Streetbeat News

Earnings

SOFI

SoFi Technologies reported better-than-expected Q2 financial results and issued new revenue guidance for the second half of the year. The company also raised its FY23 adjusted net revenue guidance.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 1:46 pm

APLS

Apellis Pharmaceuticals Inc reported Q2 EPS loss of $1.02, beating the consensus of -$1.35. Sales were $95 million, up from $16.3 million a year ago, beating the consensus of $71.72 million. The sales included $22.3 million of the U.S. net product revenue of Empaveli and $67.3 million of the U.S. net product revenue of Syfovre. Despite the positive financial results, the company's stock price fell by more than 10.2%.

Portfolio Pulse from Vandana Singh

July 31, 2023 | 1:45 pm

IONQ

IonQ Inc's shares are trading higher due to rumors of a potential buyout and a bullish mention in a newsletter. The company, known for its quantum computing technology, is expected to report its Q2 financial results on Aug. 10, with an estimated loss of 13 cents per share on quarterly revenue of $4.35 million.

Portfolio Pulse from Adam Eckert

July 31, 2023 | 1:37 pm

ON

ON Semiconductor Corp reported Q2 FY23 revenue of $2.09 billion, beating the consensus of $2.02 billion, and non-GAAP EPS of $1.33, beating the consensus of $1.21. Revenue from Power Solutions Group grew 6% YoY, Advanced Solutions Group decreased 9% YoY, and Intelligent Sensing Group rose 4% YoY. The company used $39.8 million in free cash flow and held $2.62 billion in cash and equivalents. The company expects Q3 adjusted revenue of $2.095 billion - $2.195 billion, above the consensus of $2.07 billion, and non-GAAP EPS of $1.27 - $1.41, above the consensus of $1.21. ON Semiconductor shares are trading up 4% at $109.29.

Portfolio Pulse from Anusuya Lahiri

July 31, 2023 | 1:35 pm

GIGM

GigaMedia reported Q2 losses of $0.05 per share, a 50% improvement from the same period last year. However, sales decreased by 24.43% to $1.03 million compared to $1.36 million last year.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 1:19 pm

HTLD

Heartland Express (NASDAQ:HTLD) reported Q2 earnings of $0.10 per share, missing the analyst consensus estimate of $0.16 by 37.5%. This is a 65.52% decrease from the same period last year. The company also reported quarterly sales of $306.17 million, missing the analyst consensus estimate of $322.65 million by 5.11%. This is a 63.01% increase from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 1:15 pm

GWAYF

Greenway Greenhouse Cannabis Corporation (OTCQB:GWAYF) (CSE:GWAY) reported FY23 revenue of CA$5.6 million ($4.2 million), a 183% increase from FY22. However, gross profit decreased by 12% to CA$741,990 and gross margin dropped to 13.2% from 42.5%. The company also reported a loss of CA$2.6 million, slightly less than the CA$2.9 million loss in FY22. Greenway issued 964,285 common shares to Hybrid Financial Ltd. in partial settlement of outstanding debt.

Portfolio Pulse from Vuk Zdinjak

July 31, 2023 | 1:14 pm

HUN

Huntsman Corporation (HUN) is expected to report a sharp decline in its Q2 earnings, with analysts predicting earnings of 30 cents per share, down from $1.28 per share a year ago. The company's revenue is expected to be around $1.7 billion. Huntsman shares rose 2.1% to close at $29.74 on Friday. Several analysts have recently adjusted their price targets for the company, with changes ranging from a decrease to $29 to an increase to $33.

Portfolio Pulse from Lisa Levin

July 31, 2023 | 1:09 pm

SOFI

SoFi Technologies Inc reported a Q2 2023 adjusted revenue increase of 37% Y/Y to $488.8 million, beating the consensus of $478.6 million. The company added nearly 584,000 new members in Q2, bringing its total member count to around 6.2 million. Adjusted EBITDA rose significantly to $76.8 million. The company raised its outlook for 2023 and expects adjusted net revenue of $1.974 billion-$2.034 billion. SOFI shares are trading higher by 9.8% at $10.49 premarket.

Portfolio Pulse from Lekha Gupta

July 31, 2023 | 1:08 pm

SAIA

Saia, Inc. (NYSE:SAIA) reported better-than-expected Q2 earnings of $3.42 per share, beating market estimates of $3.27 per share. The company's quarterly sales were $694.60 million, slightly below expectations of $702.61 million. Following the earnings announcement, several analysts including Barclays, Wells Fargo, Raymond James, Goldman Sachs, and Benchmark raised their price targets on Saia. Saia shares gained 3.7% to close at $425.89 on Friday, and added 3.3% in pre-market trading.

Portfolio Pulse from Lisa Levin

July 31, 2023 | 1:08 pm