Fortinet Misses Earnings Expectations and Gives Weak Outlook
Cybersecurity company Fortinet saw its shares drop by 23.1% in premarket trading after it missed earnings expectations and provided a weak outlook for the current quarter. In the third quarter, Fortinet reported $1.33 billion in revenue and projected between $1.38 billion and $1.44 billion for the current quarter, both falling short of analyst estimates. The underwhelming results disappointed analysts who anticipated $1.35 billion in revenue for Q3 and a current-period estimate of $1.5 billion.
Block Surges After Beating Analyst Estimates
Fintech stock Block experienced a surge of over 15% in premarket trading following its third-quarter earnings report, which beat analyst estimates on both the top and bottom lines. Block also showed strong growth in Cash App and Square revenue, prompting an increase in its full-year guidance.
Bill Holdings Lowers Guidance Despite Beating Estimates
Software company Bill Holdings saw its shares fall by over 30% in premarket trading after lowering its guidance for earnings and revenue for the full fiscal year. This reduction came despite Bill beating estimates on both the top and bottom lines for its fiscal first quarter.
Expedia Reports Strong Third-Quarter Results
Vacation booking platform Expedia saw a 10.9% increase in its share price after reporting a strong third-quarter performance. Expedia’s adjusted earnings per share reached $5.41 on $3.93 billion in revenue, surpassing analysts’ expectations.
Apple Faces Decline in Sales but Beats Analyst Expectations
Despite posting its fourth consecutive decline in quarterly sales, technology giant Apple exceeded analyst expectations on both revenue and sales in its fiscal fourth quarter. However, the company provided a soft outlook for revenue in the December quarter, causing its shares to retreat by 2.2%.
Live Nation Beats Expectations Amidst Successful Tours
Ticket provider Live Nation experienced a 2.9% rise in its stock price after beating expectations for both revenue and earnings in the third quarter. The success can be attributed to popular tours by Taylor Swift and Beyoncé, which led to increased concert ticket sales.
Paramount Global Surpasses Analyst Expectations
Media company Paramount Global witnessed a 5.5% rally in its shares after reporting results that surpassed analyst expectations. The company earned an adjusted 30 cents per share on $7.13 billion in revenue, exceeding the forecasted 10 cents per share and $7.10 billion in revenue.
Floor & Decor Holdings Tumbles Despite Earnings Beat
Home goods retailer Floor & Decor Holdings saw its stock plummet by 17% despite beating earnings expectations for the quarter. The company reported earnings of 61 cents per share on $1.11 billion in revenue but lowered its full-year guidance, leading to the decline.
Carvana Reports Slightly Weaker Revenue Than Expected
Used car retailer Carvana experienced a 4.3% slip in its stock price after reporting slightly weaker revenue than anticipated for the quarter. Carvana’s revenue reached $2.77 billion, just below the consensus estimate of $2.78 billion.
DraftKings Exceeds Wall Street Expectations
Sportsbook company DraftKings saw a 6.4% increase in its shares after reporting third-quarter revenue that topped Wall Street’s expectations. The company experienced a 57% increase in revenue to $790 million, with monthly unique payers rising by 40% year over year to 2.3 million.
Coinbase Projects Flat Revenue for Q4
Cryptocurrency company Coinbase witnessed a 4.5% drop in its shares after stating that revenue tied to subscriptions and services in the fourth quarter is expected to be flat compared to the previous three months. However, Coinbase exceeded expectations on both revenue and sales in the third quarter.
Trupanion Surprises Wall Street with Positive Earnings
Pet insurer Trupanion saw its shares climb by 9.3% after reporting earnings that exceeded Wall Street’s expectations. The company reported revenue of $285.9 million for the third quarter, surpassing the forecasted $275 million. Additionally, Trupanion saw adjusted EBITDA at $6.1 million, while analysts had predicted a loss of $0.6 million.
Uber Receives Upgrade Ahead of Earnings Report
Rideshare company Uber received an upgrade to overweight from sector weight by KeyBanc, resulting in a 1.2% increase in its stock price. KeyBanc predicts that Uber will show an acceleration of growth in the third quarter when it reports its earnings next week.
Hot Take: Mixed Results for Companies Ahead of Earnings Season
Several companies have reported their quarterly earnings results, with outcomes ranging from missed expectations to exceeding analyst estimates. While some companies faced challenges such as weak outlooks and lowered guidance, others showcased strong performance and growth in key areas. As earnings season continues, investors should closely monitor these developments as they can significantly impact stock prices and market sentiment.
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