Apple beat earnings estimates but fell after-hours
Apple reported fiscal third-quarter results that beat Wall Street expectations for both earnings and sales, driven by stronger services sales that grew 8% on an annual basis. Overall sales still fell 1% year over year, however, and revenue in the company’s iPhone, Mac, and iPad lines were all down from a year earlier. Apple shares fell more than 2% in extended trading. $AAPL Apple Q3 FY23: • Revenue -1% Y/Y to $81.8B (in-line). 💳 Services +8% Y/Y to $21.2B. 📱 Products -4% Y/Y to $60.6B. • Operating margin 28% (flat Y/Y). • EPS $1.26 ($0.07 beat). • Over 1B paid subscriptions. Source: App Economy Insights, CNBC
Another massive us earnings week ahead
Tuesday: $UBER, $AMD, $PINS Wednesday: $PYPL, $SHOP, $U Thursday: $AMZN, $AAPL, $COIN, $SQ, $ABNB, $NET Friday: $FUBO, $NKLA Source: Earnings Whisperers
With 46% of companies reported, S&P 500 Q2 GAAP earnings per share are up 7% over the last year, the highest YoY growth rate since Q4 2021.
Source: Charlie Bilello
U.S. earnings Revisions Index from Citi has been in negative territory for past six weeks …
Longest streak since beginning of this year. Source: Bloomberg, Liz Ann Sonders
LVMH, the world's top luxury group, said Tuesday it enjoyed an excellent first half with net profits soaring by 30 percent to 8.48 billion euros thanks to strong growth in Asia and Europe.
Sales at the group whose brands include Louis Vuitton, Dior and Tiffany, rose 15 percent during the January-June period compared with last year, to hit 42.2 billion euros. ONE BUG SURPRISE -> LVMH reported a surprising drop in U.S. sales in the second quarter, as its chief financial officer said “aspirational customers are not shopping as much as they used to.“ LVMH’s U.S. sales slid 1% in the second quarter from the prior-year period. The disappointing results in the U.S. market came after Cartier owner Richemont earlier this month reported a 4% decline in U.S. sales. Richemont shares fell 10% on the news, pressuring other luxury stocks throughout the week as analysts braced for a potential U.S. luxury slowdown. Here are the details by App Economic Insights - LVMH Louis Vuitton Moët Hennessy H1 FY23 Revenue +15% Y/Y to $42.2B. Wines & Spirits -4% to €3.2B. Fashion & Leather goods +17% to €21.1B. Perfumes & Cosmetics +11% to €4.0B. Watches & Jewelry +11% to €5.4B. Selective retailers & other +26% to €8.4B. Source: App Economy Insights, Barron's, CNBC
A big week ahead for US earnings
Almost 50% of the SP500 (by market cap) will report 2Q results this week including some of the Magnificent Seven ($MSFT $META $GOOGL) but also $T $VZ $BA $F $KO $INTC $GM $MMM $GE $V $XOM $MCD $MA $PG and $BMY. Source: Earnings Whispers
Tesla reported earnings after the bell, showing a record for quarterly revenue but lower margins thanks to price cuts and incentives.
The stock price remained flat after the initial report, but began dropping during the earnings call as CEO Elon Musk and other executives failed to deliver precise specs and start of delivery dates for the Cybertruck, and for a robotaxi-ready vehicle. Musk and other execs also said during the call that vehicle production would slow down during Q3 due to shutdowns for factory improvements. The stock was down as much as 5% after hours. $TSLA Tesla Q2 FY23: • Revenue +47% Y/Y to $24.9B ($200M beat). • Gross margin 18% (-7pp Y/Y). • Operating margin 10% (-5pp Y/Y). • Capex +19% Y/Y to $2.1B. • Free cash flow +62% Y/Y to $1.0B. • Non-GAAP EPS $0.91 ($0.09 beat). • Deliveries +83% Y/Y to 466,140. Source: App Economy Insights, CNBC
$JPM JP Morgan Chase Q2 FY23 numbers
$JPM JP Morgan Chase Q2 FY23 numbers • Net revenue +34% Y/Y to $41.3B ($2.5B beat). • Net Income $14.5B. • EPS: $4.37 ($0.61 beat). • CET1 ratio of 13.8%. $2.7B First Republic bargain purchase gain in Corporate. Source: App Economy Insights
