Markets turned higher as The Federal Reserve acknowledged stalling progress in bringing down inflation to its 2% goal and opted to hold its benchmark interest rate at current levels.
earned $1.31 a share on an adjusted basis in the first quarter, missing analysts’ estimates of $1.69. The company also cut its adjusted earnings guidance for the year, to at least $7 a share from $8.30, because of soaring Medicare Advantage costs. The stock was tumbling 18%.
Shares of
dropped 7.3% after the chip maker posted first-quarter earnings that matched Wall Street forecasts and issued a second-quarter revenue outlook of $5.7 billion, plus or minus $300 million, up 6% at the middle of the range and right in line with estimates. In the first quarter, AMD said it experienced 80% growth in data-center revenue but a drop of 48% in gaming revenue. AMD CEO Lisa Su said the company now expects data center GPU revenue in 2024 of more than $4 billion, above previous guidance of $3.5 billion.
the artificial-intelligence hardware company, reported fiscal third-quarter earnings that were better than predictions but revenue of $3.85 billion that missed estimates of $3.96 billion. The company said it expects fourth-quarter adjusted profit of $7.62 to $8.42 a share on revenue of $5.1 billion to $5.5 billion. Analysts had been anticipating adjusted profit of $7.18 a share on revenue of $4.9 billion. The stock tumbled 11%.
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was rising 4.7% after the tech giant and online retailer reported first-quarter earnings and revenue that exceeded analysts’ estimates, driven by strong growth in the company’s AWS cloud computing business and impressive advertising demand. Revenue for
Web Services rose 17% to $25 billion, higher than forecasts of $24.6 billion, and was the best growth in four quarters. Overall revenue jumped 13% to $143.3 billion, an all-time high in the January-to-March period.
was up 6.7% after first-quarter adjusted earnings of 82 cents a share topped analysts’ forecasts of 51 cents. The drug maker also raised its adjusted earnings estimate for 2024.
Coffee giant
reported fiscal second-quarter earnings below Wall Street expectations, and said global comparable-store sales fell 4%. “In a highly challenged environment, this quarter’s results do not reflect the power of our brand, our capabilities or the opportunities ahead,” said Chief Executive Laxman Narasimhan. The company also lowered its earnings and sales forecast for the rest of 2024, sending the stock down 17%.
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surged 20% after the social-media platform posted better-than-expected first-quarter earnings and revenue and said it expects second-quarter revenue of $835 million to $850 million, higher than forecasts of $827 million. The company said it had 518 million active users in the first quarter.
posted first-quarter adjusted earnings of 79 cents a share, higher than expectations of 65 cents. The materials and chemicals company also raised its full-year outlook. Shares rose 8.1%.
Norwegian Cruise Line Holdings
was falling 13% after the cruise operator beat first-quarter earnings expectations and raised full-year guidance but missed on quarterly revenue.
was rising 17% after the life-sciences companyy reported third-quarter earnings and sales that beat analysts’ expectations.
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was down 11% after the beauty company issued a fiscal-year forecast that called for sales to fall 2% to 3%, wider than its previous guidance.
reported second-quarter revenue of $1.05 billion, within the company’s target range of $1.02 billion to $1.07 billion, and earnings of $1.55 a share, 3 cents higher than analysts’ forecasts. But CEO Liam Griffin said the company in its second quarter saw “below normal trends” in its mobile phone business, “with lower-than-expected end market demand.” For its fiscal third quarter quarter, Skyworks said it sees revenue of $900 million, below consensus of $1.02 billion, with adjusted profit of $1.21 a share, shy of analysts’ estimates of $1.46. The stock fell 13%.
fell 5.9% after the food and beverage brands company posted first-quarter sales that fell of 1.2% to $6.41 billion, missing consensus of $6.43 billion.
Earnings reports are expected after the closing bell Wednesday from
Qualcomm
,
,
DoorDash
,
eBay
,
Carvana
,
and
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Zillow
.
Write to Joe Woelfel at joseph.woelfel@barrons.com