Earnings Roundup: Alphabet, Tesla, and Seagate Exceed Expectations, Visa and Capital One Financial Miss Targets in Extended Trading

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24/07/2024 13h18

Headline: Alphabet, Tesla, and Seagate Beat Earnings Expectations, while Visa and Capital One Financial Miss Revenue Targets in Extended Trading

In extended trading, several prominent companies made headlines as they released their second-quarter earnings reports. Here is a roundup of the key highlights:

Alphabet, the tech giant, reported earnings per share of $1.89 on revenue of $84.74 billion, surpassing consensus estimates. However, despite the beat, Alphabet's stock slipped 1% due to YouTube advertising segment missing revenue forecasts.

Tesla, the electric vehicle maker, fell 4.7% after reporting adjusted earnings per share of 52 cents, below the 62 cents estimated by analysts. On the positive side, the company posted quarterly revenue of $25.5 billion, slightly exceeding expectations.

Visa shares slid more than 2% as the company's fiscal third-quarter revenue of $8.9 billion fell short of the forecasted $8.92 billion. Nevertheless, Visa experienced a 7% increase in payments volume during the quarter.

On the other hand, Seagate, a data storage solutions provider, experienced a positive upswing with its shares rallying over 6%. The company reported earnings per share of $1.05 on revenue of $1.89 billion, surpassing analysts' estimates. Seagate attributed its stronger performance to an improving cloud environment.

Capital One Financial, a credit card issuer, saw its stock decline around 1% due to a second-quarter profit dip. Although the company's revenue rose 5% to $9.51 billion, it fell short of analysts' expectations.

Texas Instruments, the chipmaker, experienced a 5% surge in its stock as it reported better-than-expected earnings. The company recorded $1.22 in earnings per share, in line with forecasts, and revenue of $3.82 billion.

Mattel, the toymaker, saw a modest gain of over 1% as it announced its second-quarter results. Mattel reported adjusted earnings per share of 19 cents, exceeding analysts' estimates. However, its revenue of $1.08 billion slightly missed expectations.

Cal-Maine Foods, the largest egg producer in the United States, faced pressure from the ongoing avian flu outbreak, causing its stock to decline 1%. While earnings per share of $2.32 were higher than the previous year, they were below analysts' predictions. Moreover, the company's sales of $640.8 million fell short of the estimated $652.3 million.

Enphase Energy, a solar energy company, witnessed a 5% increase in its stock price, despite weaker-than-expected second-quarter results. The company reported earnings of 43 cents per share, lower than consensus estimates, and revenue of $304 million, missing forecasts. However, the stock rose due to better-than-expected margins and an optimistic third-quarter revenue forecast of between $370 million and $410 million.

Chubb, an insurance company, saw its stock rise nearly 1% after beating earnings expectations. Chubb reported adjusted earnings per share of $5.38 in the second quarter, surpassing the consensus estimate of $5.14.

Despite the mixed results, market reactions varied as investors assessed the overall performance and outlook of these companies.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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