In early regular-session trading on Friday, the Dow Jones industrials were down 0.14%, the S&P 500 down 0.07% and the Nasdaq 0.31% lower.
After U.S. markets closed on Thursday, Amazon reported better-than-expected earnings per share (EPS) and revenue. Comments from CFO Brian Olsavsky related to slower growth and lower profitability in the company’s AWS cloud business brought an after-hours surge of around 12% to a screeching halt. Shares traded down about 3.5% Friday morning.
First Solar missed consensus estimates on both the top and bottom lines. Revenue rose by nearly 50% year over year but came in about 24% below forecast growth. Shares traded down 12%.
Intel beat estimates on the top and bottom lines despite a year-over-year drop of 36% in revenue. The company expects to see margin improvement in the second half of the year. Shares traded up 7.3% Friday morning.
T-Mobile reported mixed results, beating the EPS estimate but missing on revenue. The company forecast higher 2023 growth in postpaid subscribers than its previous estimate and a 9% jump in adjusted EBITDA. Shares traded down 3.2%.
U.S. Steel solidly beat both top-line and bottom-line estimates. Shares traded down 2.8% Friday morning.
Before markets opened on Friday, Chevron reported that EPS and revenue for its first quarter came in above analysts’ consensus. Oil production was down 3% in the quarter, and capital spending rose 55%. Free cash flow fell by more than 30% year over year, largely due to the increase in capex. Shares traded down 0.4% early Friday.
Exxon Mobil had mixed results in the first quarter, beating the EPS estimate and missing on revenue. Net profit rose to an all-time (140-year) high of $11.4 billion. CFO Kathy Mikells attributed the positive surprise to a 40% combined increase in production from the Permian Basin and offshore Guyana. Shares traded up 1.9%.
Norwegian Cruise Line, ON Semiconductor and SoFi Technologies are on deck to report quarterly earnings before U.S. markets open on Monday.
Here are previews of three companies set to report results late on Monday.
MGM Resorts
Resort and casino operator MGM Resorts International (NYSE: MGM) has seen its share price increase by about 7.6% over the past 12 months. From a recent low in late December, the stock added about 40% before dipping trade about sideways with a gain of 33%.
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