5 Stocks Making Big Moves on Earnings Reports

In this article, we discuss the 5 stocks making big moves on earnings reports. If you want to read our detailed analysis of these companies, go directly to the 11 Stocks Making Big Moves on Earnings Reports.

5. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 75

Shares of QUALCOMM Incorporated (NASDAQ:QCOM) rose nearly seven percent in the pre-market trading session on Thursday, April 28, 2022, after delivering solid profit and sales for its fiscal second quarter.

QUALCOMM Incorporated (NASDAQ:QCOM) reported adjusted earnings of $3.21 per share, significantly higher than $1.90 per share in the comparable period of 2021. Revenue for the quarter soared 41 percent on a year-over-year basis to $11.16 billion. The results crushed analysts’ average estimate of $2.91 per share for earnings and $10.6 billion for revenue.

Moving forward, QUALCOMM Incorporated (NASDAQ:QCOM) guided for adjusted earnings in the range of $2.75 – $2.95 per share and revenue between $10.5 – $11.3 billion for its fiscal year 2022. This compares to the consensus of $2.59 per share for earnings and $9.98 billion for revenue.

Praising the latest performance, CEO Cristiano Amon said:

“We are pleased to announce another quarter of record revenues, reflecting the successful execution of our growth and diversification strategy and strong demand for our wireless and high-performance, low-power processor technologies across multiple industries.”

4. T-Mobile US, Inc. (NASDAQ:TMUS)

Number of Hedge Fund Holders: 86

Shares of T-Mobile US, Inc. (NASDAQ:TMUS) closed higher on Wednesday, April 27, 2022, after announcing better-than-expected financial results for the first quarter.

T-Mobile US, Inc. (NASDAQ:TMUS) reported earnings of 57 cents per share, topping estimates of 32 cents per share. Revenue for the quarter inched up nearly 2 percent to $20.12 billion, just ahead of the consensus of $20.11 billion. Service revenue for the quarter increased 7 percent to $15.1 billion.

Among other updates, T-Mobile US, Inc. (NASDAQ:TMUS) reported that it added a record 348 thousand postpaid net accounts in the quarter. Moreover, it added 1.3 million postpaid net customers, marking the highest first-quarter additions in nearly eight years.

Speaking on the results, CEO Mike Sievert said:

“T-Mobile continues to be the growth leader in this industry, with another beat and raise quarter that delivered front-of-the-pack postpaid, new account, and broadband customer results.”

3. ServiceNow, Inc. (NYSE:NOW)

Number of Hedge Fund Holders: 90

ServiceNow, Inc. (NYSE:NOW) recently delivered impressive profit and sales for the first quarter. The solid results sent ServiceNow shares up more than seven percent in the pre-market trading session on Thursday, April 28, 2022.

The California-based software company earned $1.73 per share, compared to $1.52 per share in the year-ago period. Revenue for the quarter climbed 29 percent versus last year to $1.75 billion. Analysts were expecting ServiceNow, Inc. (NYSE:NOW) to earn $1.70 per share on revenue of $1.7 billion.

Subscription revenue for the quarter jumped 26 percent to $1.631 billion and accounted for about 95 percent of the total sales. For the current quarter, ServiceNow, Inc. (NYSE:NOW) expects subscription revenue in the range of $1.670 ‑ $1.675 billion.

Commenting on the results, CFO Gina Mastantuono said:

“Q1 was another fantastic quarter of execution. NNACV (net new annual contract value) growth accelerated year‑over‑year, driving the fastest Q1 growth we’ve seen since 2018. While enterprises are navigating a complex macro environment, our ability to continue delivering strong results exemplifies the resiliency of our business and the mission‑critical nature of the Now Platform.”

2. PayPal Holdings, Inc. (NASDAQ:PYPL)

Number of Hedge Fund Holders: 110

Shares of PayPal Holdings, Inc. (NASDAQ:PYPL) turned green in the pre-market trading session on Thursday, April 28, 2022, after the online payments giant announced its first-quarter profit that matched analysts’ expectations.

PayPal Holdings, Inc. (NASDAQ:PYPL) reported adjusted earnings of 88 cents per share, down from $1.22 per share in the year-ago quarter. Revenue increased to $6.5 billion, from $6 billion in the comparable period of 2021. Analysts were looking for earnings of 88 cents per share on revenue of $6.4 billion.

Among other updates, PayPal Holdings, Inc. (NASDAQ:PYPL) reported that it added 2.4 million new active accounts during the first quarter. Moreover, its total payment volume, a key growth indicator, jumped 13 percent to $323 billion.

For the second quarter, PayPal Holdings, Inc. (NASDAQ:PYPL) guided for adjusted earnings of about 86 cents per share on revenue of approx. $6.8 billion. This compares to the consensus of $1.12 per share for earnings and $7.1 billion for revenue.

1. Meta Platforms, Inc. (NASDAQ:FB)

Number of Hedge Fund Holders: 224

Shares of Meta Platforms, Inc. (NASDAQ:FB) rallied over 15 percent in the pre-market trading session on Thursday, April 28, 2022, despite delivering mixed financial performance for the first quarter.

Meta Platforms, Inc. (NASDAQ:FB) reported earnings of $2.72 per share, beating expectations of $2.56 per share. Revenue for the quarter increased 7 percent on a year-over-year basis to $27.91 billion but fell short of analysts’ average estimates of $28.21 billion.

Meta Platforms, Inc. (NASDAQ:FB) reported that its family daily active people (DAP) increased 6 percent versus last year to 2.87 billion in the quarter, while family monthly active people (MAP) rose 6 percent to 3.64 billion.

The social network giant also released its sales outlook for the second quarter. Meta Platforms, Inc. (NASDAQ:FB) expects to generate revenue in the range of $28 – $30 billion for the current quarter, below the consensus of $30.6 billion.

Speaking on the results, CEO Mark Zuckerberg said:

“We made progress this quarter across a number of key company priorities and we remain confident in the long-term opportunities and growth that our product roadmap will unlock. More people use our services today than ever before, and I’m proud of how our products are serving people around the world.”

You can also take a peek at 10 GMO Stocks to Invest in Now and 10 Favorite Stocks of Dan Loeb’s Third Point.