Before markets opened on Monday, SoFi Technologies beat the consensus estimate for its second-quarter per-share loss by a penny and beat the consensus revenue estimate by about 3.2%. Revenue was up more than 37% year over year, and the company raised guidance for fiscal 2023 revenue and adjusted EBITDA. Shares traded up about 17% early in Monday’s regular session.
ON Semiconductor beat estimates for both earnings per share (EPS) and revenue. The stock traded up 4.4% early Monday.
BP, Caterpillar, Enterprise Products, Diamondback Energy and Pfizer are expected to report quarterly results after markets close Monday or before they open on Tuesday.
Here is a preview of what to expect from five companies reporting results after Tuesday’s closing bell.
AMD
Since the beginning of the year, shares of chipmaker Advanced Micro Devices Inc. (NASDAQ: AMD) have jumped by almost 75%. Over the past 12 months, the shares have added 23%, indicating just how far the chipmaker’s stock had tumbled in 2022.
AMD’s share price increase reflects its position as a challenger to Nvidia in the AI market. In the data center market, AMD has continued to boost revenue, while the market for personal computers has been a drag. The positive impact of the Xilinx acquisition is also expected to boost AMD’s second-quarter results. Overall, though, analysts have lowered the bar for AMD, so anything short of a solid beat on EPS and revenue is likely to get punished.
Of 45 analysts covering AMD, 29 have rated the stock a Buy or Strong Buy. The other 16 have Hold ratings. At a recent price of around $113.00 a share, the upside potential to a median price target of $137.50 is 21.7%. At the high price target of $200.00, the upside potential is 77%.
Consensus estimates call for second-quarter revenue of $5.32 billion, which would be down 0.5% sequentially and by 18.8% year over year. Estimated adjusted EPS of $0.57 would be 4.3% lower sequentially and by 45.7% year over year. For the full 2023 fiscal year, analysts’ consensus estimates call for EPS of $2.87, down 18.1%, on revenue of $23.02 billion, down 2.5%.
AMD stock trades at 39.4 times expected 2023 EPS, 26.4 times estimated 2024 earnings of $4.27 and 21.1 times estimated 2025 earnings of $5.34 per share. Its 52-week trading range is $54.57 to $132.83. AMD does not pay a dividend, and total shareholder return over the past year is 23.22%.
Devon Energy
Devon Energy Inc. (NYSE: DVN) is among the country’s 10 largest independent producers of oil and natural gas. It has seen its share price drop by 12.2% over the past 12 months, including a decline of almost 18% in the past six months. Falling commodity prices have certainly hurt, but a bigger threat is a possible lowering of Devon’s massive dividend yield.
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