International Business Machines Corporation (NYSE: IBM) this week reported mixed results for the first three months of fiscal 2024, with earnings beating and revenues missing analysts’ estimates. After spinning off its legacy business a few years ago, the tech firm has been focused on expanding the cloud business and its AI portfolio more recently. IBM’s stock suffered a big selloff soon after the earnings announcement, with the revenue miss and management’s cautious guidance weighing on investor sentiment. Particularly, there are concerns about the weakness in the company’s consulting busine ..read more

Shares of Snap Inc. (NYSE: SNAP) jumped 30% on Friday, a day after the company delivered strong results for the first quarter of 2024. Revenue and earnings increased year-over-year and surpassed market estimates. The social media platform benefited from growth in advertising revenue and daily active users. Here are four noteworthy points from the earnings report: Better-than-expected quarterly results Snap’s revenue in Q1 2024 increased 21% year-over-year to $1.19 billion and exceeded estimates. The top line growth was driven by improvements made to the company’s advertising platform and a ris ..read more

Ford Motor Company (NYSE: F) reported a modest increase in sales for the first quarter of 2024. Meanwhile, adjusted earnings of the car maker declined by double digits. March quarter revenue increased 3% year-over-year to $42.8 billion. The top line benefitted from strong growth in the Ford Pro division. Adjusted earnings declined 22% from last year to $0.49 per share during the three months. On an unadjusted basis, the company reported a net income of $1.33 billion, or $0.33 per share for Q1, compared to $1.8 billion, or $0.44 per share in, the corresponding quarter of 2023. “Cust ..read more

Motorcycle manufacturer Harley-Davidson (NYSE: HOG) Friday reported a decline in sales and net profit for the first quarter of 2024. Consolidated net income declined to $235 million or $1.72 per share in the March quarter from $304 million or $2.04 per share in the comparable period of last year. Hurting the bottom line, total revenues including the financial services division decreased 3% year-over-year to $1.72 billion during the three months. There was a 7% fall in motorcycle shipments units. Prior Performance The post HOG Earnings: Highlights of Harley-Davidson’s Q1 2024 operatin ..read more

Energy exploration company Chevron Corporation (NYSE: CVX) announced first-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation was $5.50 billion or $2.97 per share in the first quarter, compared to $6.57 billion or $3.46 per share last year. Adjusted profit decreased 17% year-over-year to $2.93 per share. Total revenues and other income were $48.72 billion in the March quarter, down 4% from $50.79 billion reported in the year-ago quarter. “We had another quarter of strong operational and financial performance and deli ..read more

Snap Inc. (NYSE: SNAP) reported revenues of $1.19 billion for the first quarter of 2024, up 21% year-over-year. Net loss was $305 million, or $0.19 per share, compared to $329 million, or $0.21 per share, in the prior year. Adjusted EPS more than doubled YoY to $0.03. Daily active users (DAUs) increased 10% YoY to 422 million. For the second quarter of 2024, the company expects revenue to grow 15-18% YoY to $1.22-1.25 billion. DAUs are expected to be approx. 431 million. Prior performance The post Snap (SNAP) Earnings: 1Q24 Key Numbers first appeared on AlphaStreet ..read more

Exxon Mobil Corporation (NYSE: XOM) reported first quarter 2024 earnings results today. Total revenues and other income were $83 billion compared to $86.5 billion in the same period last year. Net income attributable to ExxonMobil was $8.2 billion, or $2.06 per share, compared to $11.4 billion, or $2.79 per share, last year. Adjusted EPS was $2.06. The company declared a second-quarter dividend of $0.95 per share, payable on June 10, 2024, to shareholders of record of common stock as of May 15, 2024. Prior performance The post Infographic: How Exxon Mobil (XOM) performed in Q1 2024 first ap ..read more

Specialty biopharmaceutical company AbbVie, Inc. (NYSE: ABBV) Friday announced first-quarter 2024 financial results, reporting a decline in adjusted earnings and a modest rise in revenues. The company reported worldwide net revenues of $12.31 billion for the March quarter, up 1% from the corresponding period of 2023. Declines in Immunology and Aesthetics revenues were more than offset by growth in the other key segments. Net income, adjusted for special items, declined to $2.31 per share in Q1 from $2.46 per share in the year-ago quarter. On a reported basis, fourth-quarter profit was $1.37 b ..read more

Colgate-Palmolive Company (NYSE: CL) reported first quarter 2024 earnings results today. Net sales increased 6.2% year-over-year to $5.06 billion. Organic sales increased 9.8%. Net income attributable to Colgate-Palmolive Company was $683 million, or $0.83 per share, compared to $372 million, or $0.45 per share, last year. Base business EPS increased 18% to $0.86. Revenue and earnings beat estimates, sending the stock rising over 3% in premarket hours on Friday. For the full year of 2024, the company is raising its net sales growth guidance to 2-5% from the previous range of 1-4%. Organic sa ..read more

Microsoft Corp. (NASDAQ: MSFT) on Thursday said its third-quarter 2024 earnings increased year-over-year, reflecting strong performance by the tech giant’s main operating segments. Third-quarter revenues came in at $61.86 billion, compared to $52.86 billion in the same period of 2023. The top line benefitted from strong contributions from the cloud business segment. Net income increased to $21.9 billion or $2.94 per share in the March quarter from $18.3 billion or $2.45 per share in the comparable period of the previous year. Prior Performance The post Microsoft (MSFT) reports higher ..read more