Financialbuzz.com: Big Earnings Recap Week Ending April 26th, 2019

FinancialBuzz.com News Commentary

NEW YORK, April 26, 2019 /PRNewswire/ -- U.S. stocks were primarily focused on tech corporate earnings this week as Twitter started off the week strong after reporting better-than-expected results. Coca-Cola and United Technologies also reported stronger-than-expected earnings, causing the Dow Jones Industrial Average to gain 176.4 points or 0.6% intraday. The gains on Tuesday led the S&P 500 and Nasdaq Composite to finish in record territory for the first time since the fall and late summer. The S&P 500 was up 0.9%, while the Nasdaq Composite gained 1.3%. However, markets began to retreat leading into Wednesday after Boeing and AT&T missed their quarterly estimates. Additionally, a pullback in the energy sector also contributed to the decline in the broad market. Markets continued to fall further leading into Thursday, erasing the gains markets recorded earlier in the week. Despite the strong gains from Facebook and Microsoft, 3M's worse-than-expected results overshadowed the tech sector. 3M shares fell by as much as 13%, dragging the Dow Jones by 134.97 points or 0.51%. The S&P 500 Index closed on Thursday 1.08 points or 0.04% lower, while the Nasdaq Composite finished 16.67 points or 0.21% higher. Twitter, Inc. (NYSE: TWTR), Snap Inc. (NYSE: SNAP), Facebook, Inc. (NASDAQ: FB), 3M Company (NYSE: MMM), Amazon.com, Inc. (NASDAQ: AMZN)

Although most companies beat their quarterly estimates, expectations were already low. Furthermore, investors and analysts had higher expectations for companies' fiscal guidance, which most companies weren't able to meet, leading to the bearish market towards the end of the week. However, Instinet analysts believe the market is currently in a bullish trend. The market is in an uptrend with its bullish patterns intact, said Frank Cappelleri, a strategist at Instinet LLC, according to MarketWatch. "Over the last week not much has changed: The market continues to rally — little by little — taking a cue from positive market happenings and ignoring the negative headlines."

Twitter, Inc. (NYSE: TWTR) reported its first quarter financials before the market open on Tuesday. The social media giant reported better-than-expected results, causing shares to soar by 12.7%. For the quarter, Twitter reported earnings of USD 0.37 per share on revenues of USD 787 Million. Analysts projected earnings of USD 0.15 per share on revenues of USD 776.1 Million. Twitter reported that advertising revenue was USD 679 Million for the quarter, increasing 18% year-over-year. Total ad engagements increased by 23% while cost per engagement declined by 4%. Average monetizable daily active users (mDAU) were 134 million for the first quarter, up from 120 million the same period last year. Average U.S. mDAU were 28 million for the quarter, increasing from 26 million year-over-year. Average monthly active users were 330 million, which declined from 336 million the same period last year.

Snap Inc. (NYSE: SNAP) shares slipped on Wednesday morning after the Company released its quarterly financial results during Tuesday's after market hours. Snap surpassed earnings estimates, however, shares tumbled by 4.5%. For the first quarter, Snap reported an earnings loss of USD 10 cents per share on revenues of USD 320 Million. Analysts estimated earnings loss of USD 12 cents on revenues of USD 307 Million. The Company was, however, able to beat user estimates for the quarter, signaling that Snap's user base is growing again. Snap reported global daily active users of 190 million compared to estimates of 187.22 million. Snap had 191 million users in the first quarter in 2018, gaining four million users quarter-over-quarter. Snap shares continued to slide on Thursday, as shares edged lower by 6%.

Facebook, Inc. (NASDAQ: FB) reported its first quarter financial results after the market close on Wednesday. The social media giant narrowly surpassed analysts' estimates, which sent shares higher by as much as 9%. For the first quarter, Facebook reported earnings of USD 0.85 per share on revenue of USD 15.08 Billion. Analysts expected revenue of USD 14.98 Billion. Earnings cannot be compared to estimates because of USD 3.0 Billion to USD 5.0 Billion charge Facebook may face due to an inquiry with the Federal Trade Commission. Daily active users grew by 8% year-over-year to 1.56 billion during the first quarter. Meanwhile, monthly active users grew by 8% as well to 2.38 billion. Facebook's daily active user count fell in-line with estimates while its monthly active user base beat estimates of 2.37 billion.

3M Company (NYSE: MMM) reported its first quarter financial results before the market open on Thursday. The Company missed its quarterly estimates for both revenue and earnings, which sent shares plunging by 10%. For the quarter, 3M reported earnings of USD 2.23 per share on revenues of USD 7.86 Billion. Analysts expected earnings of USD 2.49 per share on revenues of USD 8.02 Billion. Earnings were heavily impacted due to a litigation charge of approximately USD 548 Million, or 72 cents per share. Due to the litigation charge, 3M faced declines in both earnings and revenue, as they fell by 5% and 10.8%, respectively. As a result of the weaker-than-expected quarter, 3M now expects a slowdown for fiscal 2019. 3M also expects to reduce its workforce by 2,000 positions worldwide. For the rest of 2019, 3M forecasts adjusted earnings, excluding the litigation-related charges, to be in the range of USD 9.25 to USD 9.75 per share compared to its prior guidance of USD 10.45 to USD 10.90 per share.

Amazon.com, Inc. (NASDAQ: AMZN) reported its first quarter financial results after the market close on Thursday. The e-commerce giant smashed earnings estimates, however, revenue fell in-line with estimates, causing shares to rise by 1.51% during extended trading hours. For the first quarter, Amazon reported earnings of USD 7.09 per share on revenues of USD 59.7 Billion. Analysts expected earnings of USD 4.72 per share on revenues of USD 59.7 Billion. Amazon reported that revenue grew by 17% year-over-year, primarily led by the 17% increase in North American revenue. International revenues declined by 9%. Amazon Web Services revenue was USD 7.7 Billion for the quarter, falling in-line with estimates.

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