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March 05, 2023
Broadcom, Shinhan Financial Group Co., Ltd., Costco and other stocks published their quarterly earnings. Here's what you need to know.
Markets were up Friday; S&P 500 closed the day at 4,045.64, having gained 1.61%. Nasdaq gained 1.97% and closed at 11,700.
Futu Holdings Limited & 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 | Retains upward momentum since 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 ending Thursday's session at $598.65, Broadcom went up to $635.73 Friday only to fall back and close at $632.76. Daily trading volume (4.45 million shares) increased, making up 213% of the 21-day average (2 million).
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 investment banking and insurance firm went up to $28.76, gaining 1.23%. The day's trading volume totalled 94,695 shares — slightly below the 21-day average of 131,602.
Costco: mixed results
The company reported mixed earnings results Thursday, with EPS at 3.3 and revenues at $54.44 billion. Since the release of its earnings report, Costco lost 0.71%.
After ending Thursday at $485.69, Costco declined to $465.36 Friday before closing at $475.26, thereby losing 2.15% in total. 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.
The US-Dutch search company went up to $63.93, gaining 9.45%. Daily trading volume (3.71 million shares) was higher than the current multiday average of 1.13 million.
