Carvana Roars Back into Gains With Bullish Outlook, Q1 Beat
10 minutes ago
Shares of Carvana (CVNA) skyrocketed after the online used car retailer issued an upbeat outlook for the current quarter and had its best financial results ever as it made more money per sale and cut costs.
The company said it was expecting a sequential increase in the growth rate in retail units in the second quarter and reported a record first-quarter profit of $49 million after posting a $286 million loss a year ago. The quarter’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $235 million and revenue of $3.06 billion were also record highs.
Both adjusted earnings per share of $0.23 and revenue came in above expectations. It also said it expects a sequential increase in EBITDA in the second quarter.
Its volatile stock was up 32.5% at $115.46 early in the afternoon Thursday, and is up about 1,500% in the past year.
-Bill McColl
Novo Nordisk Briefs Though Earnings Beat Estimates
1 hr 7 min ago
Novo Nordisk (NVO) reported first-quarter earnings Thursday that beat analysts’ estimates as demand surged for its weight loss drugs, Ozempic and Wegovy.
The drugmaker reported net profit of 25.41 billion Danish kroner ($3.65 billion), up from 19.81 billion kroner ($2.84 billion) a year ago and above the 23.29 billion kroner ($3.34 billion) analysts expected, according to estimates compiled by Visible Alpha. Diluted earnings per share of 5.68 kroner (82 cents) also rose from the year-ago period and beat estimates.
Revenue of 65.35 billion kroner ($9.38 billion) was up from 53.37 billion kroner ($7.66 billion) in the year-ago period and compared to estimates of 63.61 billion kroner ($9.13 billion), as demand continued to rise for its weight-loss drugs. Novo Nordisk said sales of Ozempic and Wegovy increased 25% year-over-year, with sales in the company’s North American operations rising 34%.
As the company has done multiple times in the past few years, Novo Nordisk raised its full-year guidance, projecting sales to grow between a range of 19% to 27% at constant exchange rates, slightly up from its previous projection of 18% to 26%.
And yet American depositary receipts (ADRs) of Novo Nordisk were down 3.3% late Thursday morning. Still, the stock is up 20% so far this year.
-Aaron McDade
Qualcomm Stock Jumps as AI-Equipped Smartphones Drive Better-Than-Expected Outlook
1 hr 53 min ago
Qualcomm (QCOM) shares jumped Wednesday after the mobile phone chip giant posted strong earnings and a better-than-expected current-quarter outlook amid growing demand for artificial intelligence (AI)-equipped smartphones.
The company projects sales in the June quarter to range between $8.8 billion and $9.6 billion, with the $9.2 billion midpoint of that guidance above the $9.05 billion consensus. It sees earnings per share (EPS) for the period of between $2.15 and $2.35, topping the Wall Street forecast of $2.17 per share.
For the fiscal second quarter ending March 24, the San Diego, California-based company reported adjusted earnings of $2.44 per share, comfortably above estimates modeled by analysts at $2.32 a share. Revenue in the quarter of $9.39 billion improved 1% from the prior year’s corresponding quarter and topped the $9.34 billion Street expectation.
Qualcomm shares rose 9.6% Thursday morning, bringing its year-to-date gain to 24%.
-Timothy Smith
Stocks Making the Biggest Moves Premarket
3 hrs 7 mins ago
Gains:
- Carvana (CVNA): Shares of the online used car retailer surged more than 35% after it reported a $49 million profit in the first quarter, blowing past Wall Street estimates, which called for a $116 million loss.
- MGM Resorts (MGM): Shares of the casino operator climbed 9% after reporting better-than-expected revenue and earnings on a rebound in its business in China.
- Qualcomm (QCOM): Shares of the mobile phone chipmaker gained 6% after it offered upbeat current-quarter guidance amid growing demand for AI-equipped smartphones.
Losses:
- Etsy (ETSY): Shares of the online marketplace slumped 15% after it missed first-quarter revenue and earnings estimates amid increased competition from low-cost retailers and less spending by cash-strapped consumers.
- DoorDash (DASH): Shares of the restaurant-delivery company fell 8% after reporting a larger-than-anticipated loss in the first quarter despite beating revenue estimates.
- CyberArk (CYBR): Shares of the cybersecurity firm fell 4% despite reporting better-than-expected first-quarter results and raising its full-year guidance.
Stock Futures Rise as Earnings Roll On
4 hr 1 min ago
Futures contracts connected to the Dow Jones Industrial Average were up 0.5% in premarket trading on Thursday.
S&P 500 futures gained 0.7%.
Nasdaq 100 futures traded 0.8% higher about an hour before markets opened.
