Reports of Companies worth paying attention to-Budrigantrade
2023.02.09 09:06
Reports of Companies worth paying attention to-Budrigantrade
By Ray Johnson
Budrigannews.com – 7,000 jobs will be eliminated by Walt Disney, which reported better-than-expected earnings. In addition, the following is a list of all five of the most important earnings reports that InvestingPro has published since the market closed yesterday. To get access to real-time earnings coverage, sign up for a free trial.
Walt Disney
(NYSE) Walt Disney Following the company’s job-cut announcement and better-than-expected Q1 results, shares rose more than 6% pre-market today as returning CEO Bob Iger tries to cut costs and please investors.
Through the merger of its original content, ESPN sports, and theme park businesses, the company aims to save $5.5 billion. Despite this, Iger stated that he would request the board reinstate dividend payments by the year’s end.
Trian Partners, an activist investor led by Nelson Peltz and holding a $1 billion stake in Disney, is exerting pressure on the company to cut costs. Last month, Trian was denied a seat on the board, and the company is competing for a spot at the annual meeting on April 3. Following the quarterly results, Trian Fund Management sent a new letter to shareholders urging them to vote for Peltz to replace Michael Froman on the board.
The consensus estimate was $0.79, but Q1 came in at $0.99. Wells Fargo raised Disney’s price target to $141.00 from $125.00, and KeyBanc raised its price target to $130.00 from $119.00, all while reiterating their Overweight ratings. Revenue was $23.51 billion, surpassing the consensus estimate of $23.43 billion, driven by a surprise increase of 21% in revenue from the parks to $8.74 billion.
Credit Suisse
Group Credit Suisse (SIX:) After reporting a Q4 miss of (CHF 0.46) (CHF1 = $1.0881), Zurich shares fell more than 6% during the day. This was lower than the consensus estimate of (CHF 0.29). Credit Suisse reported a yearly loss of CHF 7.29 billion, its worst since the 2008 financial crisis and its second consecutive loss.
Revenue was CHF 3.06 billion, below the consensus estimate of CHF 3.36 billion. The lender with its headquarters in Zurich attributed the loss to a difficult economy, significant outflows of deposits and net assets, and strategic actions. Chair Axel Lehmann has referred to 2022 as a “horrifying” period for the business despite the fact that it has performed in line with analyst expectations.
Despite implementing comprehensive measures to improve client engagement, recover deposits, and cut costs, Credit Suisse has warned that its challenging trading conditions from last year will continue into 2023.
Shares of New York (NYSE:) were less than 9% off before the market.
Affirm
(NASDAQ) Affirm Holdings After the company announced that it will reduce employment by 19 percent and reported quarterly results that were below expectations and provided a gloomier-than-expected outlook, shares fell 18% prior to the market.
Compared to the consensus estimate of $1.00, Q2 was ($1.10) worse. RBC Capital downgraded the stock from Outperform to Sector Perform with a price target of $17.00 following the results. The company’s revenue came in at $400 million, missing the consensus estimate of $416.49 million.
For the quarter ending March 23, the company anticipates revenue in the range of $360-380 million, as opposed to the consensus of $418 million. For the full year, revenue is anticipated in the range of $1.475-1.55 billion, as opposed to the consensus of $1.64 billion.
Robinhood beat Robinhood in fourth-quarter gains (NASDAQ:) After the company announced its Q4 results, which were better than the consensus estimate of ($0.15), shares were up more than 5% pre-market today.
Transaction-Based Revenues were $186M, down 11% sequentially, with Option revenues of $124M (flat), Crypto revenues of $39M (down 24%), and Equities revenues of $21M (down 32%). Revenue was up 5% quarter-over-quarter to $380M, but it fell short of the consensus estimate of $394.33M.
As customers continue to navigate the volatile macro environment, Q4 Monthly Active Users (MAU) decreased to 11.4 million from 12.2 million in the previous quarter.
Goldman Sachs increased its price target for the stock from $9.00 to $9.50 in response to the results, Deutsche Bank increased its price target from $9.00 to $11.00, and JPMorgan increased its price target from $9.00 to $11.00.
Unilever
(Unilever, LONDON:) (NYSE:) analysts polled by Bloomberg said that the company’s fourth-quarter growth was only slightly lower than expected because higher prices partially made up for lower customer demand and higher costs caused by inflation. Overachieving the consensus estimate of €59.52B, annual revenue was €60.1B.
The review has been prepared Budrigantrade.com
