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March 04, 2023
Broadcom, Shinhan Financial Group Co., Ltd., Costco and other stocks have published their quarterly earnings.
Markets closed higher yesterday; S&P 500 ended the session at 4,045.64 after a 1.61% gain. Nasdaq gained 1.97% and closed at 11,700.
Futu Holdings Limited and Oracle due to release their earnings reports within the following week.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. Usually, these reports are released four times a year (quarterly reports) and have a significant impact on the market. These announcements are typically taken into consideration when making predictions.
Markets were up and stocks have released their quarterly earnings reports. Have a look.
Broadcom | Extends $39.19 since strong earnings report Thursday
Broadcom released its quarterly earnings report Thursday, beating analysts estimates. The company reported earnings of 9.83 per share on revenue of $8.91 billion, topping estimates of 9.38 per share on revenue of $8.90 billion. Since the release of its earnings report, Broadcom gained 6.6%.
After closing yesterday at $632.76, the semiconductors company peaked at $635.73 before giving up early gains and closing at $632.76.
The semiconductors company has managed to gain 15.26% so far this year despite trading at lows around $427.1 previously. So far this year, it has been outperforming the Nasdaq by 3.9%. The company has a market cap of $263.81 billion with an average daily trading volume of 2 million shares.
Shinhan Financial | Retains downward momentum since earnings report Thursday
The company reported earnings of 0.68 per share and revenue at $4.92 trillion. Since the release of its earnings report Thursday, Shinhan Financial lost 3.3%.
The Korean fintech company went up to $28.76, gaining 1.23%. Trading volume totalled 94,695 which equates to around 72% of the stock's 21-day average yesterday.
Costco: mixed results
Costco reported earnings results Thursday; with EPS at 3.3, these results are ambiguous when compared to a consensus of 3.2 Earnings Per Share. Since the release of its earnings report, Costco lost 0.71%.
After ending Thursday at $485.69, Costco dropped to $465.36 early in yesterday's session and closed at $475.26. In total, it lost 2.15%. Daily trading volume (5.21 million shares) increased, making up 281% of the 21-day average (1.85 million).
Elastic: EPS of -0.39, Revenue of $274.57 million
Elastic trades at $63.93 after the company released its quarterly results.
An influx of buyers helped the US-Dutch search company to end the session higher around $63.93, while establishing a $61.47 to $67 session range yesterday. Daily trading volume (3.71 million shares) increased, making up 327% of the 21-day average (1.13 million).
ChargePoint Holdings: mixed results
ChargePoint Holdings reported earnings results Thursday, with EPS at -0.19 and revenues at $152.83 million; these results are mixed when compared to a consensus of -0.22 Earnings Per Share and $164.85 million revenue. Since the release of its earnings report, ChargePoint Holdings gained 0%.
An influx of sellers pushed the EV infrastructure company to end the session lower around $11.08, while establishing a $9.92 to $11.44 session range yesterday. Daily trading volume (22.75 million shares) was above the current multiday average of 9.51 million.
