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May 29, 2023
Workday Inc, Ralph Lauren Corp, Medtronic and other stocks published their quarterly earnings, check out this rundown of reports and how they turned out.
Markets were up Friday; Nasdaq ended the session at 12,976 after a 2.19% gain. S&P 500 closed the day at 4,205.45, having gained 1.3%.
Aurora Cannabis Inc. & Nano Dimension Ltd. have released their earnings reports; Coupa Software Incorporated and Science Applications International Corporation will publish their respective reports in due course.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. These reports are typically announced once a quarter, and their timing is considered when making predictions about the market due to the large impact they have on it.
Markets were up and stocks have released their quarterly earnings reports. Have a look.
Workday: mixed results
Workday Inc reported earnings results Thursday, with EPS at -0.17 and revenues at $1.68 billion; these results are mixed when compared to a consensus of 1.12 Earnings Per Share and $1.67 billion revenue. Since the release of its earnings report, Workday Inc gained 10.13%.
Having closed Thursday at $196.41, bullish sentiment helped Workday to reach highs around $218.88 before paring gains and ending Friday at $216.07. Daily trading volume (6.62 million shares) was above the current multiday average of 2.16 million.
Ralph Lauren | Retains upward momentum since earnings report Thursday
Ralph Lauren was down, even though its quarterly earnings released on Thursday beat the analysts’ estimates. The reported earnings of 0.9 per share on revenue of $1.54 billion, topping estimates of 0.61 per share on revenue of $1.47 billion.
An influx of sellers pushed the luxury fashion brand to session lows around $111.93 while establishing a $111.93 to $114.55 session range Friday.
Ralph Lauren hit a significant low of $83.96 around 8 months ago, but has since recovered 35.78%. So far this year, it has been doing worse than the S&P by 5.55%. The company has a market cap of $7.44 billion with an average daily volume of 968,759 shares.
Medtronic: mixed results
The company reported mixed earnings results Thursday, with EPS at 1.52 and revenues at $8.54 billion. Since the release of its earnings report, Medtronic lost 6.89%.
Early in Friday's session, Medtronic dropped to $81 from $83.54 at the end of Thursday, before closing at $81.46. During the session, it lost 2.49%. Daily trading volume (8.42 million shares) increased, making up 151% of the 21-day average (5.59 million).
Marvell Technology Group | Extends $19.53 since strong earnings report Thursday
Marvell Technology Group released its quarterly earnings report Thursday, beating analysts estimates. The company reported earnings of 0.37 per share on revenue of $1.32 billion, topping estimates of 0.29 per share on revenue of $1.30 billion. Since the release of its earnings report, Marvell Technology Group gained 42.47%.
The integrated circuits design company topped out at $65.75 having ended Friday at $65.51. However, despite early momentum, the stock gave up its gains to now trade at $65.51.
Approximately 3 days ago, the integrated circuits developer reached a significant high of $65.51 but has struggled to hold onto its gains and declined 24.48% since then. So far this year, it has been beating the Nasdaq by 127.58%. The integrated circuits developer's market cap currently stands at $56.28 billion with an average daily trading volume of 16.74 million shares.
