Streetbeat News

Revenues

LMT

Lockheed Martin (NYSE:LMT) reported Q2 2024 adjusted EPS of $6.85, beating the $6.46 estimate. Sales were $18.10 billion, surpassing the $17.04 billion estimate and marking an 8.43% increase from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 23, 2024 | 11:30 am

GM

GM's Cruise is abandoning its plans for the pedal-less Origin autonomous vehicle and will focus on the next-generation Chevrolet Bolt for autonomous driving. This shift is due to regulatory uncertainties and cost optimization. Cruise reported a significant operating loss and restructuring costs for the first half of 2024.

Portfolio Pulse from Anan Ashraf

July 23, 2024 | 11:28 am

SPOT

Spotify Technology SA (NYSE:SPOT) reported a 20% year-on-year revenue growth for Q2 2024, reaching $4.099 billion, though it missed the analyst consensus estimate of $4.170 billion. EPS of $1.43 beat the estimate of $1.15. Premium revenue grew 21% year-over-year, driven by subscriber additions and ARPU increases. Total MAUs rose 14% to 626 million, with Premium subscribers at 246 million. Gross margin improved to 29.2%, and the company held 5.4 billion euros in cash. Spotify expects Q3 revenue of $4.31 billion, below the consensus of $4.37 billion. SPOT shares traded higher by 13.10% premarket.

Portfolio Pulse from Anusuya Lahiri

July 23, 2024 | 11:24 am

AMZN

AVGO

GOOGL

NVDA

Broadcom Inc. (NASDAQ:AVGO) is gaining traction in the AI market, challenging Nvidia Corporation (NASDAQ:NVDA). Broadcom's AI business is growing, with new customers like OpenAI and Bytedance, and it dominates the data center/AI Ethernet switching and routing chipset market. Despite this, Nvidia remains a strong competitor with a higher stock gain over the past year.

Portfolio Pulse from Benzinga Neuro

July 23, 2024 | 11:15 am

BGNE

BeiGene has opened a new biologics manufacturing and clinical R&D facility in New Jersey, investing $800 million. This expansion is expected to enhance their capabilities in biologics production and clinical research.

Portfolio Pulse from Benzinga Newsdesk

July 23, 2024 | 11:09 am

IRDM

Iridium Communications reiterated its FY24 service revenue growth of 4%-6% and OEBITDA of $460M-$470M. The company also updated its longer-term guidance on net leverage, aiming for below 4.0 times OEBITDA through 2026 and below 2.0 times OEBITDA by the end of the decade.

Portfolio Pulse from Benzinga Newsdesk

July 23, 2024 | 11:08 am

MCO

Moody's Corp has raised its FY24 adjusted diluted EPS outlook to $11.00-$11.40 from the prior $10.40-$11.00, surpassing the $11.02 estimate. The company also projects revenues to increase in the low-teens percent range, up from the previous high-single-digit to low-double-digit percent range, compared to the $6.63 billion estimate.

Portfolio Pulse from Benzinga Newsdesk

July 23, 2024 | 11:06 am

FBP

First BanCorp (NYSE:FBP) reported Q2 2024 adjusted EPS of $0.46, beating the $0.41 estimate, but sales of $199.628M missed the $201.414M estimate.

Portfolio Pulse from Benzinga Newsdesk

July 23, 2024 | 11:05 am

GILT

Gilat Satellite Networks has secured over $9 million in cumulative orders from multiple satellite operators to expand global satellite communication networks.

Portfolio Pulse from Benzinga Newsdesk

July 23, 2024 | 11:03 am

CMCSA

Comcast (NASDAQ:CMCSA) reported Q2 2024 adjusted EPS of $1.21, beating the estimate of $1.12. However, sales of $29.688 billion missed the $30.021 billion estimate and decreased by 2.70% year-over-year.

Portfolio Pulse from Benzinga Newsdesk

July 23, 2024 | 11:00 am