Stock futures took a tumble on Thursday, indicating that the equities market would continue its downward trend. The drop in stock futures followed a downgrade in U.S. government debt. Amidst all this, today is set to be a busy day for corporate earnings, with Apple and Amazon.com taking center stage.
Qualcomm Faces Revenue Forecast Woes
Shares of Qualcomm (QCOM) fell by 8.5% in premarket trading after the company, known for its mobile processors and 5G wireless chipsets, issued a fiscal fourth-quarter revenue forecast that fell short of analysts’ expectations. The guidance blamed a slower recovery in China and a challenging macro environment for the disappointing forecast. During a conference call, Qualcomm executives expressed their belief that an immediate rebound in demand was unlikely.
PayPal Reports Margin Trouble
Premarket trading wasn’t kind to PayPal (PYPL) either, as the payments platform saw a 9% decline. While the second-quarter adjusted earnings slightly exceeded estimates, the adjusted operating margin came in at 21.4%, below the previously estimated 22% mark.
Robinhood Markets Turns Profitable
Breaking its streak of losses, Robinhood Markets (HOOD) celebrated its first profitable quarter. CEO Vlad Tenev deemed this achievement as a “significant milestone” for the online trading company. Despite beating analysts’ expectations, Robinhood experienced a decrease in trading activity during the second quarter. Monthly active users dropped by 1 million to reach 10.8 million, causing shares to fall by 8.6%.
Shopify (SHOP) Reports Strong Q2 Earnings
Shopify (SHOP), the well-known e-commerce software provider, has impressed investors with its better-than-expected adjusted second-quarter earnings. The company saw a remarkable 31% increase in revenue compared to the same period last year, surpassing Wall Street estimates. Despite this positive news, the stock experienced a minor decline of 2.5%.
Occidental Petroleum (OXY) Faces Challenges Due to Crude Oil Prices
Occidental Petroleum (OXY) witnessed a 2.6% drop in their stock after reporting earnings that fell short of analysts’ estimates. The decline can be attributed to weaker crude oil prices, which had a direct impact on the company’s financial performance.
DoorDash (DASH) Exceeds Revenue Expectations
DoorDash (DASH) continues to make waves in the market by surpassing analysts’ forecasts for second-quarter revenue. The company witnessed substantial growth, with revenue rising from $1.61 billion to $2.13 billion compared to the previous year. This strong performance has led to a 3.2% increase in their stock value.
Albemarle (ALB) Surges with Impressive Q2 Earnings
Albemarle (ALB), a renowned lithium producer, experienced a significant 5% jump in stock value after reporting second-quarter earnings that exceeded Wall Street expectations. The company’s strong performance has prompted them to raise their earnings forecast for the full year.
EVgo (EVGO) Outperforms Expectations and Raises Sales Forecast
Electric-vehicle charging network and equipment provider, EVgo (EVGO), delighted investors with its better-than-expected second-quarter results. The company also provided an optimistic outlook, expecting full-year sales to range between $120 million and $150 million. This revised forecast signifies a potential increase compared to the prior range of $105 million to $150 million.
Upcoming Earnings Reports to Watch
Thursday will witness a slew of eagerly anticipated earnings reports from various market giants. Apple (AAPL), Amazon.com (AMZN), Amgen (AMGN), Coinbase Global (COIN), ConocoPhillips (COP), Booking Holdings (BKNG), Anheuser-Busch InBev (BUD), Airbnb (ABNB), Gilead Sciences (GILD), Regeneron Pharmaceuticals (REGN), Block (SQ), Moderna (MRNA), Wayfair (W), and Opendoor Technologies (OPEN) are expected to unveil their financial performance for the quarter. Investors will closely monitor these reports for insights into the respective companies’ future prospects.
