Streetbeat News

Revenues

EXPR

The company plans to implement annualized cost reductions of $120M for FY24, which includes a workforce reduction expected to generate savings of approximately $30M. This reduction will impact about 150 employees and is expected to be completed by the end of Q3 of fiscal 2023.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 8:22 pm

EXPR

Express, Inc. has announced an additional $15M of savings, bringing the total to $80M in annualized cost reductions identified and implemented for FY23.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 8:21 pm

KEYS

Keysight Technologies has revised its Q4 revenue forecast to $1.29B-$1.31B, which is lower than the previous estimate of $1.39B.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 8:20 pm

RRGB

Red Robin Gourmet Burgers has revised its FY23 comparable restaurant revenue growth outlook from 2.0%-4.0% to 1.0%-3.0%.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 8:09 pm

FTCH

Farfetch has released its financial expectations for FY23, predicting a revenue of approximately $2.5 billion, up from $2.3 billion in 2022. The company also expects a Group GMV of $4.4 billion, a Digital Platform GMV of $3.85 billion, and a Brand Platform GMV of $0.45 billion. The Digital Platform Order Contribution Margin is expected to rise to 33-35%, and the company anticipates a positive Adjusted EBITDA Margin up to 1%, improving from -5% in 2022.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 8:08 pm

RRGB

Red Robin Gourmet Burgers (RRGB) has reiterated its forecast for FY23 total revenue of at least $1.3 billion, which is in line with the estimated $1.31 billion.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 8:07 pm

COIN

Coinbase has launched its Layer 2 network, Base, built on Ethereum, which has gained 100,000 users and hosts over $200 million in assets. Needham analyst John Todaro initiated a Buy rating on Coinbase with a price target of $120, citing Base's user-friendly design and innovative projects. However, transitioning between Ethereum and Base can be challenging, and it may take time for it to resonate with the average Coinbase user. Assets linked to Base have crossed the $230 million mark. If Base maintains its current trajectory, Coinbase could earn more than $60 million in annual revenue.

Portfolio Pulse from Anusuya Lahiri

August 17, 2023 | 8:03 pm

PANW

Wedbush has indicated a slight risk for Palo Alto Networks' Q4 billings and revenues to miss expectations. There is also a reasonable risk for FY24E Billings and FCF guide to be below current Street estimates.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 7:22 pm

TSLA

Tesla is reportedly planning to launch a rental program in Texas, according to a Teslarati report. This move could potentially increase Tesla's market share and revenues in the region.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 5:55 pm

ACI

AMZN

KR

WMT

Walmart Inc (WMT) is intensifying its competition with Amazon.com Inc (AMZN) in the e-commerce sector, with its Walmart+ service gaining traction as a rival to Amazon Prime. Walmart+ saw a 15% increase in membership in July, and its transactions are growing faster than Amazon's, potentially indicating a shift in expenditure from other grocery companies like Kroger Co (KR) and Albertsons Co Inc (ACI). Walmart's e-commerce revenue in the U.S. grew to 11%-12% over the last two years.

Portfolio Pulse from Anusuya Lahiri

August 17, 2023 | 5:41 pm