It was another big earnings day, so we’re here to recap some of the biggest movers.
First up is Wynn Resorts, which reported a wider-than-expected loss but beat on revenues. Its loss of $1.23 per share was $0.06 larger than estimates, while revenues of $1 billion beat the $940 million expected. The company has been awarded a new 10-year gaming concession in Macau, where it believes its well-positioned for growth. $WYNN shares were up around 5% on the news. 🎰
Its competitor, MGM Resorts International, reported yesterday after the bell. Its earnings per share of $0.69 beat the $1.60 loss expected, and revenues of $4.56 billion beat estimates by 7%. Meanwhile, shares of Entain PLC fell 13% on news that MGM is abandoning its pursuit of a potential deal with the British gambling firm. $MGM shares rallied roughly 7% today. ♥️
Swiss bank Credit Suisse posted a massive annual loss of 7.3 billion Swiss francs. Executives expect another substantial full-year loss in 2023 as it continues its restructuring efforts before returning to profitability in 2024. Its CEO said that 2022 was a crucial year for the bank and that it’s been “executing at pace” to create a simpler, more focused bank. $CS shares were down 15% on the day. 🏦
IT service management company Cloudflare reported better-than-expected results. Its earnings per share of $0.06 beat by $0.01, and revenues of $274.7 million beat by $600,000. The company’s guidance for full-year 2023 also topped estimates. It now expects earnings per share of $0.15-$0.16 and revenue of $1.33-$1.34 billion. $NET shares were up 10% after hours. 🌤️
Toymaker Mattel’s shareholders were not playing around after its holiday quarter failed to deliver. Adjusted earnings per share of $0.18 missed the $0.29 expected. Meanwhile, revenues of $1.40 billion beat the $1.68 billion expected. Despite a strong outlook at the beginning of last year, the company underperformed its own full-year outlook. Now, heading into 2023, it expects continued sales declines in the first half of the year as retailers reduce inventory levels further. The macroeconomic environment is expected to remain a challenge. $MAT shares fell nearly 11% today. 🧸