5 Earnings Reports Investors Must Read

In this article, we discuss the 5 earnings reports investors must read. If you want to read our detailed analysis of these companies, go directly to the 10 Earnings Reports Investors Must Read.

5. Nutanix, Inc. (NASDAQ: NTNX)

Number of Hedge Fund Holders: 29

Shares of Nutanix, Inc. (NASDAQ: NTNX) hit their highest since April 2019 after posting a narrower-than-expected loss for its fiscal fourth quarter. The cloud computing company reported an adjusted loss of 26 cents per share, compared to an adjusted loss of 39 cents per share in the year-ago quarter.

Analysts, on average, were expecting Nutanix, Inc. (NASDAQ: NTNX) to report a loss of 42 cents per share. Revenue came in at $390.7 million, higher than $327.9 million in the same period last year and above the consensus forecast of $362.9 million.

CEO Rajiv Ramaswami called the results “a strong end to an excellent fiscal year”. Ramaswami added:

“We have entered our fiscal 2022 with good momentum and a solid plan for growth, executing on the model we laid out at Investor Day and delivering on our vision of making clouds invisible.

4. Chewy, Inc. (NYSE: CHWY)

Number of Hedge Fund Holders: 43

Shares of Chewy, Inc. (NYSE: CHWY) have declined for the third consecutive trading session following weak Q2 results and outlook. The pet food supplier reported a loss of 4 cents per share for the three months ended August 1, narrower than a loss of 8 cents per share in the year-ago quarter. Still, it was wider than a loss of 2 cents per share estimated by analysts.

Revenue for the quarter jumped 27 percent on a year-over-year basis to $2.16 billion but missed the consensus estimate of $2.20 billion. Monthly active customers in the quarter rose 21 percent to 20.1 million.

CEO Sumit Singh seemed satisfied with the results. Singh said in a statement:

“We have now crossed the halfway point of 2021, and our results once again demonstrate the strength of our business model and the incredible bond between pets and pet parents. Our business remains healthy, with second quarter net sales up 27 percent year over year, driven by a 21 percent increase in active customers and a 13 percent increase in net sales per active customer. Customer engagement is growing, and we are confident in our ability to deliver strong results while navigating uncertain market conditions due to the ever-evolving COVID-19 pandemic.”

Looking forward, Chewy, Inc. (NYSE: CHWY) expects revenue in the range of $2.20 billion to $2.22 billion for the third quarter, marginally below the consensus forecast of $2.23 billion.

3. Veeva Systems Inc. (NYSE: VEEV)

Number of Hedge Fund Holders: 44

Veeva Systems Inc. (NYSE: VEEV) shares fell more than 5 percent on Thursday despite beating expectations for its fiscal second quarter. The cloud-computing company reported adjusted earnings of 94 cents per share for the three months ended July 31, compared to 72 cents per share in the year-ago quarter.

Analysts, on average, were expecting Veeva Systems Inc. (NYSE: VEEV) to report earnings of 87 cents per share. Revenue for the quarter rose 29 percent on a year-over-year basis to $455.6 million, beating the consensus forecast of $452 million. Revenue from the subscription services increased to $366.4 million versus $283.5 million in the comparable period of 2020.

Speaking on the results, CEO Peter Gassner said in a statement:

“Thanks to the team and the trust of our customers, it was another great quarter. Rapid innovation is driving expansion in existing markets and significant early traction in newer areas like CDMS and safety as we start to realize the major potential of Veeva Development Cloud.”

Veeva Systems Inc. (NYSE: VEEV) also updated the financial outlook for its full fiscal year. It now expects adjusted earnings of $3.57 per share versus its earlier outlook of $3.49 per share. Moreover, revenue for the full year is now expected to come between $1.83 billion and $1.835 billion, compared to its previous guidance between $1.815 billion and $1.825 billion.

2. Okta, Inc. (NASDAQ: OKTA)

Number of Hedge Fund Holders: 57

Okta, Inc. (NASDAQ: OKTA) was founded in 2009 by Todd McKinnon and Frederic Kerrest to provide workforce identity services over the internet. The company has grown at an exceptional rate since then. Okta identity cloud software lets users securely access applications from any device. It also helps customers manage user authentication into apps. Okta serves thousands of clients, including notable names such as Slack and Western Union.

The company recently came into the limelight after announcing better than expected results for the second quarter. Okta, Inc. (NASDAQ: OKTA) reported an adjusted loss of 11 cents per share, narrower than the loss of 35 cents per share estimated by analysts.

Revenue came in at $315.5 million, well above $200.4 million in the comparable period of 2020. Analysts were expecting Okta, Inc. (NASDAQ: OKTA) to post revenue of $296.7 million.

Discussing the results, CEO Todd McKinnon said:

“Execution remained sharp with strong demand for Okta’s workforce and customer identity solutions, as well as Auth0’s developer-centric identity solutions. As organizations advance on their journey of improving their customers’ digital experience, adopting zero-trust security environments, and deploying more cloud applications, they continue to turn to Okta to deliver an unmatched array of modern identity solutions to meet these challenges.”

1. CrowdStrike Holdings, Inc. (NASDAQ: CRWD)

Number of Hedge Fund Holders: 66

CrowdStrike Holdings, Inc. (NASDAQ: CRWD) recently announced its second-quarter profit and sales above expectations. The cybersecurity company reported adjusted earnings of 11 cents per share for the three months ended July 31, compared to 3 cents per share in the same period last year.

Revenue for the quarter climbed 70 percent on a year-over-year basis to $337.3 million. The results exceeded analysts’ average estimate of 9 cents per share for earnings and $323.2 million for revenue. CrowdStrike Holdings, Inc. (NASDAQ: CRWD) also announced that its annual recurring revenue (ARR) jumped 70 percent to $1.34 billion.

Speaking on the results, CFO Burt Podbere said:

“In the second quarter we once again achieved strong growth at scale and delivered exceptional unit economics, drove leverage and remained capital efficient, generating strong operating and free cash flow. Given our strong performance and growing momentum in the market, and reflecting our view of a continued robust demand environment, we are raising our guidance for fiscal year 2022.”

Looking forward, CrowdStrike Holdings, Inc. (NASDAQ: CRWD) now expects adjusted earnings in the range of 43 cents per share to 49 cents per share for the full year, above the consensus forecast of 40 cents per share. In addition, the company expects revenue between $1.39 billion – $1.41 billion, better than analysts’ average estimate of $1.36 billion.

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