Trimble Q2 Revenue Spikes 14%, But Industry Woes Impact Hardware Sales
Portfolio Pulse from Anusuya Lahiri
Trimble Inc (NASDAQ:TRMB) reported a fiscal Q2 2024 revenue decline of 12% to $870.8 million, beating analyst estimates. Despite a 14% increase in annualized recurring revenue, high interest rates and input costs have impacted hardware sales. The company expects FY24 revenue below consensus and maintained its adjusted EPS outlook. TRMB stock traded higher by 3.38% at $51.51.
August 06, 2024 | 4:38 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Trimble Inc reported a Q2 revenue decline of 12% to $870.8 million, beating analyst estimates. Despite a 14% increase in annualized recurring revenue, high interest rates and input costs have impacted hardware sales. The company expects FY24 revenue below consensus and maintained its adjusted EPS outlook. TRMB stock traded higher by 3.38% at $51.51.
Trimble's Q2 revenue beat analyst estimates, and the stock traded higher by 3.38%. However, high interest rates and input costs have negatively impacted hardware sales, and the FY24 revenue outlook is below consensus. This mixed news suggests a short-term positive impact on the stock price due to the earnings beat, but caution is warranted due to the challenging economic environment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100