Breaking News
May 11, 2023
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Walt Disney Company declined 8.8% to $92.29 after the theme park operator and media company reported a significant decline in streaming subscribers even as quarterly loss in the division improved.
Revenue in the first quarter increased 13% to $21.8 billion from $19.2 billion and net income from continuing operations more than doubled to $1.2 billion from $470 million and diluted earnings per share rose to 69 cents from 26 cents a year ago.
Disney television networks segment revenue declined 7% to $6.6 billion from $7.1 billion and streaming services revenue increased 12% to $5.5 billion from $4.9 billion a year ago.
Disney streaming services subscribers in the U.S. and Canada declined to 46.3 million from 46.6 million and international subscribers including Hotstar edged up 2% to 58.6 million from 57.7 million a year ago.
ESPN+ subscriber base increased 2% to 25.3 million from 24.9 million in the previous year's quarter. -
Airbnb Inc said revenue in the first quarter increased 20% to $1.8 billion from $1.5 billion and gross booking value soared 19% to $20.4 billion.
The online booking company swung to a profit of $117 million compared to a loss of $19 million and diluted earnings per share was 18 cents compared to (3 cents) a year ago.
Nights and experiences booked on the platform increased 19% to 121.1 million.
Nights and experiences revenue, in the U.S., which is 48% of total revenue, increased 13%, Europe, Middle East and North Africa rose 21% and Latin America advanced 22% and Asia Pacific surged 48% from a year ago.
Brazil and Germany are two of the fastest growing markets. Brazil and Germany grew gross nights booked on an origin basis by 114% and 70% in the quarter, respectively, compared to the quarter in 2019. -
Consumer price index in April declined to 4.9% from a year ago after rising at 5.0% in March, the Bureau of Labor Statistics reported Wednesday.
On a monthly basis, seasonally adjusted inflation index accelerated to 0.4% in April after rising 0.1% in March.
The index for shelter was the largest contributor to the monthly all items increase, followed by increases in the index for used cars and trucks and the index for gasoline.
The annual pace of shelter inflation edged slightly down to 8.1% from 8.2% in the previous month, used car and trucks prices declined 6.6% after falling 11.6%, food prices eased to 7.7% from 8.5% and energy costs fell 5.1% from 6.4% after gasoline prices dropped 12.2% and fuel costs declined 20.2%.
Core prices, which excludes food and energy, rose 5.5% from a year ago and 0.4% from the previous month. -
Dutch Bros Inc declined 7.3% to $30.33 after the coffee chain operator reported weaker-than-expected same store sales and total revenue in the first quarter.
Company-operated store revenues soared 33.0% to $173.2 million, as compared to $130.2 million in the same period of 2022.
Total revenue in the first quarter increased 29.6% to $197.2 million from $152..2 million and net loss shrank to $9.4 million from $16.3 million and diluted loss per share fell to 7 cents from 10 cents a year ago.
In the quarter, the company opened 45 new stores, 42 of which were company-operated, across 9 states.
Systemwide same store sales declined 2% and company owned same stores sales fell 3.% in the quarter. -
GoodRx Holdings Inc decreased 5.1% to $4.45 after the company reported quarterly results that were ahead of market's expectations but the online pharmacy estimated weaker-than-expected second quarter and full-year results.
Revenue declined to $183.9 million from $203.3 million and the company swung to a net loss of $3.3 million from a profit of $12.3 million and diluted earnings per share was ($0.01) compared to 3 cents a year ago.
Net loss in the quarter was impacted by $25.5 million of stock-based compensation expense, $6.9 million of which related to the non-recurring awards granted to co-founders in connection with the company's initial public offering.
As of the end of March, GoodRx had cash and cash equivalents of $761.1 million and total outstanding debt of $665.3 million. -
Rivian Automotive Inc soared 8.2% to $15.0 after the electric vehicle maker reiterated its 2023 production target of 50,000 trucks and reported narrower-than-expected quarterly loss.
The company delivered 7,946 vehicles and produced 9,395 vehicles in the first quarter.
Revenue in the first quarter surged six-fold to $661 million from $95 million and net loss narrowed to $1.4 billion from $1.6 billion and diluted loss per share shrank to $1.45 from $1.77 a year ago.
The company confirmed its capital expenditure in 2023 of $2 billion and adjusted operating earnings of $4.3 billion.
Negative free cash flow increased to $1.8 billion from $1.45 billion in the quarter a year ago. -
Akamai Technologies Inc increased 5.1% to $82.90 after the cloud computing services provider lifted its annual revenue outlook on better-than-expected quarterly results.
Revenue in the first quarter increased to $915.7 million from $903.6 million and net income dropped to $97.1 million from $133.4 million and diluted earnings per share fell to 62 cents from 82 cents a year ago.
The company estimated revenue in the second quarter between $927 million and $937 million and for the full-year 2023 between $3.740 billion and $3.785 billion.
Akamai forecasted capital expenditure as a percentage of revenue to range between 21% and 22% in the second quarter and between 18.5% and 19.0% in the full-year 2023. -
Lucid Group said revenue in the first quarter increased to $149.4 million from $57.7 million and net loss widened to $779.5 million from $604.7 million and diluted loss per share increased to 43 cents from 36 cents a year ago.
The electric vehicle company produced 2,314 units and delivered 1,406 units. The company said liquidity at the end of the quarter was $4.1 billion.
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PayPal Holdings Inc said net revenue in the first quarter increased 9% to $7.04 billion from $6.5 billion and net income increased 56% to $795 million from $509 million and diluted earnings per share increased to 70 cents from 43 cents a year ago.
Total payment volume soared 10% from a year ago to $354.5 billion from $322.9 billion and payment transactions rose 13% to 5.8 billion.
Total active accounts on a trailing 12 months basis increased 1% to 433 million and payment transactions per active accounts increased 13% to 53.1 million.
In the first quarter, the company repurchased approximately 19 million of its shares for $1.4 billion and repurchased approximately 48 million shares for $4.1 billion. -
Fresenius Medical SE increased 6.9% to €27.21 after the German dialysis company reported adjusted earnings that were ahead of expectations.
Revenue in the first quarter increased 3.4% to €4.7 billion and net income fell 45.1% to €86 million from €157 million and basic earnings per share declined to 29 cents from 54 cents a year ago.
Adjusted earnings per share, which excludes the U.S. Provider Relief Funding and Ukraine war related items among other adjustments, declined to 53 cents from 67 cents a year ago.
Fresenius forecasted 2023 annual revenue "to grow at a low to mid-single digit percentage rate" from €19.39 billion and operating income to remain "flat or decline by up to a high-single digit percentage rate" from €1.54 billion.
May 10, 2023
May 9, 2023