Breaking News
Apr 20, 2023
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IBM increased 0.4% to $126.84 after the technology company reported better-than-expected earnings.
Revenue in the first quarter increased 0.4% to $14.3 billion and net income increased 41% to $927 million from $733 million and diluted earnings per share rose to $1.02 from 82 cents a year ago.
Free cash flow increased to $1.34 billion from $1.24 billion and long term debt increased to $53.8 billion from $46.2 billion from a year ago.
The company guided full-year 2023 free cash flow to increase $1.0 billion to $10.5 billion and revenue growth between 3% and 5% in constant currency. -
Seagate Technology Holdings PLC declined 7.6% to $58.11 after the disk maker reported weak quarterly results.
Revenue in the fiscal third quarter ending in March declined to $1.8 billion from $2.8 billion and the company swung to a net loss of $433 million from $346 million and diluted earnings per share was ($2.09) compared to $1.56 a year ago.
The company also announced a restructuring plan to reduce its cost structure in the face of market weakness. The plan is expected to be completed by the year's end and cost $150 million.
Seagate forecasted venue in the fiscal fourth quarter decline to $1.7 billion with a band of $150 million and non-GAAP loss per share of 20 cents with a band of 20 cents. -
Tesla Inc decreased 8.3% to $165.67 after the electric vehicle maker reported a sharp fall in earnings in the first quarter.
Revenue in the quarter rose 24% to $23.3 billion and net income declined 24% to $3.3 billion from $3.7 billion and diluted earnings per share fell to 95 cents from $1.07 a year ago.
Vehicle deliveries increased 36% to 422,875 from 310,048 a year ago. -
Zions Bancorporation NA fell 4.3% to $31.32 after the regional bank reported a decline in deposits and earnings below expectations.
Net interest income in the first quarter increased 25% to $679 million and net income attributable to common stockholders increased to $198 million from $195 million and diluted earnings per share rose to $1.33 from $1.27 a year ago.
Net interest margin increased to 3.33% from 2.60% a year ago.
Stock fell after the bank reported a decline in deposits in the aftermath of the demise of Silicon Valley Bank on March 10.
Total deposits fell 16% or $13.1 billion to $69.2 billion at the end of the quarter.
More than two-thirds of the decrease related to accounts with balances greater than $10 million and loan-to-deposit ratio was 81%, compared with 62% in the prior year quarter.
Accounts with deposits larger than $250,000 are not insured by the Federal Deposit Insurance Corporation or FDIC, and balances larger than the insured amount may be lost in the event if the bank collapses. -
Netflix Inc said revenue in the first quarter increased 3.7% to $8.16 billion and net income fell to $1.3 billion from $1.6 billion and diluted earnings per share decreased to $2.88 from $3.53 a year ago.
Total global streaming paid members increased 4.9% to 232.50 million and paid members in the U.S. and Canada were stable at 74.4 million with average revenue per membership up 9% to $16.18.
Revenue in the U.S. and Canada rose 8%, in Europe, Middle East and Africa fell 2%, Latin America increased 7% and Asia Pacific added 2%.
The company forecasted second quarter revenue to increase 3% to $8.2 billion. -
Morgan Stanley, the financial services provider, said first quarter revenue and earnings fell.
Revenue in the first quarter decreased to $14.5 billion from $14.8 billion and net income dropped to $3.0 billion from $3.7 billion and diluted earnings per share eased to $1.70 from $2.02 a year ago.
Revenue in the institutional securities segment decreased to $6.7 billion from $7.8 billion, wealth management increased to $6.5 billion from $5.9 billion and investment management declined to $1.28 billion from $1.33 billion a year ago.
Assets under management dropped to $1.34 trillion from $1.44 trillion a year ago. -
Fox Corp agreed to pay $787.50 million to settle a lawsuit brought by Dominion Voting System and avoided a 6-week trial.
Dominion had asked for $1.6 billion in damages but settled for a smaller amount after Fox News and its cable affiliates repeatedly aired false claims that the voting machine maker had helped rig the 2020 presidential election in favor of Joe Biden against Donald Trump. -
Ally Financial Inc company reported better-than-expected first quarter results and said retail deposits increased on record net new deposit customers.
Retail deposits increased $813 million from a record 126,000 net new deposit customers.
Revenue in the first quarter decreased to $1.61 billion from $1.68 billion and net income plunged to $219 million from $627 million and diluted earnings per share fell to 96 cents from $1.86 a year ago.
Net interest margin decreased 42 basis points to 3.51% and provision for credit losses increased $279 million to $446 million, reflecting rising interest rates and stretched consumer finances. -
ASML Holding NV, the advanced semiconductor equipment maker, said revenue in the first quarter increased to €6.7 billion from €6.4 billion a year ago.
Net income in the first quarter increased to €1.95 billion from €1.81 billion and diluted earnings per share rose €4.96 from €4.60 a year ago.
Net booking in the quarter declined to €3.8 billion compared to €6.3 billion in the fourth quarter.
ASML forecasted second quarter 2023 net sales between €6.5 billion and €7.0 billion and a gross margin between 50% and 51%. -
Baker Hughes Co increased 1.7% to $30.01 after the oilfield services provider said new orders and revenue rose in double digits in the first quarter.
Revenue increased 19% to $5.7 billion and net income soared to $576 million from $72 million and diluted earnings per share increased to 57 cents from 8 cents a year ago.
North America revenue increased 20% to $992 million and international revenue rose 18% to $2.58 billion. In the quarter, well construction revenue increased 20% to $1.06 billion, completions, interventions and measurements advanced 16% to $909 million, production solutions gained 14% and subsea and surface pressure systems jumped 27% to $670 million.
New orders increased 12% to $7.6 billion from $6.8 billion a year ago and decreased 5% from $8 billion in the fourth quarter.
Apr 19, 2023