IBM reported earnings significantly below Wall Street's expectations, with its stock tanking 25% after a preliminary warning from CEO Arvind Krishna. The 115-year-old company's mainframe business saw a 42% decline, as customers diverted budgets to other hardware due to rising component costs driven by the AI boom.
Tesla reported Q2 earnings with profits of 31 cents per share, below Wall Street's 51-cent prediction, causing its stock to dip. Despite exceeding revenue expectations and auto sales, the company faces competition and subsidy ends, pivoting focus to AI, robotics, and autonomous driving projects like Optimus and Robotaxi.
TSMC, the world's largest contract chipmaker, reported record quarterly profits and raised its revenue outlook, driven by robust demand for AI chips. The Taiwan-based company also announced an additional $100 billion investment to expand its advanced chip manufacturing capacity in the US.
Lowe's reported first-quarter earnings and revenue that surpassed Wall Street expectations and maintained its full-year financial guidance. The company saw a 0.6% increase in comparable sales, boosted by online growth and strength in appliances and home services.
Exxon Mobil and Chevron reported Q1 profit declines of 46% and 37% respectively, despite oil prices reaching levels unseen since 2022. Exxon's earnings fell to $4.2B from $7.7B, while Chevron dropped to $2.2B from $3.5B. Both companies cited timing effects and Middle East supply disruptions, with Exxon saying excluding these effects it would have reported $8.8B profit. Both beat Wall Street expectations.
Company details $111.2bn in revenue in first earnings report after announcement of Cook’s pending departureApple blew past Wall Street expectations in its first earnings report since it announced CEO Tim Cook would be stepping down.Cook shared his thoughts about the leadership transition on Thursday, saying: “There’s no one on this planet I trust more to lead Apple into the future” than incoming CEO John Ternus. Asked by an investor what advice he has given Ternus, Cook said: “Never forget the north star for the company. You know, we’re about making the best products in the world that really enrich other people’s lives.” Continue reading...
Reddit reported Q1 EPS of $1.01 vs. 58 cents expected, with revenue of $663 million vs. $611 million expected, jumping 69% YoY. Net income soared to $204 million from $26 million a year ago. Daily active unique users rose 17% to 126.8 million, beating estimates. The company issued optimistic Q2 guidance of $715-$725 million in sales. Stock jumped 6% in extended trading.
Four of the Magnificent Seven tech stocks reported quarterly results, with Amazon, Alphabet and Microsoft beating expectations thanks to double-digit cloud computing growth driven by AI adoption. Meta missed expectations and saw its stock fall 5% after announcing increased capital expenditures. The companies plan to spend $650bn collectively on AI infrastructure in 2026, while over 92,000 tech workers have been laid off globally this year as AI replaces human labor.
Carvana reported record Q1 results that exceeded Wall Street expectations, with EPS of $1.69 versus $1.43 expected and revenue of $6.43 billion versus $6.08 billion expected. The online used car retailer posted adjusted EBITDA of $672 million and net income of $405 million, up from $373 million a year earlier. Retail sales reached 187,393 units, a 40% increase year-over-year. Shares jumped as much as 10% in extended trading. The company expects sequential increases in Q2 for both retail units sold and adjusted EBITDA.
