Streetbeat News

Revenues

AAPL

Apple's shares turned higher in after-hours trading following a positive third-quarter performance and optimistic forward outlook. Analysts highlighted strong iPhone sales, healthy gross margins, and promising AI-driven growth prospects. Wedbush raised its price target for Apple from $275 to $285, maintaining an Outperform rating.

Portfolio Pulse from Shanthi Rexaline

August 02, 2024 | 5:46 am

AMZN

Amazon reported a shift in consumer preferences towards lower-priced items and everyday essentials, leading to a drop in average selling prices (ASPs). Despite slower growth in high-ticket items, Amazon's faster delivery services have boosted sales of everyday essentials. The company reported second-quarter net sales of $148 billion, a 10% increase year-over-year, but fell short of the Street consensus estimate. Amazon shares dropped 6.88% in after-hours trading following the announcement.

Portfolio Pulse from Ananya Gairola

August 02, 2024 | 5:43 am

CORZ

SQ

Jack Dorsey, co-founder of Block Inc. (NYSE:SQ), expressed optimism about the Bitcoin mining chip market, highlighting Block's technological advantages over market leader Bitmain. Block recently made a significant sale of 3nm mining ASICs to Core Scientific Inc. (NASDAQ:CORZ). Block reported a 20% YoY growth in gross profit for Q2 2024, with Bitcoin gross profit at $67 million. Shares of Block rose 5% in after-hours trading.

Portfolio Pulse from Aniket Verma

August 02, 2024 | 5:10 am

AAPL

Apple Inc. (NASDAQ:AAPL) reported a 6.5% YoY sales decline in Greater China for Q3, but CEO Tim Cook remains optimistic about long-term prospects. Despite the decline, the iPhone install base and upgraders in Mainland China set records. Apple is also making strategic moves to integrate AI functions into its devices sold in China.

Portfolio Pulse from Ananya Gairola

August 02, 2024 | 3:52 am

AMZN

Amazon.com Inc (NASDAQ:AMZN) has attributed its lower Q3 revenue forecast to the Paris Olympics and an assassination attempt on former President Donald Trump, leading to a nearly 7% drop in after-hours trading. Economic challenges and consumer caution are also influencing spending patterns.

Portfolio Pulse from Benzinga Neuro

August 02, 2024 | 2:28 am

COIN

MARA

MSTR

Bitcoin remained volatile, while Ethereum and Dogecoin saw declines as major cryptocurrency firms reported mixed Q2 earnings. Market liquidations hit a weekly high, with a significant drop in bullish leveraged bets. Analysts predict a shorter correction period for Bitcoin.

Portfolio Pulse from Aniket Verma

August 02, 2024 | 2:13 am

SIMO

Silicon Motion Technology has provided its Q3 and FY24 revenue guidance, with Q3 revenue expected to be between $205M-$216M and FY24 revenue between $800M-$830M. The company is optimistic about its long-term growth due to new programs with flash maker customers and strong NAND OEM business, despite softness in the retail SSD market.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 10:04 pm

SIMO

Silicon Motion Technology (NASDAQ:SIMO) reported Q2 2024 adjusted EPS of $0.96, beating the estimate of $0.95. Sales were $210.670M, surpassing the $206.746M estimate and marking a 50.09% increase from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 10:04 pm

LNT

Alliant Energy (NASDAQ:LNT) reported Q2 2024 adjusted EPS of $0.57, missing the $0.64 estimate. Sales were $894 million, slightly below the $896.8 million estimate.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 10:01 pm

FET

Forum Energy Technologies (FET) has raised its FY24 free cash flow guidance to $50M-$70M and adjusted EBITDA guidance to $100M-$110M. Despite a decline in U.S. rig count, the company expects its international footprint and recent acquisition to mitigate the impact.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 9:59 pm