Streetbeat News

Earnings

FOXO

VERB

In Wednesday's pre-market session, several information technology stocks saw significant movement. FOXO Technologies, Marin Software, Mitek Systems, ZeroFox Holdings, Daktronics, and T Stamp all saw their stocks rise, with FOXO Technologies leading the gainers with an 80.8% increase. On the other hand, Verb Tech, WeTrade Group, Akoustis Technologies, Photronics, UTime, and CXApp all saw their stocks decline, with Verb Tech leading the losers with a 25.6% decrease.

Portfolio Pulse from Benzinga Insights

September 06, 2023 | 1:05 pm

ROKU

Roku, Inc. (NASDAQ:ROKU) stock is trading higher after the company announced measures to reduce its year-over-year operating expense growth rate. These include consolidating office space, reviewing its content portfolio, reducing outside services expenses, and slowing headcount expense growth through workforce reduction. The company expects to record a restructuring charge of $45 million - $65 million for the workforce reduction. Roku now expects total net revenue of $835 million - $875 million for Q3, up from the prior $815 million.

Portfolio Pulse from Anusuya Lahiri

September 06, 2023 | 1:05 pm

UMC

United Microelectronics Corp (UMC) reported a 25.23% year-on-year decline in net sales for August 2023, with sales for the year-to-date period also falling by 20.0%. Despite a Q2 FY23 revenue decline of 21.9%, UMC's revenue and adjusted EPS in USD beat consensus estimates. The company forecasts a 3%-4% quarter-on-quarter decline in Q3 wafer shipments and a slight reduction in gross profit margin. UMC's FY23 capital expenditure is expected to be $3.0 billion.

Portfolio Pulse from Lekha Gupta

September 06, 2023 | 12:46 pm

ROKU

SST

TRVN

Trevena reported preliminary data from two proof-of-concept studies for TRV045. System1 confirmed receipt of interest for total security from Just Develop It. Roku announced plans to cut its workforce by 10% and raised its Q3 revenue guidance above consensus.

Portfolio Pulse from ryanfaloona@benzinga.com

September 06, 2023 | 12:38 pm

BBBY

Bed Bath & Beyond has provided a Q3 2023 performance update, reporting over 4.8 million active customers as of September 4, 2023, a mid-single-digit percent net increase since its U.S. launch. The company also reported mid-single-digit percent growth in orders, a mid-teens percent decline in revenue, and a high-teens percent decline in average order value. Gross profit as a percent of revenue was approximately 18%, and sales & marketing expense as a percent of revenue was approximately 15%. The company has seen increased website visits and improved conversion since the U.S. launch.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 12:38 pm

SJ

Scienjoy Holding Corp expects its Q3 2023 total net revenues to be in the range of RMB330 million to RMB360 million. This forecast is based on current market and operational conditions, and may change due to potential impact of COVID-19 on the economy in China and other global markets.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 12:38 pm

AAPL

GOOG

GOOGL

SPOT

Spotify Inc (NYSE:SPOT) is considering putting lyrics behind its paywall to increase its paid subscribers. The company's paid subscribers growth is lagging behind free listeners. In its latest earnings report, Spotify announced a 34% increase in monthly users of its ad-supported tier, reaching 343 million. Paying monthly listeners also saw growth, but at a slower rate, up 17% to 220 million. Spotify's other revenue-boosting initiatives in 2023 included hiking the prices for its premium plans in the U.S. and plans to add full-length music videos to its app.

Portfolio Pulse from Anusuya Lahiri

September 06, 2023 | 12:37 pm

SJ

Scienjoy Holding (NASDAQ:SJ) reported Q2 earnings of $0.29 per share, a 20.83% increase YoY. However, sales decreased by 33.78% to $50.08M compared to $75.62M in the same period last year.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 12:36 pm

ZFOX

ZeroFox Holdings Inc (ZFOX) shares surged by around 10% after reporting better-than-expected Q2 FY24 results and above-consensus Q3 guidance. The company reported revenue of $62.2 million, beating the consensus of $51.82 million, and adjusted EPS loss of $(0.04), exceeding the estimate of $(0.09). The company also reported a strong quarter with new record highs in quarterly revenue, ARR, subscription customers, large customer adoption, and positive free cash flow for the first time.

Portfolio Pulse from Lekha Gupta

September 06, 2023 | 12:35 pm

BRC

Brady Corp (NYSE:BRC) reported better-than-expected Q4 results with sales growth of 6.8% Y/Y to $345.93 million and adjusted EPS of $1.04. The company's Board of Directors approved a 2.2% increase in the annual dividend to shareholders from $0.92 to $0.94 per share. The article also provides a calculation on how to earn $500 monthly from Brady dividends, which would require owning approximately $369,145 worth of Brady, or 6,522 shares.

Portfolio Pulse from Priya Nigam

September 06, 2023 | 12:30 pm