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Nov 21, 2023
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Zoom Video Communication declined 1.4% to $65.03 after the company released quarterly results.
Revenue in the fiscal third quarter ending in October increased 3.2% to $1.2 billion from $1.1 billion, net income advanced to $141.2 million from $48.2 million, and diluted earnings per share rose to 47 cents from 16 cents a year ago.
Enterprise subscribers continued to expand and rose 5% from a year ago to 219,700.
About 3,731 customers, an increase of 13.5% from a year ago, paid more than $100,000 in the trailing twelve months.
The company guided fiscal fourth quarter revenue between $1.125 billion and $1.130 billion, and non-GAAP diluted earnings per share are estimated between $1.13 and $1.15.
Zoom lifted its fiscal year 2024 revenue estimate to between $4.506 billion and $4.511 billion, and non-GAAP diluted earnings per share to between $4.93 and $4.95. -
Best Buy Company declined 5.2% to $64.60 after the retailer lowered its annual and quarterly sales outlook.
Revenue in the third quarter declined to $9.7 billion from $10.6 billion, net income fell to $263 million from $277 million, and diluted earnings per share declined to $1.21 from $1.22 a year ago.
Domestic comparable sales declined 7.3% after falling 10.5% in the quarter a year ago, and the company said comparable sales tend to fall between 3% and 7%.
However, the retailer said non-GAAP operating costs in the quarter are likely to rise between 4.7% and 5.0%, matching the increase of 4.8% in the quarter a year ago.
Best Buy estimated fiscal year 2024 revenue for 53 weeks to range between $43.1 billion and $43.7 billion, lower than the previous estimate between $43.8 billion and $44.5 billion.
Comparable sales in the fiscal year are expected to fall between 6.0% and 7.5%, compared to the previous estimate of a decrease between 4.5% and 6.0%. -
Abercrombie & Fitch declined 4.9% to 68.0 after the retailer reported quarterly results.
Net sales in the fiscal third quarter increased 20% to $1.1 billion from $880 million, and the retailer swung to a net income of $97.7 million from a loss of $718 million, and diluted earnings per share were $1.83 compared to a loss of 4 cents per share a year ago.
Comparable sales across both brands increased 16% after a 26% jump in Abercrombie & Fitch and a 7% rise in Hollister stores.
Sales in the fiscal fourth quarter are expected to rise in low double-digits from $1.2 billion a year ago, and the retailer said operating margins are estimated to improve from the previous year because of higher retail prices and lower freight costs.
The company lifted its 2023 sales growth outlook to between 12% and 14% from $3.7 billion in 2022, compared to the previous growth estimate of 10%.
Abercrombie revised its operating margin to be around 10%, up from the previous estimate between 8% and 9%, which includes the 250 basis point benefits of lower freight costs. -
Walmart dropped 6.2% to $159.20 after the retailer reported quarterly results and issued a cautious outlook.
Revenue in the fiscal third quarter increased 5.2% to $160.8 million from $152.8 billion, and the company swung to a profit of $453 million from a loss of $1.8 billion. Diluted earnings per share were 17 cents, compared to a loss of 66 cents a year ago.
Sales at U.S. locations reflected ongoing challenging conditions for consumers; sales of groceries and health and wellness products rose, but discretionary items and general merchandise sales declined "modestly."
Walmart U.S. sales increased 4.4% to $109.4 billion, driven by a 4.9% increase in comparable store sales; transactions rose 3.4%; and average ticket size advanced 1.5% from a year ago.
The retailer also indicated U.S. e-commerce sales rose by 24%, and advertising sales on its online platform rose by 26% from a year ago.
The company guided full-year 2024 consolidated sales to increase between 5% and 5.5% and adjusted earnings per share to be between $6.40 and $6.80. -
Cisco Systems plunged 9.6% to $48.16 after the networking equipment maker reported strong quarterly results but said product order growth is likely to slow down.
Revenue in the fiscal 2024 first quarter ending in October increased 8% to $14.7 billion, net income advanced 36% to $3.6 billion from $2.7 billion, and diluted earnings per share rose to 89 cents from 65 cents a year ago.
The company guided fiscal second-quarter revenue between $12.6 billion and $12.8 billion and earnings per share between 59 cents and 64 cents.
For the full-year 2024, the company estimated revenue in the range of $52.8 billion and $55.0 billion and earnings per share between $2.97 and $3.08.
The company declared a cash dividend of 39 cents per share payable on January 24 to shareholders on record on January 4. -
Palo Alto Networks declined 6.5% to $239.52 after the cyber security company reported better-than-expected quarterly results, but the company's new orders or billing outlook fell short of market expectations.
Revenue in the fiscal first quarter ending in October jumped 20% to $1.9 billion, net income advanced to $194.2 million from $20.0 million, and diluted earnings per share rose to 56 cents from 6 cents a year ago.
The company blamed the weakness in billings growth on rising interest rates.
The company guided total billings in the fiscal second quarter between $2.335 billion and $2.385 billion, representing growth between 15% and 18% a year ago.
For the fiscal year 2024, the company estimated total billings in the range of $10.7 billion and $10.8 billion, an increase between 16% and 17%.
Total revenue in the fiscal year 2024 will range between $8.15 billion and $8.20 billion, an increase between 18% and 19% from a year ago. -
Macy's jumped 8.2% to $13.64 after the apparel retailer reported better-than-expected earnings because of a decline in inventories and higher margins.
Revenue in the quarter declined 7% to $4.9 billion from $5.2 billion, net income dropped to $43 million from $108 million, and diluted earnings per share fell to 15 cents from 39 cents a year ago.
Fewer discounts in the quarter improved gross margin to 40.3% from 38.7% a year ago.
The retailer tightened its full-year sales outlook and estimated fiscal year 2023 sales between $22.9 billion and $23.2 billion, up from the previous estimated range between $22.8 billion and $23.2 billion.
The company also guided comparable sales, including license sales, to decline between 7% and 6%, compared to the previous estimate between 7.5% and 6%.
The company revised its adjusted diluted earnings per share range to between $2.88 and $3.13 from the previously estimated range of between $2.70 and $3.20. -
The producer price index, a measure of wholesale inflation, declined 0.5% from the previous month in October, the U.S. Bureau of Labor Statistics reported Wednesday.
On an annual basis, the producer price index increased by 1.3%.
Wholesale price inflation fell at the fastest pace in a single month since April 2020, after good prices declined 1.4% following a rise since May and service prices were unchanged after advancing for six consecutive months.
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After rising for six months in a row, retail and food services sales declined 0.1% in October from the previous month, the U.S. Census Bureau reported Wednesday.
Retail sales data adjusted for calendar and seasonal factors but not for inflation, suggesting higher prices are keeping consumer spending in check.
On an annual basis, retail sales rose 2.5% in October from an upwardly revised 4.1% in September.
Sales in the three-month period between August and October rose 3.1% from the same period a year ago.
Retail trade sales decreased 0.2% from September and increased 1.6% from a year ago; gasoline station sales were down 7.5% from a year ago; and sales at nonstore retailers increased 7.6% from a year ago.
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Advanced Auto Parts declined 4.8% to $55.50 after the specialty retailer reported mixed quarterly results.
Revenue in the quarter increased by 2.9% to $2.7 billion, and comparable store sales increased by 1.2%.
The company swung to a net loss of $48.6 million from a profit of $115.9 million, and diluted earnings per share fell to a loss of 82 cents from $1.92 a year ago.
The company tightened its 2023 net sales outlook range to between $11.25 billion and $11.30 billion from the previous range between $11.25 billion and $11.35 billion.
The retailer sharply lowered its 2023 diluted earnings per share range to between $1.40 and $1.80 from the previous estimate of between $4.50 and $5.10 in August.
The company also lowered its 2023 free cash flow range to between $50 million and $100 million from the previous estimate of between $150 million and $250 million.
On October 31, the company declared a regular cash dividend of 25 cents per share to be paid on January 26, 2024, to all common stockholders of record as of January 12, 2024.
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