Today’s Premarket shows After conflicting earnings reports from big technology companies, stock futures rose ahead of critical U.S. inflation data.
Top stock gainers
Alphabet’s (NASDAQ:GOOG) (NASDAQ:GOOGL) shares rose 11% after YouTube advertisements income rose 21% Y/Y in Q1. Subscriptions, platforms, and devices revenue rose 18%, while Cloud revenue rose 28%. Operating margin rose to 32% from 25% a year earlier. The business further approved the buyback of up to $70B in shares and paid a $0.20 per share cash dividend.
Microsoft (NASDAQ:MSFT) shares rose 5% after better-than-expected FQ3 earnings reports, with overall revenues climbing 17% and Azure sales rising 31% Y/Y, showing robust AI demand. The business predicts Q4 revenues of $63.5B to $64.5B, below the average of $64.57B. Intelligent Cloud brings in $28.4B to $28.7B, with Azure gaining 30%–31% in constant currency.
Snap (NYSE:SNAP) shares rose 24% after posting strong Q1 profits and Q2 forecasts. The business expects Q2 sales of $1.225B to $1.255B, up 15% to 18% Y/Y and above the consensus of $1.21B. We assume DAU to be 431M in Q2 in our Q2 forecast. The revenue range mentioned and our investment plans for Q2 suggest adjusted EBITDA of $15M to $45M “said the business.
Top stock losses
Intel Corporation (NASDAQ:INTC) shares fell 7% after disappointing Q1 earnings, despite 9% Y/Y growth. The business forecast sales between $12.5B and $13.5B, much below the expectation of $13.61B, and adjusted EPS of $0.10 per share, substantially below the consensus of $0.25. Statement from Intel CFO David Zinsner. “Our new foundry operating model improves corporate decision-making by increasing openness and accountability. We anticipate year-over-year revenue and non-GAAP EPS growth in fiscal year 2024, including 200 basis points of gross margin improvement.
Premarket
Gainers
Snap (NYSE:SNAP) shares rose 25% after the social media company released quarterly revenue and user data numbers that exceeded forecasts.
Alphabet’s (NASDAQ:GOOGL) shares jumped 12% after the Google parent posted higher-than-expected first-quarter revenue and announced its first dividend of 20 cents per share.
Microsoft (NASDAQ:MSFT) shares increased 4.3% as robust demand for AI technologies contributed to the software giant’s better-than-expected first-quarter results.
Centene (NYSE:CNC) shares increased 3.1% after the managed care business handily exceeded first-quarter profit projections and upgraded its full-year guidance.
Losers
Intel (NASDAQ:INTC) shares slumped 8% after the chipmaker posted poor quarterly profits and provided a lackluster second-quarter estimate.
Phillips 66 (NYSE:PSX) shares slumped 5.6% as the refiner missed quarterly profit projections on Friday, dragged down by a drop in refining margins due to lower fuel prices.
Hertz Global’s (NASDAQ:HTZ) shares plummeted 5.1% after the vehicle rental firm disclosed a larger-than-expected quarterly loss, underlining its challenges in the EV rental industry.
Exxon (NYSE:XOM) declined 1% as the oil giant failed analysts’ expectations with a 28% year-on-year reduction in first-quarter earnings, as poorer refining margins and lower natural gas prices offset volume improvements.
Chevron (NYSE:CVX) shares declined 0.4% as the oil business was hurt by low natural gas prices, despite a first-quarter earnings boost from greater production volumes.
Stocks In Focus
Exxon Mobil (XOM) shares fell roughly 2% pre-market after the number one U.S. oil firm underperformed Q1 profit projections. cut refining margins and natural gas prices offset robust production, especially in Guyana, to cut Exxon’s (XOM) quarterly adjusted earnings by 29.2% to $8.22B. Similar to Exxon (XOM), Chevron (CVX) shares fell pre-market. Lower refining margins and natural gas prices offset a 35% increase in U.S. net oil-equivalent production to lower Chevron’s (CVX) Q1 adjusted earnings to $5.42B, down 19.6%. XOM and CVX charts show oil major performance.
Before the bell, AbbVie (ABBV) shares had lost some ground but was still up marginally. Strong sales of Skyrizi and Imbruvica offset a drop in Humira, which is being impacted by biosimilars, to provide a beat-and-raise Q1. AbbVie (ABBV) upped its 2024 adjusted profit per share outlook to $11.13-$11.33 from $10.97-$11.17. After acquiring Allergan for $63B in May 2020, AbbVie’s botox sales fell 3.9% Y/Y.
Skechers U.S.A. (SKX) shares rose more than 13% before market open after reporting record Q1 revenue of $2.25B. International sales comprised 65% of Skechers’ (SKX) revenue, driving the success. Wholesale sales rose 9.8% and direct-to-consumer sales 17.3%. “Importantly, our domestic wholesale business returned to growth, increasing 8% over last year,” said Skechers (SKX) COO David Weinberg. John Vandemore, finance chief, claimed the shoemaker would reach $10B in revenues by 2026.
Atlassian (TEAM) fell nearly 8% pre-market. The Australian business software firm’s FQ3 2024 top and bottom line beat was overshadowed by the departure of co-founder and co-CEO Scott Farquhar after 23 years. Atlassian (TEAM) announced Farquhar’s resignation in its quarterly shareholder letter to spend more time with family. Farquhar will leave co-CEO on August 31, 2024. He will remain a Board member and special advisor “TEAM stated. Atlassian (TEAM) reported a 41% Y/Y increase in Q1 subscription revenue to $1.07B and overall sales of $1.19B.
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After reporting 8% Y/Y subscription revenue growth in 4Q24, DocuSign (NASDAQ:DOCU) shares rose 10%. Electronic signature business predicts 1Q25 revenue of $704M to $708M, above analysts’ $699.1M forecast. DocuSign expects sales of $2.91B to $2.92B this year, with consensus of $2.91B. Customer adoption of Contract Lifecycle Management and eSignature in StateRAMP-authorized environments was also emphasized by the organization.
MongoDB (NASDAQ:MDB) shares fell 8% after exceeding Q4 profit and sales forecasts owing to its dovish FY2025 outlook. MongoDB expects revenues of $436M to $440M in Q1, below the average expectation of $449.08M. Below the estimate of $0.61, non-GAAP EPS is expected to be $0.34–$0.39. The business estimates FY2024 sales between $1.9B and $1.93B, below the average of $2.03B. Unlike the consensus of $3.22, non-GAAP EPS is expected to be $2.27 to $2.49.
Marvell Technology (NASDAQ:MRVL) shares fell over 7% after solid Q4 earnings due to a dismal Q1 guidance. The business predicts Q1 sales of $1.15B, plus or less 5%, behind analysts’ $1.36B. Marvell predicts adjusted gross margins of 62% to 63% and adjusted earnings of $0.18 to $0.28 per share, significantly below the average forecast of $0.40. Marvell announced $3B in stock buybacks.
Despite a 5.7% Y/Y rise, Costco Wholesale’s NASDAQ:COST shares plummeted roughly 4% as its FQ2 earnings reports fell short of the top-line estimate. Comparable sales increased by 5.6% during the quarter, above the 5.1% estimate.
MongoDB (NASDAQ:MDB) shares fell 8% after exceeding Q4 profit and sales forecasts owing to its dovish FY2025 outlook. MongoDB expects revenues of $436M to $440M in Q1, below the average expectation of $449.08M. Below the estimate of $0.61, non-GAAP EPS is expected to be $0.34–$0.39. The business estimates FY2024 sales between $1.9B and $1.93B, below the average of $2.03B. Unlike the consensus of $3.22, non-GAAP EPS is expected to be $2.27 to $2.49.
Marvell Technology (NASDAQ:MRVL) shares fell over 7% after solid Q4 earnings due to a dismal Q1 guidance. The business predicts Q1 sales of $1.15B, plus or less 5%, behind analysts’ $1.36B. Marvell predicts adjusted gross margins of 62% to 63% and adjusted earnings of $0.18 to $0.28 per share, significantly below the average forecast of $0.40. Marvell announced $3B in stock buybacks.
Despite a 5.7% Y/Y rise, Costco Wholesale’s NASDAQ:COST shares plummeted roughly 4% as its FQ2 earnings reports fell short of the top-line estimate. Comparable sales increased by 5.6% during the quarter, above the 5.1% estimate.