10 Latest Earnings You Should Check Out

In this article, we will take a look at the 10 latest earnings you should check out.

The US stock market got an expected jolt today after the Fed raised interest rates by another 75 basis points. But what the market was not expecting came after the hike when Jerome Powell said that the Fed might move to smaller hikes but stressed that it would not mean the institution was moving away from its hawkish stance of rate hikes.

Meanwhile, healthcare giant CVS Health Corporation (NYSE:CVS), semiconductor behemoth Advanced Micro Devices, Inc. (NASDAQ:AMD) and energy company Devon Energy Corporation (NYSE:DVN) caught investors’ attention this morning following their earnings reports.

If we look at their performance, CVS Health Corporation (NYSE:CVS) and Devon Energy Corporation (NYSE:DVN) beat profit and sales expectations for their respective quarters. On the other hand, Advanced Micro Devices, Inc. (NASDAQ:AMD) delivered mixed results for Q3, citing fading PC demand.

Many other stocks, such as Electronic Arts Inc. (NASDAQ:EA) and Airbnb, Inc. (NASDAQ:ABNB), were also trending on Wednesday after their recent earnings. Check out the complete article to see the key financial highlights of these companies.

Photo by Chris Liverani on Unsplash

10. Paramount Global (NASDAQ:PARA)

Number of Hedge Fund Holders: 42

Paramount Global (NASDAQ:PARA) missed financial expectations for the third quarter amid weak ad sales. As a result, the company’s shares plunged to a new 52-week low after the opening bell on Wednesday.

The entertainment company reported adjusted earnings of 39 cents per share, a sharp decline from adjusted earnings of 76 cents per share in the year-ago period. In addition, Paramount Global (NASDAQ:PARA) posted revenue of $6.92 billion, up 5 percent on a year-over-year basis. The results came in below the consensus of 43 cents per share for earnings and $7.01 billion for revenue.

Among other updates, Paramount Global (NASDAQ:PARA) reported that its video-on-demand streaming service Paramount+ added 4.6 million subscribers during the quarter. The growth was primarily driven by sports content, including NFL and soccer.

9. Electronic Arts Inc. (NASDAQ:EA)

Number of Hedge Fund Holders: 46

Shares of Electronic Arts Inc. (NASDAQ:EA) gained value on massive volume this morning following its fiscal second-quarter results. The video game company reported adjusted earnings of $1.45 per share, beating estimates of $1.35 per share.

On the downside, total net bookings for the quarter slipped 5.2 percent versus last year to $1.75 billion and missed the consensus of $1.80 billion. In addition, Electronic Arts Inc. (NASDAQ:EA) also lowered its net bookings guidance for the full year primarily due to a strong U.S. dollar.

Electronic Arts Inc. (NASDAQ:EA) projected net bookings in the range of $7.65 – $7.85 billion for its fiscal year 2023, compared to its earlier forecast of up to $8.1 billion in net bookings. The updated outlook is behind the expectations of $7.93 billion.

Speaking on the results, CEO of Electronic Arts Inc. (NASDAQ:EA), Andrew Wilson, said in a statement:

“In Q2, EA delivered strong engagement and deeply immersive experiences across our portfolio, with new EA SPORTS titles and multi-platform live services powering the business. More people than ever before are turning to games as their primary platform for social connection and creativity. With EA’s unrivaled IP, talented teams, and growing player network, we are well-positioned to lead the future of entertainment.”

8. The Estée Lauder Companies Inc. (NYSE:EL)

Number of Hedge Fund Holders: 46

Shares of The Estée Lauder Companies Inc. (NYSE:EL) hit a new 52-week low of $188.10 today. The drop came after the cosmetics giant posted mixed financial results for its fiscal first quarter and trimmed its profit outlook for its fiscal 2023.

The Estée Lauder Companies Inc. (NYSE:EL) attributed the weakness to currency headwinds, lockdown restrictions in China and record inflation. The company reported adjusted earnings of $1.37 per share, down from $1.89 per share in the year-ago quarter but above expectations of $1.33 per share.

In addition, revenue for the quarter fell 11 percent on a year-over-year basis to $3.93 billion, missing expectations of $3.97 billion.

Looking forward, The Estée Lauder Companies Inc. (NYSE:EL) lowered its full-year adjusted earnings outlook to a range of $5.25 – $5.40 per share, well below analysts’ average estimate of $7.39 per share.

7. Mondelez International, Inc. (NASDAQ:MDLZ)

Number of Hedge Fund Holders: 48

Shares of Mondelez International, Inc. (NASDAQ:MDLZ) rose to a nearly two-month high this morning after posting its third-quarter profit and sales above expectations. The snack and beverage giant’s adjusted earnings jumped 15.7 percent on a year-over-year basis to 74 cents per share.

In addition, Mondelez International, Inc. (NASDAQ:MDLZ) posted revenue of $7.76 billion, representing a surge of 8.1 percent over the comparable period of 2021. The results easily exceeded the consensus of 69 cents per share for earnings and $7.42 billion for revenue.

Mondelez International, Inc. (NASDAQ:MDLZ) also lifted its profit outlook for the full year. It projected adjusted EPS growth of 10 percent, up from its earlier guidance in the mid-to-high single-digit percentage growth.

Like Mondelez International, Inc. (NASDAQ:MDLZ), investors were also closely watching CVS Health Corporation (NYSE:CVS), Advanced Micro Devices, Inc. (NASDAQ:AMD) and Devon Energy Corporation (NYSE:DVN) after their recent earnings.

6. Airbnb, Inc. (NASDAQ:ABNB)

Number of Hedge Fund Holders: 57

Airbnb, Inc. (NASDAQ:ABNB) posted strong financial results for the third quarter. However, its sales outlook for the current quarter missed expectations, sending its shares down about 10 percent in mid-day trading Wednesday.

The online lodging marketplace reported adjusted earnings of $1.79 per share, up 46 percent over the same period of 2021. The numbers easily surpassed analysts’ average estimate of $1.47 per share.

Revenue for the quarter also jumped 29 percent on a year-over-year basis to $2.9 billion. On the other hand, analysts expected Airbnb, Inc. (NASDAQ:ABNB) to generate revenue of $2.84 billion.

On the downside, Airbnb, Inc. (NASDAQ:ABNB) projected sales between $1.80 – $1.88 billion for the fourth quarter, representing a growth of 17 – 23 percent on a year-over-year basis. However, the midpoint of the guidance lagged behind the consensus of $1.85 billion.

5. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 57

Devon Energy Corporation (NYSE:DVN) posted better-than-expected financial results for the third quarter. Yet, its shares fell over eight percent this morning following the results.

Some attributed the drop to a dividend cut. Devon Energy Corporation (NYSE:DVN) announced a dividend of $1.35 per share for the third quarter, down from $1.55 per share for the prior quarter.

Coming back to Q3 results, Devon Energy Corporation (NYSE:DVN) reported core earnings of $2.18 per share, beating estimates of $2.13. Moreover, the quarterly revenue of $5.43 billion also surpassed the consensus of $4.89 billion.

4. Caesars Entertainment, Inc. (NASDAQ:CZR)

Number of Hedge Fund Holders: 59

Shares of Caesars Entertainment, Inc. (NASDAQ:CZR) edged higher on Wednesday after swinging to a profit in the third quarter. The casino-entertainment company reported earnings of 24 cents per share versus a loss of $1.08 per share in the year-ago period.

In addition, Caesars Entertainment, Inc. (NASDAQ:CZR) posted revenue of $2.89 billion, up from $2.69 billion in the same period of 2021. The results were above analysts’ average estimate of 14 cents per share for earnings and $2.82 billion for revenue.

Discussing the performance, CEO Tom Reeg said:

“Our third quarter results reflect a new quarterly record for consolidated adjusted EBITDA. Results in the quarter also reflect a new quarterly record for our brick and mortar properties led by a new all-time high third quarter EBITDA performance in our regional segment and continued strength in Las Vegas. Caesars Digital reported strong revenue growth in the quarter and a smaller than expected EBITDA loss driven by improved operating efficiencies.”

3. Apollo Global Management, Inc. (NYSE:APO)

Number of Hedge Fund Holders: 61

Apollo Global Management, Inc. (NYSE:APO) caught investors’ attention today after beating profit expectations for the third quarter. The leading asset manager reported adjusted earnings of $1.33 per share, topping the consensus of $1.29 per share.

Total revenue for the quarter skyrocketed 175.9 percent versus last year to $2.98 billion. In addition, Apollo Global Management, Inc. (NYSE:APO) said total assets under management rose 9 percent on a year-over-year basis to $523 billion in the quarter.

Shares of Apollo Global Management, Inc. (NYSE:APO) jumped to a nearly two-month high this morning following the latest earnings report.

Discussing the results, CEO of Marc Rowan said in a statement:

“Our strong third-quarter results affirm the stability and resilience of Apollo’s differentiated business model, generating record quarterly fee-related earnings and rising spread-related earnings. Our disciplined investment philosophy and compelling product offerings continue to resonate with clients, with year-to-date inflows of $100 billion meaningfully surpassing our initial full-year target.”

2. CVS Health Corporation (NYSE:CVS)

Number of Hedge Fund Holders: 65

Shares of CVS Health Corporation (NYSE:CVS) turned green before the opening bell on Wednesday after the healthcare giant delivered better-than-expected results for Q3 and lifted its profit outlook for the full year.

CVS Health Corporation (NYSE:CVS) reported adjusted earnings of $2.09 per share, ahead of the consensus of $1.99 per share. Revenue for the quarter advanced 10 percent on a year-over-year basis to $81.2 billion, crushing the expectations of $76.75 billion.

For fiscal 2022, CVS Health Corporation (NYSE:CVS) now expects to achieve adjusted earnings in the range of $8.55 and $8.65 per share, compared to its earlier guidance between $8.40 – $8.60 per share.

1. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 87

Advanced Micro Devices, Inc. (NASDAQ:AMD) came into the limelight this morning after delivering mixed financial performance for third quarter. The semiconductor company earned 67 cents per share on an adjusted basis, down from 73 cents per share in the year-ago period.

Revenue for the quarter jumped 29 percent on a year-over-year basis to $5.6 billion, primarily driven by strength across its data center and gaming units. Analysts expected Advanced Micro Devices, Inc. (NASDAQ:AMD) to earn 69 cents per share on revenue of $5.65 billion.

For the fourth quarter, Advanced Micro Devices, Inc. (NASDAQ:AMD) projected revenue of around $5.5 billion, below analysts’ average estimate of $5.95 billion.

Speaking on the results, CEO Dr Lisa Su said in a statement:

“Third quarter results came in below our expectations due to the softening PC market and substantial inventory reduction actions across the PC supply chain. Despite the challenging macro environment, we grew revenue 29% year-over-year driven by increased sales of our data center, embedded and game console products.”

You can also take a peek at 12 Best EV Stocks To Invest In and 12 Best Consumer Staple Stocks.

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Disclosure: None. 10 Latest Earnings You Should Check Out is originally published on Insider Monkey.