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    • Breaking News
    May 2, 2023
    • Chegg Inc plunged 46% to $9.47 after the company reported a decline in revenue and the company said AI tools are negatively impacting new subscribers growth. 

      Revenue in the first quarter declined 7% to $187.6 million and net income plunged to $2.2 million from $5.7 million and diluted earnings per share fell to 2 cents from 4 cents a year ago. 

      "In the first part of the year, we saw no noticeable impact from ChatGPT on our new account growth and we were meeting expectations on new sign-ups. However, since March we saw a significant spike in student interest in ChatGPT. 

      We now believe it’s having an impact on our new customer growth rate," said Dan Rosensweig, chief executive officer and president. 
      • Apr 28, 2023
      • Amazon.com, Inc declined 3.8% to $105.68 after the online retail platform operator reported weaker-than-expected revenue growth in its cloud services segment. 

        Revenue in the first quarter increased 9% to $127.4 billion from $116.4 billion a year ago. North America sales advanced 11% to $76.9 billion and international sales rose 1% to $29.1 billion and AWS segment sales advanced 16% to $21.4 billion. 

        Net income was $3.2 billion compared to a net loss of $3.8 billion and the company swung to a diluted earnings per share of 31 cents from a loss of 38 cents in the prior year. 

        Amazon.com forecasted second quarter revenue between $127.0 billion and $133.0 billion, an increase between 5% and 10% from a year ago. Operating earnings between $2.0 billion and $5.5 billion, compared to $3.3 billion a year ago.  
        • Intel Corporation soared 6.9% to $31.91 after the advanced semiconductor chipmaker reported smaller-than-expected quarterly loss. 

          Revenue in the first quarter plunged 36% to $11.2 billion and gross margin dropped to 34.2% from 50.4% a year ago. The company swung to a net loss of $2.8 billion from a profit of $8.1 billion and diluted earnings per share was ($0.66) compared to $1.98 a year ago. 

          The PC market weakness was one of many challenges faced by the advanced semiconductor company. Revenue in the client computing segment declined 38% to $5.8 billion, data center and AI dropped 39% to $3.7 billion, network and edge fell 30% to $1.5 billion but autonomous vehicle focus Mobileye Global increased 16% to $458 million.  

          The company forecasted second quarter revenue between $11.5 billion and $12.5 billion and gross margin of 33.2% and diluted loss per share of 62 cents. 
          • Chevron Corporation declined 1% to $165.43 after the oil company reported higher first quarter profit despite the decline in oil and natural gas prices. 

            Consolidated revenue in the first quarter declined to $50.8 billion from $54.4 billion a year ago. Net income in the quarter increased to $6.6 billion from $6.3 billion and diluted earnings per share rose to $3.46 from $3.22 a year ago. 

            Worldwide net oil-equivalent production declined 3% from a year ago to 2.97 million barrels per day. 

            The company distributed $6.6 billion during the quarter, including dividends of $2.9  billion and share repurchases 22 million for $3.75 billion. The company expects to repurchase $4.375 billion in shares in the second quarter. 

            The company's board declared a dividend of $1.51 a share payable on June 12 to shareholders on record on May 19. 
            • Exxon Mobil Corp rose 1.8% to $119.0 after the oil company reported record first quarter profit, driven by higher output. 

              Revenue in the first quarter declined to $86.56 billion from $90.5 billion a year ago. Net income in the quarter soared to $11.4 billion from $5.5 billion and diluted earnings per share soared to $2.79 from $1.28 a year ago. 

              The company hiked quarterly dividend to 91 cents a common share from 88 cents a year ago, payable June 9 to shareholders on record on May 16.  

              Net production in the first quarter was 3.8 million oil-equivalent barrels per day, an increase of nearly 160,000 barrels per day compared to the same quarter last year. In the quarter, Exxon Mobil increased oil and gas net production by nearly 300,000 oil-equivalent barrels per day from a year ago, excluding divestments and Russia-based Sakhalin-1 oil field expropriation.  

              The oil company started Beaumont Refinery expansion and reached full capacity of 250,000 barrels of production per day in the quarter. 

              The company distributed $8.1 billion to shareholders including $4.3 billion of share repurchases, keeping the company on track  to repurchase up to $17.5 billion in 2023. 
              • Apr 27, 2023
              • U.S. real gross domestic product increased at an annual rate of 1.1% in the first quarter, slower than 2.6% rate in the final quarter of 2022, the Bureau of Economic Analysis reported Thursday. 

                Increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment were partly offset by decreases in private inventory investment and residential fixed investment. 

                Higher imports also weighed negatively on the final growth calculation. 
                • STMicroelectronics NV fell 8.9% to $42.14 after the Switzerland-based advanced electronics  company announced quarterly results ahead of market expectations.

                  The company said revenue in the first quarter increased 19.8% to $4.2 billion and net income soared 39.8% to $1.04 billion from $747 million and diluted earnings per share increased to $1.10 from 79 cents a year ago.

                  The company forecasted second quarter revenue of $4.28 billion with a band of $350 million, a sequential increase of 0.8%, and gross margin of 49.0% with a band of 200 basis points.  
                  • Teladoc Health Inc rose 5% to $27.02 after the telehealth platform operator lifted its revenue and adjusted earnings outlook for the year. 

                    Revenue in the first quarter increased 11% to $629.2 million and net loss in the quarter dropped to $69 million from $6.7 billion and diluted loss per share fell to 42 cents to $41.58 a year ago.  

                    In the first quarter of 2022, the company recorded a goodwill impairment charge of $6.6 billion. 

                    The telemedicine company forecasted second quarter revenue between $635 million and $660 million and between $2.575 billion and $2.675 billion in the full-year 2023. 

                    The company also estimated adjusted operating earnings between $60 million and $68 million in the second quarter and between $285 million and $325 million in the full-year 2023. 
                    • eBay Inc increased 3.6% to $44.93 after the online marketplace reported better-than-expected quarterly results. Revenue in the first quarter increased 1% to $2.5 billion from $2.48 billion a year ago. 

                      Net income from continuing operations swung to a profit of $569 million from a loss of $1.4 billion and diluted earnings per share was $1.05 from ($2.28) a year ago. 

                      The company declared a cash dividend of $0.25 per share payable on June 16 to stockholders of record as of June 1.

                      In the first quarter, the company repurchased $250 million of its common stock, or more than 5 million shares, and about $2.6 billion is available in the stock repurchase plan, and paid cash dividends of $134 million.
                      • Southwest Airlines Co declined 4.7% to $29.44 after the regional airlines reported wider loss in the first quarter following a negative revenue impact after the late December scheduling crisis that led to the cancellation of 16,000 flights. 

                        Revenue in the first quarter increased 21.6% to $5.7 billion from $4.7 billion and net loss shrank to $159 million from $278 million and diluted loss per share shrank to 27 cents from 47 cents a year ago. 

                        Because of production delays faced by Boeing, Southwest is now anticipating delivery of 70 737 MAX 8 aircrafts, instead of 90.  As a result of the revision in aircraft deliveries and retirements, the company now expects to end the year with 814 aircraft, compared with its previous estimate of 833.

                        Southwest's first quarter capital expenditures were $1.0 billion and because of the slow aircraft deliveries, the company lowered its 2023 capital expenditures to $3.5 billion from the previous estimate of $4.0 billion.