Blogs

Atlassian Corp. posted fourth-quarter results that exceeded analysts’ expectations.

The software company incurred a fiscal fourth-quarter loss of - 85 cents per share, compared with a loss of $- $1.56 per share a year ago.

Adjusted earnings for the quarter came in at 24 cents per share, surpassing analyst estimates of 18 cents per share.

Revenue of  $559.5 million also topped analysts’ expectations of $471.6 million.The figure is also higher than the year-ago quarter’s $430.5 million.

For the first quarter, Atlassian is expecting adjusted earnings between 38 cents and 39 cents per share, compared to analysts’ forecast of  30 cents per share.

Energy & Transportation business rose +20% to $4.98 billion, exceeding analysts’ expectations of $4.42 billion.Revenue from the Resource Industries segment increased +41% to $2.58 billion, beating expectations of $2.27 billion

Exxon Mobil  reported second quarter earnings that surpassed analysts’ expectations, thanks to global oil price surge-driven boost to revenue.

The oil behemoth’s adjusted earnings for the three months ending in June came in at $1.10 per share, compared to a -70 cents per share loss from the year-ago quarter.It exceeded consensus forecast by +12 cents.

Revenues rose +107% year-over-year to $67.75 billion, well above analysts' estimates of $65.6 billion.

West Texas Intermediate crude prices traded between $63 and $75 per barrel over the three months ending in June - around +300% higher than the pandemic-induced troughs over the same period last year.

Moody's second-quarter  adjusted earnings rose +15% from the year-ago quarter to $3.22 per share, which handily surpassed Zacks Consensus Estimate of $2.76.

Revenues grew +8% from the year-ago quarter to $1.55 billion, above Zacks Consensus Estimate of $1.49 billion.Foreign currency tailwinds  impacted the top line by 3%.

The company experienced tailwinds in the form of bond issuance volume, that bolstered revenue growth.

Gilead Sciences’ quarterly adjusted earnings came in at $1.87 per share for the quarter ended June, surpassing Zacks Consensus Estimate of $1.76 per share.It was $1.11 per share in the year-ago quarter.

The biopharma company has exceeded consensus EPS estimates four times over the last four quarters.

Gilead’s revenues were $6.22 billion, beating the Zacks Consensus Estimate by 1.14%.

Amazon reported its first revenue miss in three years, despite an earnings beat for the quarter.

The e-commerce behemoth’s adjusted earnings for the second quarter came in at $15.12, exceeding analysts’ expectations of  $12.30 per share.

Revenue grew +27% from the year-ago quarter to $113.08 billion; but it fell short of analysts’ estimate of $115.2 billion .Amazon CFO Brian Olsavsky cited tough year-over-year comparisons --in mid-May of last year, Amazon’s growth rates surged to between 35% to 45%, he said.

Looking ahead, Amazon expects sales to range between $106 billion and $112 billion for the third quarter, implying year-over-year growth of 10% to 16%.

Iterum Therapeutics plc  said that it will not get approval for the current form of its new drug application for oral sulopenem.

According to the Food and Drug Administration (FDA), additional data are required and the company should conduct at least one more well-controlled clinical trial for its treatment of adult women with uncomplicated urinary tract infections.FDA mentioned that it is willing to work with Iterum on the design of clinical trials in order to address the issues the FDA identified.

However, Iterum CEO Corey Fishman  said the company is “disappointed in this outcome and believe that the data package submitted was adequate for the approval of oral sulopenem,” .

Shares of Zoom Video Communications  rose on Monday, after Bank of America made the stock its top pick following its deal to buy Five9.

Analyst Daniel Bartus said that Zoom and Five9 together would be the “strongest UCaaS/CCaaS (unified communications as a service/contact center as a service)  combination” in the market.

"While it is early for enterprises to consider UCaaS and CCaaS together, we believe the trend of bundling is increasing and the long-term value of integrating both technologies is attractive," Bartus noted.

Last week, Zoom announced the purchase of Five9 for just under $15 billion.Under the terms of the deal, investors in Five9 will get 0.55 of a Zoom share for each of their holdings, which represents a 12.8% premium to their Friday closing price and a 23 times multiple to Five9's projected 2022 sales of $650 million.

Tesla reported its second quarter earnings after the bell on Monday.The electric carmaker crushed analysts’ expectations for the quarter, even as CEO Elon Musk warned against global chip shortage.

The company’s adjusted earnings for the quarter surged +230% from the year-ago quarter to $1.45, compared to the 98 cents per share expected by analysts polled by Refinitiv.

Revenue grew +98% year-over-year to a record $11.96 billion in the quarter, also exceeding analysts’ estimate of $11.30 billion.

Tesla’s overall automotive revenue came in at $10.21 billion, of which about 3.5%  came from sales of regulatory credits.

Twitter  CEO Jack Dorsey confirmed to investors that Bitcoin will be a “big part” of the company’s future.

Dorsey also emphasized that Bitcoin would have a major role in the company’s future plans on boosting decentralized finance and payments.

Last week, payments services company Square  said that it is building a new business focused on “decentralized financial services” using Bitcoin.

Earlier this year, Dorsey formed a $23.6 million Bitcoin fund with Jay Z and also bought a majority stake in Jay-Z’s TIDAL music service, reflecting his interest in applying blockchain technologies in the music business.

Facebook  shares climbed on Friday, after Credit Suisse analyst Stephen Ju raised his price target on the social media giant’s shares.

Ju  hiked his price target to $480 from $400, while maintaining his outperform rating.

“As Facebook (and the broader online ad industry) continues to benefit from budget recovery for the second quarter, our focus shifts back to offense and product development,” Ju wrote in a commentary.

 “At the time of its last disclosure (the third quarter of 2020), the core Facebook app had 200 million business profiles and 10 million advertisers, while Instagram had 4 million advertisers,” Ju wrote.

“From a near-term tactical perspective, our conversations with advertisers continue to suggest ad budget recovery across most sectors.”

Alphabet  shares climbed on Friday, following price target hikes at Credit Suisse, ahead of second quarter earnings release next week.

Credit Suisse analyst Stephen Ju  boosted his price target on the Google-parent’s shares by 21.5% to $3,350 per share.Ju mentioned the impact of new product launches that will increase the company’s total addressable advertisement market to around $3 trillion on the back of a strategy that targets both larger and small-to-medium sized businesses with real-time inventory listings that can link to its search and map features.

Shopify  shares climbed Thursday to touch a record high, following optimistic views from analysts.

Stifel’s Scott Devitt raised his price target on the e-commerce company’s shares to $1,600 from $1,400, while maintaining his buy rating.

Devitt mentioned the company’s “proven track record of creating products and services that generate value for merchants”, and said that he expects the ongoing investments to create monetization improvements as the platform continues to scale.The analyst also indicated that the company’s outlook for the second half of the year is crucial on challenging prior year comparisons during reopening.

Susquehanna Financial Group’s John Coffey boosted his price target on Shopify shares to $1,800 from $1,500, while keeping his positive rating.

The figure also reflects a bounce-back  from a pandemic-induced loss of -$1.20 a share in the year-ago quarter.

Net interest income climbed +5% year-over-year to $2.3 billion.Revenue, net of interest expense, came in at $3.58 billion, beating analysts’ expectation of $2.9 billion.

Discover’s Board of Directors approved  share repurchases of up to $2.4 Billion of common stock, and a +14% increase in the quarterly common stock dividend to $0.50 Per Share.

 

Technology giant Intel  posted its second-quarter earnings that topped analysts’ expectations. 

Intel’s reported earnings came in at $1.28 a share, exceeding the $1.07 a share expected by analysts polled by FactSet.Sales from chips for data centers segment were down -9% year-over-year to $6.5 billion.

Intel has predicted adjusted third-quarter revenue of about $18.2 billion, compared with the FactSet estimate of $18.1 billion.

The company now projects annual adjusted revenue of $73.5 billion, higher than its prior forecast of $72.5 billion.

The social media company’s revenue also exceeded estimates.

Snap’s  net loss came in at -10 cents per share for the quarter, compared to the -18 cents per share anticipated by analysts polled by FactSet.The number of daily active users rose +23% year over year to 293 million.

The company launched eight new "Snap Originals" shows and 177 new "Discover Channels.

Twitter  shares climbed in after-hours trading Thursday, following better-than-expected  second-quarter results.

The social media behemoth’s adjusted diluted earnings came in at 35 cents a share, handily beating analysts’ expectations of 7 cents.Net income was 8 cents a share, bouncing back from loss of - $1.75 per share a year ago.

Revenue increased +74% from the year-ago quarter to $1.19 billion compared to analyst consensus of $1.07 billion.

The platform’s average monetizable daily active users in the second quarter was 206 million - up +11% year-over-year and +3% quarter-over-quarter.

For the third quarter, Twitter is expecting revenue to range between $1.22 billion and $1.3 billion .

Shares of Chipotle Mexican Grill  reported second quarter earnings that exceeded analysts’ expectations.

The fast casual restaurant chain's  net income came in at $6.60 a share, compared to the $6.50 per share predicted by analysts surveyed by FactSet.Adjusted earnings for the quarter were $7.46 a share, also topping analysts’ estimate of $6.53; the figure is also above the year-ago quarter’s 40 cents.

Revenue rose +39% year-over-year to $1.89 billion in the quarter, compared to  analysts’ estimate of $1.88 billion.

Chipotle has projected comparable restaurant sales growth in the low- to mid-double digits for  the third quarter.

Chipotle Chief Executive Brian Niccol indicated that the company is optimistic on achieving its goal of $3 million average unit volumes with “industry leading returns” on invested capital that are expected to improve as it continues to add Chipotlane drive-through lanes.

CSX  reported its second-quarter earnings forecasts after the bell Wednesday.

The rail-based freight transportation company's adjusted earnings for the quarter came in at 40 cents a share, compared to the 37 cents a share expected by analysts polled by FactSet. 

Earnings experienced tailwinds of +12 cents a share from the sale of property rights in line segments to the Commonwealth of Virginia for passenger rail operations.

Revenue grew +33% year-over-year to $2.99 billion in the quarter, on the back of growth across all lines of business.The company experienced a -9% year over year decrease in expenses, while its operating income improved to $1.69 billion for the quarter.

In June, CSX announced that its board had approved a 3-for-1 stock split to be given out to shareholders as a stock dividend.

Texas Instruments Inc.  posted its second-quarter results that surpassed analysts' expectations.However, the company provided a guidance that turned out to be not so impressive.

The semiconductor manufacturer’s second quarter earnings came in at $2.05 per share, beating analyst expectations of $1.83 per share.

Revenue grew +41% from the year-ago quarter to $4.58 billion, also exceeding estimates of $4.36 billion.

For the third quarter, Texas Instruments has projected an earnings range of $1.87 per share to $2.13 per share –$1.97 per share expected by analysts polled by FactSet.