Streetbeat News

Earnings

META

During Meta Platforms Inc.'s Q4 2023 earnings call, CEO Mark Zuckerberg announced the company's goal to develop the most popular and advanced AI products and services. He emphasized the creation of world-class AI assistants for users, AI tools for creators, businesses, and developers, and the need for new computing devices like smart glasses. Zuckerberg highlighted Meta's long-term commitment to general intelligence research and the expansion of GPU clusters to support AI services. Meta reported a Q4 revenue of $40.11 billion, a 25% increase year-over-year, surpassing expectations. The company anticipates Q1 revenue between $34.5 billion and $37.0 billion and expects growing infrastructure investments for AI research and development.

Portfolio Pulse from Ananya Gairola

February 02, 2024 | 4:23 am

AAPL

AMZN

META

TEAM

TSLA

Tech giants Apple, Meta Platforms, Amazon, Atlassian, and Tesla were in focus as U.S. stocks closed higher, driven by their earnings releases. Apple and Meta beat earnings expectations, Amazon reported a revenue increase, Atlassian surpassed earnings and sales forecasts but saw its stock decline, and Tesla announced a shareholder vote on moving its incorporation to Texas.

Portfolio Pulse from Benzinga Neuro

February 02, 2024 | 3:15 am

AAPL

Apple Inc.'s CEO, Tim Cook, defended the high price of the upcoming Vision Pro mixed-reality headset during the company's Q1 2024 earnings call, highlighting the significant technology and innovation, including 5,000 patents, integrated into the product. Despite concerns over its $3,499 price, the Vision Pro has seen strong interest, with 160,000 to 180,000 units sold during the first pre-order weekend. Netflix's co-CEO Greg Peters expressed skepticism about the device's market impact, deciding against launching apps for it.

Portfolio Pulse from Ananya Gairola

February 02, 2024 | 2:50 am

META

Senate Judiciary Committee Chair Dick Durbin criticized Meta Platforms CEO Mark Zuckerberg for downplaying the impact of social media on mental health, comparing him to tobacco executives. Durbin's remarks followed Zuckerberg's statement denying a causal link between social media use and negative mental health outcomes. The criticism comes amid a Senate hearing on child safety online, where social media executives were questioned. Despite the controversy, Meta Platforms reported a 25% year-over-year increase in fourth-quarter revenue to $40.11 billion, beating estimates and causing its stock to surge 15.22% in after-hours trading.

Portfolio Pulse from Navdeep Yadav

February 02, 2024 | 2:24 am

AAPL

MASI

Apple Inc. (AAPL) CEO Tim Cook announced the company's intention to appeal the ban on its Apple Watch, rather than settle with Masimo Corp. (MASI) over a patent dispute involving the blood oxygen feature. Despite the ban, Apple continues to sell the Apple Watch Series 9 and Ultra 2 in the U.S. without the disputed feature. The company reported higher than expected revenue in its Wearables, Home, and Accessories category for fiscal Q1 2024, indicating that the dispute and ban have not significantly impacted sales. Masimo's CEO Joe Kiani expressed openness to a settlement but noted the lack of serious discussions with Apple.

Portfolio Pulse from Ananya Gairola

February 02, 2024 | 1:38 am

INTC

Intel Corporation has delayed its $20 billion chip-manufacturing project in Ohio, initially set for next year, to late 2026 due to market challenges and slow government funding. The project, aimed at expanding domestic chip production and reducing reliance on Asian factories, aligns with the Biden administration's $53 billion Chips Act. Despite the delay, Intel remains committed to the project, which is expected to create 3,000 new factory jobs. The delay follows Intel's recent earnings report, which showed a 10% year-over-year revenue increase but disappointing guidance.

Portfolio Pulse from Benzinga Neuro

February 02, 2024 | 1:34 am

NTDOY

Analysts are skeptical about the success of Nintendo ADR's (OTC:NTDOY) anticipated Switch 2, comparing it unfavorably to the original Nintendo Switch. Goldman Sachs and Macquarie Group analysts express doubts about the new console surpassing the original's profits or expanding Nintendo's market. Despite concerns, including the choice of an LCD screen over OLED, Nintendo plans to produce 10 million units for a $400 launch in April 2024.

Portfolio Pulse from Franca Quarneti

February 01, 2024 | 11:38 pm

POST

Post Holdings, Inc. (NYSE:POST) shares rose in after-hours trading following the release of its Q1 earnings, which exceeded expectations. Earnings per share were $1.69, surpassing the forecast of $1.10. Revenue reached $1.97 billion, beating the $1.92 billion estimate. Adjusted EBITDA increased by 33.2% to $359.5 million. The company also raised its full-year 2024 adjusted EBITDA outlook.

Portfolio Pulse from Ryan Gustafson

February 01, 2024 | 10:57 pm

PFSI

PennyMac Financial Services (PFSI) reported Q4 adjusted EPS of $2.63, surpassing the $1.49 estimate, marking a 76.51% beat and a 182.8% increase from last year's $0.93. However, Q4 sales of $361.94M fell short of the $411.45M estimate by 12.03%, though it's a 6.31% increase from the previous year.

Portfolio Pulse from mahesh@benzinga.com

February 01, 2024 | 10:48 pm

COLM

Columbia Sportswear Company (NASDAQ:COLM) reported Q4 earnings and revenue below analyst expectations, with a GAAP EPS of $1.55 against an estimate of $1.96 and revenue of $1.06 billion versus an expected $1.08 billion. The company anticipates a challenging 2024, expecting lower Q1 revenue and has initiated a profit improvement program to save $125-$150 million annually by 2026. Shares dropped 5.62% in after-hours trading.

Portfolio Pulse from Erica Kollmann

February 01, 2024 | 10:46 pm