Streetbeat News

Earnings

U

Unity Software (NYSE:U) plans layoffs and cost-cutting measures following a decline in Q3 earnings. The company is evaluating its product portfolio to focus on valuable products and intends to implement changes in Q4, including discontinuing some products, reducing workforce, and cutting office space. The announcement comes after Unity's controversial Runtime Fee rollout in September, which led to a significant fall in the company's stock price.

Portfolio Pulse from Benzinga Neuro

November 10, 2023 | 11:48 am

TSM

Semiconductor Manufacturing International Co. (SMIC), China's largest chipmaker, reported an 80% drop in Q3 profits due to weak global demand. The company's Q3 revenue was $1.62 billion, a 15% decrease YoY. SMIC has been struggling with US sanctions limiting China's chipmaking technology and exports. Despite the downturn, SMIC expects a 1-3% revenue increase in Q4.

Portfolio Pulse from Benzinga Neuro

November 10, 2023 | 11:31 am

GRPN

TTD

U

Several stocks including Unity Software, Groupon, Trade Desk, and others are moving lower in Friday's pre-market session. Unity Software reported worse-than-expected Q3 revenue results, leading to a 13.2% drop in pre-market trading. Other companies such as Groupon, Plug Power, Trade Desk, Westrock Coffee Company, Diageo, Illumina, Applied Optoelectronics, Ballard Power Systems, Hawaiian Electric Industries, FuelCell Energy, and Wynn Resorts also reported disappointing financial results, leading to declines in pre-market trading.

Portfolio Pulse from Lisa Levin

November 10, 2023 | 11:24 am

AQN

SHCO

STNE

TTD

WYNN

Wall Street expects Soho House & Co Inc. (SHCO) to report a quarterly loss at 10 cents per share on revenue of $306.26 million. Wynn Resorts, Limited (WYNN) reported better-than-expected earnings for its third quarter. Algonquin Power & Utilities Corp. (AQN) is expected to earn 12 cents per share on revenue of $648.89 million for the latest quarter. The Trade Desk, Inc. (TTD) posted upbeat results for its third quarter, but issued weak revenue guidance for the current quarter. StoneCo Ltd. (STNE) is expected to report quarterly earnings at $1.11 per share on revenue of $3.09 billion.

Portfolio Pulse from Lisa Levin

November 10, 2023 | 11:09 am

CAAS

China Automotive Systems (NASDAQ:CAAS) reported Q3 earnings of $0.31 per share, a 29.17% increase YoY. However, the company's quarterly sales of $137.54 million missed the analyst consensus estimate of $142.49 million by 3.47%.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 11:07 am

GRPN

Groupon Inc reported Q3 FY23 revenue of $126.5 million, missing the consensus of $129.6 million. North America and International revenues decreased due to a decline in engagement on the platform. Adjusted EPS loss of $(0.12) missed the consensus of $0.11. The company plans to raise around $100 million through equity rights offering and non-core asset sales. Groupon's co-founder Eric Lefkofsky is set to resign from the board. Following the news, Groupon shares traded lower by 32.27%.

Portfolio Pulse from Lekha Gupta

November 10, 2023 | 11:07 am

TSM

Taiwan Semiconductor Manufacturing Co (TSMC) reported a 34.8% month-on-month increase in its consolidated revenue for October 2023, reaching NT$243.20 billion. This represents a 15.7% increase from October 2022. However, the revenue for January through October 2023 totaled NT$1,779.41 billion, a decrease of 3.7% compared to the same period in 2022.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 9:26 am

LEDS

SemiLEDs Corp has projected its Q1 revenue for the period ending November 30, 2023, to be approximately $1.5 million, with a possible variation of +/- 10%.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 9:05 am

LEDS

SemiLEDs (NASDAQ:LEDS) reported Q4 losses of $(0.18) per share, a 28% improvement from $(0.25) per share YoY. However, sales decreased by 10.64% to $1.45 million from $1.63 million YoY.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 9:03 am

AQN

Algonquin Power & Utilities Corp. (NYSE:AQN) is expected to release its Q3 financial results on Nov. 10, 2023. Analysts predict earnings of 12 cents per share, up from 11 cents per share in the previous year, and revenue of $670.67 million, up from $594.76 million. The company's shares fell 0.5% to close at $5.59 on Thursday. Recent analyst ratings include a price target cut from $9 to $8.5 by BMO Capital, a price target increase from $9.5 to $10 by Wells Fargo, and a downgrade from Hold to Sell by Desjardins.

Portfolio Pulse from Lisa Levin

November 10, 2023 | 7:06 am