Earnings Week Jan. 30 - February 3
Earnings Week Jan. 30 - February 3
Big Tech, Ford, GM, Starbucks, AMD & More.
Hey reader! 📰
If you’re new here, welcome and if not, welcome back! If you haven’t joined the 605 subscribed members yet and want an earnings summary each Saturday during each earnings season, you can sign up below for FREE (thank you to my paid subscribers!). And consider subscribing to the YouTube channel.
A friendly reminder that the stock price reaction after earnings might have nothing to do with how well/bad the company performed during the quarter.
If you’ve missed last week’s summary,
If you have any companies that are reporting earnings next week and want them to be included, let me know in the comments.
Get 50% OFF Seeking Alpha’s Premium Membership HERE
U.S. Job Market
Non-farm payrolls: +517,000 vs. +188,000 expected
Unemployment rate: 3.4% vs. 3.6% expected
Average hourly earnings, month-over-month: +0.3% vs +0.3% expected
Average hourly earnings, year-over-year: +4.4% vs. +4.3% expected
SoFi
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 GAAP EPS of -$0.05 beats by $0.04.
Adjusted revenue of $443.42M (+58.4% Y/Y) beats by $17.58M.
Q4 net loss of $40M, 64% narrowed from the year-ago net loss of $111.01M.
Adjusted EBITDA of $70.06M, up from $4.59M a year ago.
AMD
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPS of $0.69 beats by $0.02.
Revenue of $5.6B (+15.9% Y/Y) beats by $80M.
Revenue of $5.6 billion increased 16% year-over-year primarily driven by growth across the Embedded and Data Center segments, partially offset by lower Client and Gaming segment revenue.
AMD expects non-GAAP gross margin to be approximately 50% in the first quarter of 2023.
Snap
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPS of $0.14 beats by $0.02.
Revenue of $1.3B (flat Y/Y) misses by $10M.
DAUs were 375 million in Q4 2022, an increase of 56 million, or 17% year-over-year.
DAUs increased sequentially and year-over-year in each of North America, Europe, and Rest of World.
Total time spent watching Spotlight content grew over 100% year-over-year.
17 content partners reached over 50 million global viewers each in Q4 2022.
GM
For the transcript and press release click HERE
Q4 Non-GAAP EPS of $2.12 beats by $0.44.
Revenue of $43.11B (+28.4% Y/Y) beats by $2.49B.
Full-year net income attributable to stockholders of $8.7 billion-$10.1 billion
EBIT-adjusted of $10.5 billion-$12.5 billion
EPS-diluted and EPS-diluted-adjusted of $6.00-$7.00 vs. consensus of $5.74.
Ford
For the transcript and press release click HERE
Q4 Non-GAAP EPS of $0.51 misses by $0.11.
Automotive revenue of $41.8B (+18.4% Y/Y) beats by $1.07B.
Revenue of $44B (+16.7% Y/Y).
Company anticipates full-year 2023 adjusted EBIT of $9 billion to $11 billion and adjusted free cash flow of about $6 billion
“We should have done much better last year,” CEO Jim Farley admitted. “We left about $2 billion in profits on the table that were within our control, and we’re going to correct that with improved execution and performance.”
Spotify
For the transcript and press release click HERE
Q4 GAAP EPS of -€1.40 misses by €0.13.
Revenue of €3.16B (+17.5% Y/Y) misses by €30M.
Premium Revenue growth of 18% Y/Y (or 13% Y/Y constant currency), led by subscriber gains.
Ad-Supported Revenue growth of 14% Y/Y (or 4% Y/Y constant currency), led by podcasting; and
MAUs grew 20% Y/Y to 489 million, 10 million above guidance. Net additions of 33 million represented our largest ever Q4 growth
Premium Subscribers grew 14% Y/Y to 205 million, 3 million above guidance, aided by promotional intake and household plans
Q1 Outlook: Total revenue to be €3.1B; Total MAUs of 500M; Total Premium Subscribers of 207M; Gross Margin of 24.9%.
Meta Platforms
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 GAAP EPS of $1.76 misses by $0.48.
Revenue of $32.17B (-4.5% Y/Y) beats by $480M.
Family daily active people (DAP) was 2.96 billion on average for December 2022, an increase of 5% year-over-year.
Family monthly active people (MAP) was 3.74 billion as of December 31, 2022, an increase of 4% year-over-year.
Facebook daily active users (DAUs) were 2.00 billion on average for December 2022, an increase of 4% year-over-year.
Facebook monthly active users (MAUs) were 2.96 billion as of December 31, 2022, an increase of 2% year-over-year.
First quarter 2023 total revenue to be in the range of $26-28.5 billion ($27.25B consensus)
Full-year 2023 total expenses will be in the range of $89-95 billion, lowered from our prior outlook of $94-100 billion due to slower anticipated growth in payroll expenses and cost of revenue.
Capital expenditures to be in the range of $30-33 billion, lowered from our prior estimate of $34-37 billion.
Amazon
For the press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPS of $0.03 misses by $0.14.
Revenue of $149.2B (+8.6% Y/Y) beats by $3.43B.
North America segment sales increased 13% year-over-year to $93.4 billion, or increased 14% excluding changes in foreign exchange rates.
International segment sales decreased 8% year-over-year to $34.5 billion, or increased 5% excluding changes in foreign exchange rates.
AWS segment sales increased 20% year-over-year to $21.4 billion.
First Quarter 2023 Guidance
Net sales are expected to be between $121.0 billion and $126.0 billion, or to grow between 4% and 8% compared with first quarter 2022. vs. $125.13B consensus.
Operating income is expected to be between $0 and $4.0 billion, compared with $3.7 billion in first quarter 2022.
Alphabet
For the press release click HERE
I’ve also covered it on my channel.
Q4 GAAP EPS of $1.05 misses by $0.14.
Revenue of $76.05B (+1.0% Y/Y) misses by $440M.
Revenue: Google Search & other $42.6B vs. $39.5B in Q3.
YouTube ads $7.96B vs. $7.07B in Q3.
Google Network $8.48B vs. $7.87B in Q3.
Google advertising $59.04B vs. $54.48B in Q3.
Google Services of $67.84B vs. $61.37B in Q3.
Google Cloud of $7.32B vs. $6.86B in Q3.
Apple
For the press release click HERE
Q1 GAAP EPS of $1.88 misses by $0.07.
Revenue of $117.15B (-5.5% Y/Y) misses by $4.5B.
Installed base crosses 2 billion active devices and hits all-time high for all major product categories.
Net Sales by category
Products revenue of $96.39B vs. $104.4B in 1Q22.
iPhone revenue of $65.78B vs. $71.63B in 1Q22.
Mac revenue of $7.74B vs. $10.85B in 1Q22.
iPad revenue of $9.39B vs. $7.25B in 1Q22.
Wearables, home and accessories of $13.48B vs. $14.7B in 1Q22.
Service revenue of $20.76B vs. $19.52B in 1Q22.
Qualcomm
For the press release click HERE
Non-GAAP EPS of $2.37 beats by $0.02.
Revenue of $9.46B (-11.6% Y/Y) misses by $110M.
QCT revenue of $7.89B (-11% Y/Y).
QTL revenue of $1.52B (-16% Y/Y).
QCT handsets revenue of $5.75B (-18% Y/Y).
QCT automotive revenue of $456M (+58% Y/Y).
QCT IoT revenue of $1.68B (+7% Y/Y).
Guidance
FQ2 revenue of $8.7B to $9.5B. The consensus revenue estimate is $9.41B.
FQ2 QCT revenue of $7.4B to $8B.
FQ2 QTL revenue of $1.25B to $1.45B.
FQ2 GAAP EPS of $1.53 to $1.73.
FQ2 adj. EPS of $2.05 to $2.25. The consensus EPS estimate is $2.24.
Starbucks
For the press release click HERE
Q1 Non-GAAP EPS of $0.75 misses by $0.02.
Revenue of $8.71B (+8.2% Y/Y) misses by $70M.
Comparable Store Sales Up 5% Globally; Up 10% in the U.S; Up Double Digits Internationally, Excluding China.
Q1 Active U.S. Starbucks Rewards Membership Reaches 30.4 Million, Up 15% Over Prior Year, Up 6% Sequentially
Q1 Card Loads Reach a Record $3.3 Billion; Ranking as #2 U.S. Brand in Holiday Gift Card Activations.
The company opened 459 net new stores in Q1, ending the period with 36,170 stores globally: 51% company-operated and 49% licensed.
In Q1 fiscal 2023, the company resumed its share repurchase program, repurchasing 1.9 million shares of common stock valued at $191.4 million; approximately 50.6 million shares remain available for purchase under the current authorization.
As Reinvention accelerates, the company expects to return approximately $20 billion to shareholders by the end of fiscal 2025 between our dividends and share repurchases.
