Streetbeat News

Earnings

RIVN

Rivian Automotive's shares are trading lower following the release of the company's Q2 financial results.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 4:42 pm

SONY

Sony Group Corp aims to sell 25 million PlayStation 5 units this financial year, a record for PlayStation consoles. The company plans to implement promotions and other strategies to achieve this target. Despite selling 3.3 million PS5 units in Q1 2023, Sony's sales fell short of expectations. The company's PlayStation business saw a 28% increase in sales to $5.3 billion in the last quarter, but operating income dropped 7% due to increased costs from Sony's acquisition of Bungie.

Portfolio Pulse from Franca Quarneti

August 09, 2023 | 4:41 pm

LPRO

Open Lending Corporation reported its Q2 financial results, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 4:38 pm

K

Kellogg Co has disclosed its plans to separate into two public companies, Kellanova and WK Kellogg Co, by Q4 FY23. Kellanova is expected to deliver sales of $13.4 billion-$13.6 billion, adjusted-basis EBITDA of about $2.25 billion-$2.3 billion, and adjusted EPS of $3.55-$3.65 in 2024. WK Kellogg Co is expected to generate net sales of around $2.7 billion and adjusted-basis EBITDA of about $255 million-$265 million in 2024, with a cash dividend payout ratio of about 45%.

Portfolio Pulse from Lekha Gupta

August 09, 2023 | 4:35 pm

NOTE

FiscalNote Holdings reported worse-than-expected Q2 financial results, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 4:30 pm

EBS

Emergent BioSolutions reported worse-than-expected Q2 EPS results and issued Q3 revenue guidance below estimates, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 4:24 pm

CBAT

CBAK Energy Technology Inc reported Q2 FY23 revenues of $42.40 million, a decline from $56.35 million a year ago. The decline was due to lower sales from the battery business and Hitrans, an indirect majority-owned subsidiary. Battery business revenues declined 13.5% Y/Y to $22.2 million due to the price volatility of lithium carbonate. The company's shares are trading lower by 3.33% at $1.16.

Portfolio Pulse from Lekha Gupta

August 09, 2023 | 4:23 pm

VST

Vistra Corp (NYSE:VST) reported Q2 FY23 sales of $3.19 billion, more than double from the prior year. The company also reported net income from ongoing operations of $409 million, a significant improvement from a loss of $(1.30) billion. Vistra has also bought back around $2.9 billion of its shares and declared a Q3 dividend per share of $0.2060. The company has also raised its adjusted EBITDA midpoint opportunities outlook for 2024 and 2025. VST shares are trading higher by 5.55% at $30.42.

Portfolio Pulse from Lekha Gupta

August 09, 2023 | 4:15 pm

RIVN

Rivian Automotive Inc (NASDAQ:RIVN) reported Q2 earnings with revenue of $1.12 billion, beating the consensus estimate of $978.9 million. The company's operating expenses decreased from $1 billion YoY to $873 million. Rivian produced 13,992 vehicles in Q2, with 12,640 successful deliveries. Analysts from BofA, Mizuho, and Cantor Fitzgerald reiterated their ratings on the stock, with BofA and Mizuho raising their price targets.

Portfolio Pulse from AJ Fabino

August 09, 2023 | 4:13 pm

BL

BlackLine reported Q2 financial results and issued FY23 guidance, which led to a decrease in its stock price. BTIG and Piper Sandler also lowered their price targets on the stock.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 4:02 pm