In this article, we will take a look at the 11 stocks making big moves on earnings reports.
Social network giant Meta Platforms, Inc. (NASDAQ:FB), semiconductor giant QUALCOMM Incorporated (NASDAQ:QCOM) and online payments behemoth PayPal Holdings, Inc. (NASDAQ:PYPL) recently came into the limelight after releasing their financial results.
QUALCOMM shares rose after its fiscal second-quarter profit and sales represented a big jump on a year-over-year basis. On the other hand, shares of Meta Platforms and PayPal also rallied despite posting mixed financial results for the first quarter.
Several other companies, including wireless network operator T-Mobile US, Inc. (NASDAQ:TMUS) and software company ServiceNow, Inc. (NYSE:NOW), also came out with their quarterly reports recently.
Source:Pixabay
Now, let’s discuss the important financial stats of these companies.
Stocks Making Big Moves on Earnings Reports
11. Automatic Data Processing, Inc. (NASDAQ:ADP)
Number of Hedge Fund Holders: 40
Shares of Automatic Data Processing, Inc. (NASDAQ:ADP) closed higher on Wednesday, April 27, 2022, following an upbeat financial performance for its fiscal third quarter. The New Jersey-based company reported adjusted earnings of $2.21 per share, representing a surge of 17 percent over the same period of 2021.
Revenue came in at $4.51 billion, up 10 percent from the year-ago period. Analysts were expecting Automatic Data Processing, Inc. to report earnings of $2.08 per share on revenue of $4.46 billion.
If we look at the performance of its flagship businesses, employer services revenue increased 8 percent on a year-over-year basis to $3 billion, while PEO services revenue jumped 14 percent to $1.51 billion in the quarter.
For its fiscal 2022, Automatic Data Processing, Inc. raised its adjusted earnings outlook to a range of $6.92 – $7.04 per share, from its previous guidance between $6.74 – $6.86 per share. The updated outlook is better than the consensus of $6.83 per share.
10. The Boeing Company (NYSE:BA)
Number of Hedge Fund Holders: 50
Shares of The Boeing Company (NYSE:BA) recently hit a new 52-week low of $146 after announcing disappointing financial results for the first quarter. The aerospace giant reported an adjusted loss of $2.75 per share, way above analysts’ average estimate for a loss of 27 cents per share.
In addition, The Boeing Company posted revenue of $13.99 billion, down 8.1 percent from the comparable period of 2021. The quarterly revenue also missed the consensus of $16.02 billion with a big margin.
The Boeing Company also released its segment-wise sales performance. Revenue from the Defense, Space & Security segment plummeted 24 percent to $5.5 billion, while Commercial Airplanes revenue slipped 3 percent to $4.2 billion in the quarter. On the bright side, global services revenue jumped 15 percent to $4.3 billion.
Like The Boeing Company, investors are also closely watching Meta Platforms, Inc., QUALCOMM Incorporated and PayPal Holdings, Inc. following their quarterly reports.
9. O’Reilly Automotive, Inc. (NASDAQ:ORLY)
Number of Hedge Fund Holders: 50
Shares of O’Reilly Automotive, Inc. fell nearly seven percent in the after-hours trading session on Wednesday, April 27, 2022, after missing profit and sales expectations for the first quarter.
O’Reilly Automotive, Inc. reported earnings of $7.17 per share, up from $7.06 per share in the same period last year. Revenue for the quarter rose 7 percent versus last year to $3.30 billion. The results came in below the consensus of $7.48 per share for earnings and $3.32 billion for revenue.
The auto parts retailer also issued its financial outlook for 2022. O’Reilly Automotive, Inc. expects earnings in the range of $32.35 – $32.85 per share and revenue between $14.2 – $14.5 billion for the full year.
Discussing the results, CEO Greg Johnson said in a statement:
“Historically, our first quarter can be volatile, as we see weather impacts from winter conditions early in the quarter and the timing of the onset of spring at the end. This year was no exception, and we saw choppiness in our business that coincided with inclement weather at the beginning of our quarter and the slow start to spring, along with other macroeconomic pressures.”
8. Align Technology, Inc. (NASDAQ:ALGN)
Number of Hedge Fund Holders: 51
Shares of Align Technology, Inc. (NASDAQ:ALGN) plunged over 21 percent in the after-hours trading session on Wednesday, April 27, 2022, following its weak financial results for the first quarter.
Align Technology, Inc. reported adjusted earnings of $2.13 per share, down from $2.49 per share in the year-ago period. Revenue also decreased to $973.2 million, from $894.8 million in the comparable period of 2021. The results missed the consensus of $2.25 per share for earnings and $1 billion for revenue.
Among other updates, Align Technology, Inc. reported that its Invisalign volume for the quarter stood at 598.8 thousand cases, compared to 595.8 thousand cases in the first quarter of 2021. In addition, the company said that it expects to buy back $200 million worth of its common stock in the current quarter.
Speaking on the results, CEO Joe Hogan said in a statement:
“Overall, the first quarter proved to be a tougher than expected operating environment globally and we believe our results primarily reflect three factors: the continued impact of COVID-19 waves in every region and especially in China with its restrictions and lockdowns under their zero-COVID policy; a weaker economic environment and waning consumer confidence driven by increasing inflationary pressures and supply chain disruptions; and the military conflict in Ukraine and fallout across Europe.”
7. Amgen Inc. (NASDAQ:AMGN)
Number of Hedge Fund Holders: 52
Shares of Amgen Inc. (NASDAQ:AMGN) turned red in the after-hours trading session on Wednesday, April 27, 2022, despite announcing better-than-expected financial results for the first quarter.
Amgen Inc. earned $4.25 per share on an adjusted basis, beating the consensus of $4.15 per share. Revenue for the quarter advanced 6 percent on a year-over-year basis to $6.2 billion, surpassing expectations of $6.11 billion.
The California-based biotechnology company also reaffirmed its financial outlook for fiscal 2022. Amgen Inc. continues to expect adjusted earnings in the range of $17 – $18 per share and revenue between $25.4 – $26.5 per share for the full year.
Like Amgen Inc., Meta Platforms, Inc., QUALCOMM Incorporated and PayPal Holdings, Inc. also came into the spotlight following their earnings reports.
6. Ford Motor Company (NYSE:F)
Number of Hedge Fund Holders: 53
Ford Motor Company (NYSE:F) recently announced its first-quarter profit and sales above expectations. In addition, the company also maintained its earnings outlook for the full year despite supply chain hurdles and increasing costs. Ford shares rose more than two percent in the after-hours trading session on Wednesday, April 27, 2022, following the results.
The Michigan-based automaker earned 38 cents per share on an adjusted basis, slightly higher than the consensus of 37 cents per share. Revenue came in at $34.5 billion, while analysts were expecting Ford Motor Company to generate revenue of $31.1 billion.
Looking forward, Ford Motor Company continues to expect pre-tax adjusted profit in the range of $11.5 billion – $12.5 billion for the full year. Moreover, the company cited its plan of achieving an annual manufacturing capacity of at least two million electric vehicles (EVs) by the end of 2026.
5. QUALCOMM Incorporated (NASDAQ:QCOM)
Number of Hedge Fund Holders: 75
Shares of QUALCOMM Incorporated rose nearly seven percent in the pre-market trading session on Thursday, April 28, 2022, after delivering solid profit and sales for its fiscal second quarter.
QUALCOMM Incorporated reported adjusted earnings of $3.21 per share, significantly higher than $1.90 per share in the comparable period of 2021. Revenue for the quarter soared 41 percent on a year-over-year basis to $11.16 billion. The results crushed analysts’ average estimate of $2.91 per share for earnings and $10.6 billion for revenue.
Moving forward, QUALCOMM Incorporated guided for adjusted earnings in the range of $2.75 – $2.95 per share and revenue between $10.5 – $11.3 billion for its fiscal year 2022. This compares to the consensus of $2.59 per share for earnings and $9.98 billion for revenue.
Praising the latest performance, CEO Cristiano Amon said:
“We are pleased to announce another quarter of record revenues, reflecting the successful execution of our growth and diversification strategy and strong demand for our wireless and high-performance, low-power processor technologies across multiple industries.”
4. T-Mobile US, Inc. (NASDAQ:TMUS)
Number of Hedge Fund Holders: 86
Shares of T-Mobile US, Inc. closed higher on Wednesday, April 27, 2022, after announcing better-than-expected financial results for the first quarter.
T-Mobile US, Inc. reported earnings of 57 cents per share, topping estimates of 32 cents per share. Revenue for the quarter inched up nearly 2 percent to $20.12 billion, just ahead of the consensus of $20.11 billion. Service revenue for the quarter increased 7 percent to $15.1 billion.
Among other updates, T-Mobile US, Inc. reported that it added a record 348 thousand postpaid net accounts in the quarter. Moreover, it added 1.3 million postpaid net customers, marking the highest first-quarter additions in nearly eight years.
Speaking on the results, CEO Mike Sievert said:
“T-Mobile continues to be the growth leader in this industry, with another beat and raise quarter that delivered front-of-the-pack postpaid, new account, and broadband customer results.”
3. ServiceNow, Inc. (NYSE:NOW)
Number of Hedge Fund Holders: 90
ServiceNow, Inc. recently delivered impressive profit and sales for the first quarter. The solid results sent ServiceNow shares up more than seven percent in the pre-market trading session on Thursday, April 28, 2022.
The California-based software company earned $1.73 per share, compared to $1.52 per share in the year-ago period. Revenue for the quarter climbed 29 percent versus last year to $1.75 billion. Analysts were expecting ServiceNow, Inc. to earn $1.70 per share on revenue of $1.7 billion.
Subscription revenue for the quarter jumped 26 percent to $1.631 billion and accounted for about 95 percent of the total sales. For the current quarter, ServiceNow, Inc. expects subscription revenue in the range of $1.670 ‑ $1.675 billion.
Commenting on the results, CFO Gina Mastantuono said:
“Q1 was another fantastic quarter of execution. NNACV (net new annual contract value) growth accelerated year‑over‑year, driving the fastest Q1 growth we’ve seen since 2018. While enterprises are navigating a complex macro environment, our ability to continue delivering strong results exemplifies the resiliency of our business and the mission‑critical nature of the Now Platform.”
2. PayPal Holdings, Inc. (NASDAQ:PYPL)
Number of Hedge Fund Holders: 110
Shares of PayPal Holdings, Inc. turned green in the pre-market trading session on Thursday, April 28, 2022, after the online payments giant announced its first-quarter profit that matched analysts’ expectations.
PayPal Holdings, Inc. reported adjusted earnings of 88 cents per share, down from $1.22 per share in the year-ago quarter. Revenue increased to $6.5 billion, from $6 billion in the comparable period of 2021. Analysts were looking for earnings of 88 cents per share on revenue of $6.4 billion.
Among other updates, PayPal Holdings, Inc. reported that it added 2.4 million new active accounts during the first quarter. Moreover, its total payment volume, a key growth indicator, jumped 13 percent to $323 billion.
For the second quarter, PayPal Holdings, Inc. guided for adjusted earnings of about 86 cents per share on revenue of approx. $6.8 billion. This compares to the consensus of $1.12 per share for earnings and $7.1 billion for revenue.
1. Meta Platforms, Inc. (NASDAQ:FB)
Number of Hedge Fund Holders: 224
Shares of Meta Platforms, Inc. rallied over 15 percent in the pre-market trading session on Thursday, April 28, 2022, despite delivering mixed financial performance for the first quarter.
Meta Platforms, Inc. reported earnings of $2.72 per share, beating expectations of $2.56 per share. Revenue for the quarter increased 7 percent on a year-over-year basis to $27.91 billion but fell short of analysts’ average estimates of $28.21 billion.
Meta Platforms, Inc. reported that its family daily active people (DAP) increased 6 percent versus last year to 2.87 billion in the quarter, while family monthly active people (MAP) rose 6 percent to 3.64 billion.
The social network giant also released its sales outlook for the second quarter. Meta Platforms, Inc. expects to generate revenue in the range of $28 – $30 billion for the current quarter, below the consensus of $30.6 billion.
Speaking on the results, CEO Mark Zuckerberg said:
“We made progress this quarter across a number of key company priorities and we remain confident in the long-term opportunities and growth that our product roadmap will unlock. More people use our services today than ever before, and I’m proud of how our products are serving people around the world.”
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This article is originally published at Insider Monkey.
