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    • Breaking News
    May 5, 2023
    • DoorDash Inc increased 4.1% to $65.40 after the online delivery platform lifted its annual outlook and the company said demand for its services remained strong. 

      Revenue in the first quarter increased 40% to $2.04 billion from $1.45 billion and net loss shrank to $161 million from $167 million and diluted loss per share declined to 41 cents from 48 cents a year ago. 

      Total orders increased 27% from a year ago to 512 million and Marketplace gross order volume increased 29% to $15.9 billion.

      The delivery service provider forecasted second quarter marketplace gross order volume to be between $15.9 billion and $16.2 billion for the full-year 2023 between $63.0 billion and $64.5 billion.  
      • Carvana Company soared 45% to $10.50 after the online used car dealer reported a smaller-than-expected quarterly loss. 

        Total revenue in the first quarter declined 25% to $2.6 billion from 43.5 billion and net loss shrank to $286 million from $506 million and net loss per share dropped to $1.51 from $2.89 a year ago. 

        Quarterly vehicle sales declined for the third quarter in a row to 79,240 units, a decrease of 25% from a year ago and total gross profit per unit improved by $1,470 to $4,303. 
        • Bumble Inc jumped 8.1% to $19.06 after the online dating app operator reported strong activities on its platform. 

          Total revenue in the first quarter increased 15.7% to $242.9 million from $210.0 million and the company swung to a net loss of $2.3 million from a profit of $23.7 million and diluted earnings per share fell to ($0.01) from 12 cents a year ago. 

          Bumble App revenue rose 25.9% from a year ago to $194.3 million and Badoo App and other revenue declined 12.6% to $48.7 million. 

          The company forecasted second quarter total revenue in the range of $254 million to $258 million and Bumble App revenue of $205 million to $208 million.

          For the full-year 2023, the company estimated total revenue to grow between  16% to 19% and Bumble App revenue growth in the range of 22% to 25%.
          • Apple Inc increased 2.7% to $170.26 after the maker of popular electronics gadgets reported higher-than-expected sales and earnings. 

            Revenue in the fiscal second quarter ending on April 1 declined 3% to $94.8 billion and net income decreased to $24.2 billion from $25.0 billion and diluted earnings per share was unchanged at $1.52. 

            Revenue in the Americas declined to $37.8 billion from $40.8 billion, in Europe edged up to $23.9 billion from $23.2 billion, in Greater China eased to $17.8 billion from $18.3 billion and in Japan eased to #7.2 billion from $7.7 billion. 

            In the quarter, iPhone sales increased to $51.3 billion from $50.6 billion, Mac sales dropped to $7.2 billion from $10.4 billion, iPad sales to $6.6 billion from $7.6 billion and wearable and home and accessories were flat at $8.8 billion. 

            Services revenue jumped to $20.9 billion from $19.8 billion a year ago.
            • May 3, 2023
            • Pfizer Inc increased 1.1% to $39.61 after the company reported a sharp decline in revenue following the end of Covid-19 revenue. 

              Revenue in the first quarter decreased 29% to $18.2 billion from $25.6 billion and net income plunged 30% to $5.5 billion from $7.86 billion and diluted earnings per share fell to 97 cents from $1.37 a year ago. 

              The company reiterated its full-year 2023 outlook and forecasted revenue to fall between 29% and 33% or between $67.0 billion and $71.0 billion. 

              Excluding Covid-19 products, the company forecasted operating revenue to increase between 7% and 9%. 

              Pfizer also confirmed that it has not repurchased any of its shares and the company has no plan to buy back its own shares in the remainder of the year. 

              The company still has $3.3 billion available in its stock repurchase program.  
              • Advanced Micro Devices Inc said revenue in the first quarter declined 9% to $5.4 billion from $5.9 billion and gross margin fell to 44% from 48% a year ago. 

                The company swung to a net loss of $139 million from $786 million and diluted earnings per share fell to ($0.09) from 56 cents a year ago. 

                For the second quarter of 2023, AMD expects revenue to be approximately $5.3 billion, plus or minus  $300 million and non-GAAP gross margin to be approximately 50%.  

                Client group, which includes PC makers, sales plunged 65% to $739 million from $2.1 billion. Data center sales inched slightly higher to $1.295 billion from $1.293 and the company hinted for higher sales in the second half. 

                Gaming segment sales, which includes sales to console makers and graphics chips, edged lower to $1.8 billion from $1.9 billion and embedded segment, which includes networking chips, sales jumped to $1.5 billion from $595 million a year ago.  
                • Starbucks Corp said revenue in the first quarter rose 14% to $8.7 billion from $7.6 billion after sales picked up in China following the end of zero-Covid policy. 

                  Net earnings attributable to shareholders increased to $908.3 million from $674.5 million and diluted earnings per share to 79 cents from 58 cents a year ago. 

                  Global comparable store sales increased 11%, driven by a 6% increase in comparable transactions and 4% increase in average ticket.  U.S. comparable store sales increased 12%, 6% and 6% and international comparable store sales increased 7%, 7% and China comparable store sales increased 3%, 4% and a 1% decline in average ticket respectively.   

                  The company opened 464 stores in the quarter and U.S. and China stores comprised 61% of the company’s global portfolio, with 16,044 and 6,243 stores in the U.S. and China, respectively.
                  • Expeditors International of Washington Inc said revenue in the first quarter plunged 44% to $2.6 billion following the steep drop in rates and volumes. 

                    Net income dropped 35% to $226.01 million from $346.1 million and diluted earnings per share fell to $1.45 from $2.05 a year ago. 

                    In the quarter, the company repurchased 2.0 million shares at an average price of $108.98 a share.  
                    • The Federal Reserve lifted the fed funds target range by 25 basis points to between 5.0% and 5.25% and increased the borrowing cost to the highest since September 2007. 

                      The 10th rate increase was widely expected and in a unanimous decision rate setting committee agreed to revise rates higher but also left the door open to pause future rate hikes. 

                      In the FOMC statement released after the meeting the Federal Reserve reiterated its commitment to lower inflation to 2% but showed flexibility to increase rates, if the economic and inflation data suggested the need for it. 

                      The Fed's statement did not include the previous note "some additional policy firming may be appropriate,” which was interpreted by some investors that the central bank is open to the possibility of rate hike pause. 
                      • May 2, 2023
                      • Uber Technologies Inc increased 5.6% to $34.70 after the ride-hailing company reported better-than-expected quarterly results.  

                        Revenue in the quarter increased 29% to $8.82 billion and net loss in the quarter shrank to $157 million from $5.9 billion and diluted loss per share fell to 8 cents from $3.03 a year ago.  

                        Monthly active users in the quarter increased 13% from a year ago to 130 million and completed transactions soared 24% to 2.12 billion. 

                        The company guided gross booking between $33 billion and $34 billion and adjusted operating earnings between $800 million and $850 million.