In this article, we will take a look at the 11 companies making headlines following earnings reports. You can skip our detailed analysis of these companies and go directly to the 5 Companies Making Headlines Following Earnings Reports.
Smartphone giant Apple Inc. (NASDAQ:AAPL), e-commerce behemoth Amazon.com, Inc. (NASDAQ:AMZN) and chip giant Intel Corporation (NASDAQ:INTC), recently came out with financial results for their respective quarters.
Amazon shares plunged to a nearly two-year low after swinging to a loss in the first quarter and offering a weak sales outlook for Q2. On the other hand, shares of Apple and Intel also turned red after the two companies projected slower growth for the current quarter amid production and capacity challenges.
The drop in the share prices of Amazon, Apple and Intel brought down the S&P 500 and Nasdaq Composite Indexes in the pre-market trading session on Thursday, April 29. At 8:46 AM ET, S&P 500 was down 0.69 percent, while the Nasdaq Composite Index was negative 0.94 percent.
Many other stocks, including the financial services giant Mastercard Incorporated (NYSE:MA) and media and technology Comcast Corporation (NASDAQ:CMCSA), also came into the limelight after releasing their earnings reports.
Companies Making Headlines Following Earnings Reports
11. Stryker Corporation (NYSE:SYK)
Number of Hedge Fund Holders: 39
Shares of Stryker Corporation (NYSE:SYK) closed higher on Thursday, April 28, 2022, after announcing better-than-expected financial results for the first quarter. The Michigan-based medical technology company reported adjusted earnings of $1.97 per share, beating the consensus of $1.95 per share.
Revenue for the quarter advanced 8.1 percent on a year-over-year basis to $4.3 billion, ahead of the consensus of $4.18 billion. Stryker Corporation (NYSE:SYK) also released its segment-wise sales results. Revenue from its MedSurg and Neurotechnology segment jumped 10.6 percent to $2.4 billion, while revenue from the Orthopaedics and Spine business increased 5.1 percent to $1.9 billion in the quarter.
Looking forward, Stryker Corporation (NYSE:SYK) expects its full-year adjusted earnings to come at the lower end of the previously announced outlook in the range of $9.60 – $10 per share.
Speaking on the results, CEO Kevin A. Lobo said:
“We delivered solid first quarter results in the face of a challenging macroeconomic environment. We are encouraged by the steady improvement of surgery volumes and the robust demand for our capital products; however, we expect supply chain challenges to persist for much of the year.”
10. KLA Corporation (NASDAQ:KLAC)
Number of Hedge Fund Holders: 39
Shares of KLA Corporation (NASDAQ:KLAC) marginally moved up in the extended hours on Thursday, April 28, 2022, after beating profit and sales expectations for its fiscal third quarter.
KLA Corporation (NASDAQ:KLAC) earned $5.13 per share on an adjusted basis, up from $3.85 per share in the year-ago period. Revenue came in at $2.29 billion, compared to $1.8 billion in the same quarter of the prior year. The results easily exceeded the consensus of $4.82 per share for earnings and $2.2 billion for revenue.
The California-based chip-equipment manufacturer also issued the financial outlook for its fiscal fourth quarter. KLA Corporation (NASDAQ:KLAC) guided for adjusted earnings in the range of $4.93 – $6.03 per share and revenue between $2.3 – $2.55 billion for the current quarter.
Like KLA Corporation (NASDAQ:KLAC), investors are also closely observing Apple Inc. (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN) and Intel Corporation (NASDAQ:INTC) following their earnings reports.
9. Gilead Sciences, Inc. (NASDAQ:GILD)
Number of Hedge Fund Holders: 54
Gilead Sciences, Inc. (NASDAQ:GILD) recently came into the spotlight after announcing its first-quarter profit and sales above expectations. The biopharmaceutical giant reported adjusted earnings of $2.12 per share, up from $2.04 per share in the comparable period of 2021.
Revenue rose 3 percent on a year-over-year basis to $6.6 billion. Analysts were expecting Gilead Sciences, Inc. (NASDAQ:GILD) to report earnings of $1.80 per share on revenue of $6.28 billion.
Looking at its segment-wise sales performance, HIV product sales inched up 2 percent to $3.7 billion, while HCV product sales plummeted 22 percent to $399 million in the quarter. In comparison, revenue from sales of its Covid-19 drug Veklury rose 5 percent to $1.5 billion.
On the downside, Gilead Sciences, Inc. (NASDAQ:GILD) slashed its earnings outlook for the full year. The company now anticipates earnings in the range of $3 – $3.50 per share, compared to its previous guidance between $4.70 – $5.20 per share.
8. McDonald’s Corporation (NYSE:MCD)
Number of Hedge Fund Holders: 57
Shares of McDonald’s Corporation (NYSE:MCD) rose nearly three percent on Thursday, April 28, 2022, after delivering better-than-expected financial results for the first quarter. The fast-food giant benefitted from price hikes and strong international sales.
McDonald’s Corporation (NYSE:MCD) reported adjusted earnings of $2.28 per share, exceeding estimates of $2.17 per share. Revenue for the quarter rose 11 percent versus last year to $5.67 billion, beating expectations of $5.59 billion.
Global comparable sales increased 11.8 percent, while U.S. comparable sales rose 3.5 percent in the quarter. Among other updates, McDonald’s Corporation (NYSE:MCD) reported that its digital systemwide sales surpassed $5 billion in the quarter.
Discussing the results, CEO Chris Kempczinski said in a statement:
“Our strong performance in the first quarter was underpinned by global comparable sales up nearly 12%, reflecting broad-based momentum across all segments. In most of our major markets, we sustained QSR traffic share gains by focusing on elevating our brand, accelerating digital channels and showcasing our core equities of chicken and beef.”
7. Eli Lilly and Company (NYSE:LLY)
Number of Hedge Fund Holders: 61
Eli Lilly and Company (NYSE:LLY) recently delivered upbeat profit and sales for the first quarter. As a result, its shares jumped over four percent on Thursday, April 28, 2022. The healthcare giant earned $2.62 per share on an adjusted basis, well above $1.61 per share in the first quarter of the prior year. Analysts were looking for earnings of $2.13 per share.
In addition, Eli Lilly and Company (NYSE:LLY) posted revenue of $7.8 billion, up 15 percent on a year-over-year basis and above expectations of $6.68 billion. Revenue from sales of coronavirus antibodies increased to $1.47 billion, from $810.1 million in the year-ago period.
Eli Lilly and Company (NYSE:LLY) also released its region-wise sales results. Its U.S. revenue climbed 31 percent versus last year to $5.17 billion, primarily driven by higher volume. In comparison, revenue outside the U.S. fell 8 percent to $2.64 billion, partly weighed down by unfavorable foreign exchange rates.
Like Eli Lilly and Company (NYSE:LLY), Apple Inc. (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN) and Intel Corporation (NASDAQ:INTC) also caught investors’ attention following their earnings reports.
6. DexCom, Inc. (NASDAQ:DXCM)
Number of Hedge Fund Holders: 71
Shares of DexCom, Inc. (NASDAQ:DXCM) dropped nearly four percent in the after-hours trading session on Thursday, April 28, 2022, after its first-quarter profit came in well below the consensus forecast.
DexCom, Inc. (NASDAQ:DXCM) reported adjusted earnings of 32 cents per share, significantly lower than analysts’ average estimate of 52 cents per share. On the bright side, revenue for the quarter jumped 25 percent on a year-over-year basis to $628.8 million and surpassed expectations of $623.36 million.
The maker of glucose monitoring systems also issued its sales outlook for 2022. DexCom, Inc. (NASDAQ:DXCM) expects to generate revenue in the range of $2.82 – 2.94 billion for the full year, representing a growth of 15 – 20 percent over last year.
Commenting on the results, CEO Kevin Sayer said:
“Dexcom is off to a great start in 2022, advancing a number of strategic initiatives that strengthen our foundation for long-term growth. We are very excited about our initial launch of G7 internationally and look forward to bringing this product to many more people globally over the course of the year.”
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Disclosure: None. 11 Companies Making Headlines Following Earnings Reports is originally published on Insider Monkey.
