Alphabet (GOOG) reported Q1 earnings late Thursday of $1.89 per diluted share, up from $1.17 a year earlier. Analysts polled by Capital IQ expected $1.51. Revenue in the quarter ended March 31 rose to $80.5 billion from $69.8 billion a year earlier. Analysts surveyed by Capital IQ expected $78.7 billion. Shares of the company surged 12% in after-hours activity.
Alphabet Q1 Earnings, Revenue Jump; Shares Surge After Hours Read Post »
Intel (INTC) reported Q1 non-GAAP net income Thursday of $0.18 per share, compared with a loss of $0.04 a year earlier. Analysts polled by Capital IQ expected $0.14. Net revenue for the quarter ended March 30 was $12.72 billion, up from $11.72 billion a year earlier. Analysts surveyed by Capital IQ expected $12.78 billion. Intel is projecting Q2 non-GAAP EPS of $0.10 per share on revenue between $12.5 billion and $13.5 billion. Analysts polled by Capital IQ expect earnings of $0.26 per share on revenue of $13.59 billion. The company’s board kept the quarterly dividend at $0.125 per share, payable on June 1 to shareholders of record on May 7. Intel shares were down more than 8% in recent after-hours activity.
Intel Q1 Swings to Profit, Revenue Increases, Sets Q2 Outlook — Shares Slump Read Post »
By Jon Swartz Google parent Alphabet Inc.’s stock initially soared 14% in after-hours trading Thursday following huge spikes in revenue and net income that trounced analysts’ predictions – as well as its first-ever cash dividend of 20 cents per share. Alphabet’s board also authorized the repurchase of up to $70 billion in shares. The search-engine powerhouse reported a jump in first-quarter sales, chiefly through advertising, for total revenue of $80.54 billion, up 15% from $69.8 billion a year ago. Sales minus total acquisition costs (TAC) came in at $67.59 billion, compared with $58.07 billion a year ago. Alphabet (GOOGL) (GOOG) reported first-quarter net income of $23.66 billion, or $1.89 a share, compared with net income of $15.05 billion, or $1.17 a share, in the year-ago quarter. “Our results in the first quarter reflect strong performance from Search, YouTube and Cloud. We are well under way with our Gemini era and
KLA (KLAC) reported fiscal Q3 non-GAAP net income late Thursday of $5.26 per diluted share, down from $5.49 a year earlier. Analysts polled by Capital IQ expected $5.06. Revenue for the quarter ended March 31 was $2.36 billion, down from $2.43 billion a year earlier. Analysts surveyed by Capital IQ expected $2.32 billion. For fiscal Q4, the company is projecting non-GAAP EPS of $5.47 to $6.67 on revenue of $2.38 billion to $2.63 billion. Analysts polled by Capital IQ are looking for $5.72 and $2.43 billion, respectively.
KLA Fiscal Q3 Non-GAAP Earnings, Revenue Decline; Fiscal Q4 Outlook Set Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We hold our 12-month target at $475 on a P/E of 33x our CY 25 view, above historical given AI growth trajectory and visibility. We raise our FY 24 (Jun.) EPS estimate to $11.89 from $11.74, adjust FY 25 to $13.22 from $13.43, and keep FY 26 at $15.39. MSFT posts Mar-Q EPS of $2.94 vs. $2.45, ahead of our $2.84 estimate. Sales rose 17%, above our view, led by Intelligent Cloud (+21%), More Personal Computing (+18%), and Productivity and Business Processes (+12%). Elevated Azure Cloud growth (31% vs. our 29% view) is sparking investor enthusiasm, with 7 points of growth from AI (near our forecast), while adoption from Microsoft 365 Copilot remains promising with a longer tail. MSFT Jun-Q guide was near expectations with sustained Azure
CFRA Maintains Strong Buy Opinion On Shares Of Microsoft Corporation Read Post »
International Business Machines (IBM) would likely maintain its guidance for 2024 if the strength of the signings momentum continues for the company, BofA Securities said in a note Monday. The firm also expects IBM to guide revenue relatively in-line for Q2. “Heading into earnings we remain most concerned about continuing softness in consulting,” BofA said. The bottomline of IBM, which is set to release Q1 results after market close Wednesday, can be helped by gain on the sale of Weather assets, “offset somewhat by restructuring charges,” BofA said. For 2024, the firm said that it continues to expect free cash flow of about $12 billion for IBM “on higher profitability, lower cash requirement given changes to retirement plans, offset by higher [capital expenditures] and cash taxes.” BofA maintained IBM’s buy rating and $220 price objective.
IBM Seen to Maintain 2024 Guidance If Signings Momentum Continues, BofA Says Read Post »
TI reports first quarter 2024 financial results and shareholder returns Conference call on TI website at 3:30 p.m. Central time today PR Newswire DALLAS, April 23, 2024 DALLAS, April 23, 2024 /PRNewswire/ — Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported first quarter revenue of $3.66 billion, net income of $1.11 billion and earnings per share of $1.20. Earnings per share included a 10-cent benefit for items that were not in the company’s original guidance. Regarding the company’s performance and returns to shareholders, Haviv Ilan, TI’s president and CEO, made the following comments: — “Revenue decreased 16% from the same quarter a year ago and 10% sequentially, as revenue declined across all end markets. — “Our cash flow from operations of $6.3 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production. Free cash
UBS downgrades what it calls the Big Six to neutral UBS cut its rating on what it calls the Big Six – that’s the Magnificent Seven minus struggling Tesla – to neutral from overweight. Strategists led by Jonathan Golub noted the grouping of Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT) and Nvidia (NVDA) has already dropped 8% from its April peak, having soared 117% from its Jan. 2023 lows. Nvidia on Friday skidded 10% as AI stocks retreated. What’s of note is that the UBS call is not about animal spirits or AI. It’s just that earnings per share growth for this group is expected to slow to 16% from 42% The COVID-19 pandemic set off what it calls an asynchronous earnings cycle. Other tech stocks didn’t benefit from the COVID-driven boom to the same extent. “Deceleration in large cap tech and acceleration in mid cap
Don’t Overweight the Megacap Tech Giants Like Nvidia and Apple, Says UBS Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: According to an unconfirmed WSJ report, talks between CRM and Informatica (INFA 35 NR) about an acquisition have faded as the two sides are unable to agree to terms. We believe pricing was likely the ultimate issue, as INFA’s stock price in recent weeks had surged above the level that CRM was willing to pay. We view the lack of a deal as a positive, as investors embraced CRM’s shift away from dealmaking and instead focused on maximizing FCF/returning cash back to shareholders. We think the recent pressure on shares represents an enhanced buying opportunity, as CRM was down more than 7% on the day of speculation around a deal. The company now trades at a valuation below 25x our CY 25 EPS estimate, towards the low
CFRA Maintains Strong Buy Opinion On Shares Of Salesforce, Inc. Read Post »
Apple (AAPL) is expected to “slightly beat” Q2 earnings and revenue estimates, driven by “better than expected product shipments and App Store outperformance,” Morgan Stanley said in a note to clients Monday. The brokerage expects Apple to post Q2 earnings of $1.51 per share and revenue of $91 billion, compared with consensus estimates of $1.50 and $90 billion, respectively. Morgan Stanley said investors will pay close attention to Apple’s performance in China, its updated capital return framework, and capital expenditures when the tech giant reports Q2 results after market close May 2. The firm anticipates Apple’s Q3 revenue at around $80 billion, down from the consensus estimate of $83.4 billion. The brokerage expects Apple’s Q3 earnings per share to be $1.22. Morgan Stanley cut its price target on Apple’s stock to $210 from $220, but reiterated its overweight rating.
Apple Likely to ‘Slightly Beat’ Q2 Earnings, Revenue Estimates, Morgan Stanley Says Read Post »
A TikTok divestiture would be roughly neutral for Oracle (ORCL), while a ban would be a six-to-nine month growth headwind for Oracle Cloud Infrastructure beginning as early as the February 2025 quarter, UBS said in a note Monday. In a divestiture, the buyer of Tik Tok’s operations would probably continue the current OCI contract until the termination date, the analysts said. But in ban or shut-down scenario, Oracle would lose what is likely its largest OCI customer, UBS said, adding that this could be mitigated by a repurposing of the unused capacity, UBS said. The recent decline in Oracle’s stock suggests the market has already adjusted the price to reflect the uncertainties related to TikTok, according to the note. The bulk of TikTok’s cloud usage peaked in 2022 and it has not been a significant driver of recent revenue growth for Oracle Cloud Infrastructure, the firm added. UBS reiterated its
Apple (AAPL) is likely to show a solid performance in the March quarter, with potential for slightly lower guidance for June, BofA Securities said in a note Monday. “The demand environment is weak and a lower guide for [fiscal Q2] could influence a pullback in shares,” the firm said. BofA said its fiscal Q2 revenue and EPS estimates stand a bit higher than Street estimates because it has factored in Vision Pro camera sales of up to $1 billion. BofA projects Q2 revenue of $91.5 billion and EPS of $1.53, compared with Street estimates of $90.3 billion and $1.50, respectively The tech giant’s fiscal Q2 results are scheduled for May 2, and BofA said it also expects a new $90 billion buyback authorization to be announced. BofA reiterated its buy rating on Apple with a price objective of $225, citing the company as a “top pick” in 2024 due to
Apple Likely to Deliver Strong Performance in March Quarter, BofA Says Read Post »