5 Stocks Moving on Quarterly Reports

In this article, we discuss the 5 stocks moving on quarterly reports. If you want to read our detailed analysis of these companies, go directly to the 10 Stocks Moving on Quarterly Reports. 

5. Dell Technologies Inc. (NYSE:DELL)

Number of Hedge Fund Holders: 59

Shares of Dell Technologies Inc. (NYSE:DELL) jumped over 12 percent in the pre-market trading session on Friday, May 27, 2022, after beating profit and sales expectations for its fiscal first quarter.

Dell Technologies Inc. (NYSE:DELL) reported adjusted earnings of $1.84 per share, crushing expectations of $1.39 per share. Revenue for the quarter climbed 16 percent on a year-over-year basis to $26.1 billion, beating estimates of $25.04 billion.

Dell Technologies Inc. (NYSE:DELL) also released its segment-wise sales results. Revenue from the client solutions group climbed 17 percent to $15.6 billion, helped by solid demand for PCs. In comparison, infrastructure solutions’ revenue jumped 16 percent to $9.3 billion in the quarter.

Speaking on the results, co-chief operating officer Chuck Whitten said:

“Our first quarter – with record Q1 revenue, operating income and diluted EPS – demonstrates the benefits of having a strong, geographically and sector-diverse business covering the edge to the core data center to the cloud.”

4. Costco Wholesale Corporation (NASDAQ:COST)

Number of Hedge Fund Holders: 61

Shares of Costco Wholesale Corporation (NASDAQ:COST) turned red in the pre-market trading session on Friday, May 27, 2022, despite announcing better-than-expected financial results for its fiscal third quarter.

Costco Wholesale Corporation (NASDAQ:COST) reported earnings of $3.04 per share, compared to $2.75 per share in the year-ago period. Revenue for the quarter increased to $52.6 billion, from $45.3 billion in the same period last year. Analysts were looking for earnings of $3.03 per share on revenue of $51.76 billion.

Among other updates, Costco Wholesale Corporation (NASDAQ:COST) confirmed that it has no plans to increase the price of its famous hot dog and soda combo deal, currently selling at $1.50. The company’s clarification came in response to rumors circulating on various social networks that it might increase the price of its hot dog and soda combo due to inflationary pressure.

3. Marvell Technology, Inc. (NASDAQ:MRVL)

Number of Hedge Fund Holders: 63

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) rose over four percent in the pre-market trading session on Friday, May 27, 2022, following an upbeat financial performance for its fiscal first quarter.

Marvell Technology, Inc. (NASDAQ:MRVL) earned 52 cents per share on an adjusted basis, just above the consensus of 51 cents per share. Revenue for the quarter skyrocketed 74 percent versus last year to $1.45 billion, exceeding the expectations of $1.43 billion.

For its fiscal second quarter, Marvell Technology, Inc. (NASDAQ:MRVL) guided for adjusted earnings of approx. 56 cents per share and revenue of about $1.515 billion.

Discussing the results, CEO Matt Murphy said in a statement:

“Revenue exceeded the midpoint of guidance, driven by higher-than-forecasted results from the datacenter end market. Our new product ramps and growth in content have been instrumental in driving strong revenue growth.”

2. Workday, Inc. (NASDAQ:WDAY)

Number of Hedge Fund Holders: 87

Shares of Workday, Inc. (NASDAQ:WDAY) plummeted to a nearly two-year low in the pre-market trading session on Friday, May 27, 2022, after missing profit expectations for its fiscal first quarter.

Workday, Inc. (NASDAQ:WDAY) reported adjusted earnings of 83 cents per share, down from 87 cents per share in the same period last year. The numbers were below analysts’ average estimate of 86 cents per share.

In addition, Workday, Inc. (NASDAQ:WDAY) posted revenue of $1.43 billion, up 22.1 percent on a year-over-year basis and in line with the expectations. Subscription revenue jumped 23 percent to $1.27 billion and represented nearly 89 percent of the total sales.

Looking forward, Workday, Inc. (NASDAQ:WDAY) now expects subscription revenue in the range of $5.54 – $5.56 billion for its fiscal 2023, compared to its earlier projection of $5.53 – $5.55 billion.

1. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 100

Shares of Alibaba Group Holding Limited (NYSE:BABA) jumped nearly 15 percent on Thursday, May 26, 2022, after the Chinese e-commerce giant surpassed profit and sales expectations for its fiscal fourth quarter.

Alibaba Group Holding Limited (NYSE:BABA) reported adjusted earnings of $1.25 per ADS, beating the consensus of $1.10. Revenue for the quarter advanced 9 percent versus last year to $32.19 billion, surpassing the expectations of $29.94 billion.

Alibaba Group Holding Limited (NYSE:BABA) also disclosed its segment-wise sales results. Revenue from the China commerce business increased 8 percent to $22.14 billion, international commerce revenue grew 7 percent to $2.26 billion, cloud revenue jumped 12 percent to $2.99 billion and local consumer services revenue climbed 29 percent to $1.65 billion in the quarter.

Among other updates, Alibaba Group Holding Limited (NYSE:BABA) reported that its annual active customers reached 1.31 billion at the end of the quarter. Moreover, the company said that it repurchased $2 billion worth of its common stock during the three months ended March 31, 2022.

Speaking on the results, CFO Toby Xu said:

“We delivered healthy results this quarter with revenue growth of 9% year-over-year. Total revenue for the fiscal year grew 19% year-over-year, despite a challenging macro environment. Our continued investments in strategic initiatives have generated promising growth momentum and improved operating efficiency.”

You can also take a peek at 10 Best Vanguard ETFs to Invest In and 10 Favorite Stocks of Dan Loeb’s Third Point.

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