Earnings Recap – 03/02/23

It’s another earnings-packed issue, so let’s quickly review some of the biggest after-hours movers. 👀

First up is the electric vehicle charging company ChargePoint Holdings. Its adjusted loss per share of $0.23 and revenues of $152.8 million missed the expected $0.19 per share loss and $165 million in revenues. The company blamed supply challenges for its miss and guided for first-quarter revenue of $122 to $132 million. $CHPT shares are down 13% on the news. ⚡

AI software company C3.ai reported an adjusted loss per share of $0.06 and revenues of $66.7 million. Both were above the consensus view of a $0.22 per share loss on $64.2 million in revenue. Executives issued upbeat guidance, citing tailwinds from improved business optimism and increased interest in applying AI solutions across a broad range of industries and applications.

As a result, they now expect fiscal fourth-quarter revenue of $70 to $72 million, above the $69.9 million analyst estimate. Lastly, the company says it remains on track to become “cash positive and non-GAAP profitable” by the end of fiscal 2024. $AI shares are up 17% on the news. 🤖

Lastly, cloud security provider Zscaler reported mixed results. The company’s revenue plus deferred revenue acquired during the quarter of $493.8 million beat the $491 million expected. Adjusted earnings per share of $0.37 also beat the $0.29 expected. Like other software companies, its customers are more hesitant to expand their purchases in the current environment, which delayed several large deals. 🌩ī¸

Given the current challenges, the company is cutting its global workforce by 3% (150 people) by the end of July. Executives expect full-year earnings of $1.52 to $1.53 per share and billings of $1.94 to $1.95 billion. While that was mainly in line with consensus expectations, the more cautious tone caught investors off guard. $ZS shares are down 11% on the news. đŸ”ģ

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A Trip Down Mall-mory Lane

Several retailers reported today, many of which have a significant mall presence. Let’s see how they fared and what they said about the U.S. consumer. đŸŦ

First up is Kohl’s, which reported an unexpected first-quarter profit. Profitability improved as freight costs declined, and the company became more pointed with its promotional activity after getting inventory levels back under control. That led to adjusted earnings per share of $0.13, beating the $0.42 loss expected. Revenue of $3.36 billion and comparable-store sales declines of 4.3% were essentially in line with expectations.

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Investors Can’t Contain Their Fears

With Bed Bath & Beyond riding off into the liquidation sunset, investors are turning their attention to other struggling retailers. And one of those is The Container Store, whose shares are approaching all-time lows again. đŸ˜Ŧ

The specialty retail chain reported adjusted earnings per share of $0.18, topping estimates by $0.02. However, revenues of $259.7 million fell short of the $265.72 million expected. 👎

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Two HPs Walk Into Earnings Season…

Let’s talk about old man Hewlett Packard’s two publicly-traded entities and their earnings from after the bell. 🔔

First, we’ll start with HP Inc, which trades under the ticker HPQ. This part of the company comprises three reportable segments: personal systems, printing, and corporate investments. It also retained the company’s original ticker and trading symbol upon the split in 2015. 🖖

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Investors Sell As They Sea Ltd. Upside

Singapore-based e-commerce and digital entertainment company Sea Ltd. reported weak results today, sending shares tumbling. 📉

The company’s adjusted earnings per share of $0.15 on revenues of $3.04 billion missed the $0.40 and $3.07 billion analysts expected.

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