Snap Stock Jumps 24% on Strong Earnings Beat & Outlook
Date: 2024-04-26 12:36:00
Snap (NYSE:SNAP) shares jumped more than 24% pre-market today after the company released an upbeat revenue forecast for the second quarter, anticipating revenues between $1.23 billion and $1.26 billion, surpassing the consensus estimate of $1.14 billion. The company also expects its adjusted EBITDA to be between $15 million and $45 million, well above the forecast of $10.6 million. Additionally, Snap projects its daily active users to reach about 431 million, slightly higher than the analyst estimate of 429.06 million.
This optimistic guidance follows a strong performance in the first quarter, where Snap's revenue reached $1.19 billion—a 21% increase year-over-year, beating the $1.05 billion estimate. Revenue growth was strong across all regions, with a 16% increase in North America, a 24% rise in Europe, and a 34% jump in the rest of the world.
Moreover, Snap reported an improvement in adjusted earnings per share, which was 3 cents, compared to 1 cent year-over-year, surpassing expectations of a 4 cent loss per share. Daily active users increased 10% year-over-year to 422 million.
Author: Davit Kirakosyan
Source: Financial Modeling Prep
Read more
Manhattan Associates Earns an Upgrade at DA Davidson
Date: 2024-04-26 12:32:00
DA Davidson analysts raised their rating on Manhattan Associates (NASDAQ:MANH) to Buy from Neutral and set a price target at $240 (up from $220). The analysts highlighted that the upgrade was prompted by the stock's significant pullback this year, which they consider overdone, especially after the company recently surpassed expectations and increased its guidance.
Although the reported RPO might have seemed disappointing against high expectations, when adjusted for foreign exchange impacts, it actually surpasses the required quarterly pace to meet the year-end 2024 target, with continued strong demand. The analysts noted that Manhattan Associates is now trading below its three-year bottom quartile forward P/E ratio, presenting an attractive buying opportunity. The raised target price of $240 reflects DA Davidson’s view that Manhattan Associates, as a definitive leader in return on invested capital, merits greater market recognition.
Author: Davit Kirakosyan
Source: Financial Modeling Prep
Read more
Intel Plunges 10% on Q1 Revenue Miss & Weak Outlook
Date: 2024-04-26 12:29:00
Intel Corporation (NASDAQ:INTC) shares dropped more than 10% intra-day today after the company reported mixed results for the first quarter and issued weaker-than-expected guidance for the upcoming quarter, fueling concerns that it may lag behind its competitors in the burgeoning AI chip market.
The company's guidance for the second quarter anticipates adjusted earnings of $0.10 per share and revenue ranging from $12.5 billion to $13.5 billion. This projection falls short of analyst expectations, which anticipated adjusted earnings per share of $0.26 and revenue of $13.66 billion.
Adding to the challenges, Intel noted that losses in its chipmaking division, Intel Foundry, expanded to $7 billion this year, up from $5.2 billion in 2023. This has raised further concerns about Intel's competitive position in the AI sector.
For the quarter ending March 30, Intel posted adjusted earnings of $0.18 per share on revenue of $12.72 billion. This was a mixed result as it surpassed earnings estimates of $0.15 per share but fell short of the expected revenue of $12.88 billion.
Despite the current hurdles, Intel remains optimistic about its performance for the fiscal year 2024, forecasting year-over-year revenue and non-GAAP EPS growth, along with a gross margin improvement of approximately 200 basis points.
Author: Davit Kirakosyan
Source: Financial Modeling Prep
Read more
Alphabet Shares Gain 9% Following Q1 Earnings Beat & First-Ever Dividend
Date: 2024-04-26 12:26:00
Alphabet (NASDAQ:GOOG) shares soared over 9% intra-day today, reaching a record high, following the company's announcement of its fiscal Q1/24 results, which exceeded Wall Street expectations.
The company reported earnings per share (EPS) of $1.89, surpassing the consensus estimates of $1.51. Revenue also topped expectations, coming in at $80.54 billion against the anticipated $78.71 billion.
The quarter saw a significant year-over-year increase in operating income, rising 46% to $25.5 billion, with net income reaching $58 billion, or $1.89 per diluted share.
In a strategic move, the company declared its first-ever dividend at 20 cents per share and announced a new $70 billion share repurchase program, signaling a robust return of capital even as it continues to heavily invest in expanding its data center capabilities, particularly in generative AI.
Author: Davit Kirakosyan
Source: Financial Modeling Prep
Read more