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After a slight close in the red during regular-day trading Wednesday, fresh earnings reports hit the tape. Unfortunately, for the most part these sent late-day trading into selloff territory, as well. If earnings beats were still maintained, weaker guidance was often the culprit:
Zacks Rank #3 (Hold)-based Tesla (TSLA - Free Report) outperformed expectations in its Q1 earnings report released after the closing bell Wednesday. A loss on the bottom line of $3.35 per share was slightly better than the -$3.37 expected (though still down 150% year over year). Quarterly sales of $3.41 billion blew past the $3.17 billion in the Zacks consensus. Company stock had been trading down $10 per share year over year, and after-market trading is taking TSLA up around 1.5%.
Tesla reported Q1 cash liquidity at $2.7 billion, better than many analysts had expected. Capital expenditures of $3 billion wound up lower than the $3.1 billion. Both of these numbers indicate that Tesla has gotten a handle, somewhat, on its cash burn. This is especially important based on the company's past history, as well as its ramp-up of Model 3 cars to market. Tesla delivered 2270 Model 3s a week during three weeks in April, with an eye on delivering 5K Model 3s per week in the next couple months.
The question is, will Tesla raise cash again to accomplish this? Many analysts think so, and it would appear this will be a main focus on the company's conference call coming up -- and with CEO Elon Musk, these are usually pretty entertaining. For more on TSLA's earnings, click here.
Music streaming service Spotify Tech (SPOT - Free Report) reported its initial earnings report after the closing bell, posting in-line Monthly Active Users (MAU) to 170 million, with 75 premium (subscription-based) users. Guidance for Q2 MAU is between 175-180 million, though analyst consensus had been 179 million. Earnings of -1.01 euros per share on EUR 1.14 billion. SPOT stocks are selling off in late trading, initially -7% and falling from there... For more on SPOT's earnings, click here.
Square Inc. (SQ - Free Report) shares are also down in Wednesday's after-market after beating earnings estimates by a penny to 6 cents per share. Gross payment volume in Q1 reached $17.8 billion, up year over year but slipping sequentially. Guidance for Q2 was a little disappointing, as well: earnings of 9-11 cents per share on $355-360 million in quarterly revenues did not inspire late traders. For more on SQ's earnings, click here.
Also, Fitbit (FITB - Free Report) disappointed investors in the after hours. The company did beat on top- and bottom-lines -- -17 cents per share on $248 million outpaced the -19 cents and $247 million, respectively -- but guidance was down for Fitbit sales in Q2; in fact the high end of guidance was still below analyst consensus. Shares tumbled double-digits upon the quarterly release. For more on FITB's earnings, click here.
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Image: Bigstock
Tech-Heavy Q1 Earnings Challenge After-Market: TSLA, SPOT, SQ, FITB
After a slight close in the red during regular-day trading Wednesday, fresh earnings reports hit the tape. Unfortunately, for the most part these sent late-day trading into selloff territory, as well. If earnings beats were still maintained, weaker guidance was often the culprit:
Zacks Rank #3 (Hold)-based Tesla (TSLA - Free Report) outperformed expectations in its Q1 earnings report released after the closing bell Wednesday. A loss on the bottom line of $3.35 per share was slightly better than the -$3.37 expected (though still down 150% year over year). Quarterly sales of $3.41 billion blew past the $3.17 billion in the Zacks consensus. Company stock had been trading down $10 per share year over year, and after-market trading is taking TSLA up around 1.5%.
Tesla reported Q1 cash liquidity at $2.7 billion, better than many analysts had expected. Capital expenditures of $3 billion wound up lower than the $3.1 billion. Both of these numbers indicate that Tesla has gotten a handle, somewhat, on its cash burn. This is especially important based on the company's past history, as well as its ramp-up of Model 3 cars to market. Tesla delivered 2270 Model 3s a week during three weeks in April, with an eye on delivering 5K Model 3s per week in the next couple months.
The question is, will Tesla raise cash again to accomplish this? Many analysts think so, and it would appear this will be a main focus on the company's conference call coming up -- and with CEO Elon Musk, these are usually pretty entertaining. For more on TSLA's earnings, click here.
Music streaming service Spotify Tech (SPOT - Free Report) reported its initial earnings report after the closing bell, posting in-line Monthly Active Users (MAU) to 170 million, with 75 premium (subscription-based) users. Guidance for Q2 MAU is between 175-180 million, though analyst consensus had been 179 million. Earnings of -1.01 euros per share on EUR 1.14 billion. SPOT stocks are selling off in late trading, initially -7% and falling from there... For more on SPOT's earnings, click here.
Square Inc. (SQ - Free Report) shares are also down in Wednesday's after-market after beating earnings estimates by a penny to 6 cents per share. Gross payment volume in Q1 reached $17.8 billion, up year over year but slipping sequentially. Guidance for Q2 was a little disappointing, as well: earnings of 9-11 cents per share on $355-360 million in quarterly revenues did not inspire late traders. For more on SQ's earnings, click here.
Also, Fitbit (FITB - Free Report) disappointed investors in the after hours. The company did beat on top- and bottom-lines -- -17 cents per share on $248 million outpaced the -19 cents and $247 million, respectively -- but guidance was down for Fitbit sales in Q2; in fact the high end of guidance was still below analyst consensus. Shares tumbled double-digits upon the quarterly release. For more on FITB's earnings, click here.
Looking for Stocks with Skyrocketing Upside
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>