year in the fourth quarter, mainly due to the further decline in advertising expenditure. Quarterly GAAP operating income and earnings per share were $18.2 billion and $1.05, respectively, also below market expectations of $18.6 billion and $1.18. The bank mentioned that although the group’s revenue was under pressure, the lower than expected cost of R&D and sales and marketing in the quarter, coupled with layoffs and lower server depreciation, could generate higher gross margin and stable earnings per share. Bank of America Securities raised its target price on Alphabet to $125 from $119 and maintained its buy rating.
Bank of America: Raised Alphabet (NASDAQ:GOOGL) price target to $125 with a buy rating Read Post »
Morgan Stanley reported that Qualcomm’s (NASDAQ:QCOM) growth guidance for the quarter ending March was roughly in line with market expectations, which is expected to help alleviate investor anxiety, but the company’s management also stressed that the difficult operating environment will persist, so it lowered its forecast for the quarter ending June accordingly. Revenue forecast for fiscal 2023 ended September this year decreased to $36,924 million from $38,579 million, and non-GAAP earnings per share forecast of $9.04, taking into account a low-double-digit decline in the patent licensing business (QTL) and a decline of more than 15% in the semiconductor business (QCT). The bank expects Qualcomm to achieve meaningful inventory digestion in the first half of this year, and expects to improve its operations in the second half of this year, and instead raises its target price from $126 to $145 based on its 2024 operating forecast.
UBS released a research report that Alphabet (NASDAQ:GOOGL) has revealed a more cautious approach, so its view of the short-term financial risks caused by the development of artificial intelligence generation has improved slightly, but at the same time, the company’s capital expenditure on infrastructure technology has increased, reflecting that it is preparing for more computing needs, and overall believes that Alphabet is still not out of trouble, and the macroeconomy is expected to continue to bring pressure. UBS maintained its Buy rating and raised its price target from $110 to $120 supported by higher valuations, corresponding to a price-to-earnings ratio of about 20 times unchanged.
UBS: raised Alphabet (NASDAQ:GOOGL) Target price to $120 Buy rating Read Post »
Jefferies said Alphabet (nasdaq:GOOGL) is still challenging in its fourth quarter. Weak ad spend and foreign exchange headwinds resulted in a lower single-digit margin than expected in the advertising segment, but overall revenue was in line with expectations due to hardware and YouTube subscription growth. The bank is encouraged by the company’s increased focus on costs and monetization of AI assets. The bank said that the group’s core search business can still attract increased advertising revenue as it shifts to digital and mobile, and Google Cloud will be another breakthrough for the group as YouTube is the best platform to take advantage of online video. The bank raised its price target by 21% to $130 with a buy rating.