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April 26, 2023
F5 Networks Inc, ManpowerGroup Inc., Seagate Technology PLC and other stocks published their quarterly earnings. Here's what you need to know.
Leading equity indices in the US declined as after dropping 1.58%, S&P 500 closed at 4,071.63. Nasdaq slipped 1.98% and closed at 11,800.
Landstar System, Inc. and Rogers Communications Inc. have released their earnings reports with Logitech International S.A. & Ceragon Networks Ltd. are set to publish their respective reports as scheduled.
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 down, stocks have released their quarterly earnings reports. Have a look at this rundown.
F5 Networks | Retains downward momentum since earnings report Monday
The company reported earnings of 1.34 per share Monday, falling short of expectations of 2.42. Revenue was also lower than expected at $7.58 million versus $699 million. Since the release of its earnings report, F5 Networks Inc lost 2.78%
Pronounced bearish sentiment in the market pushed the US tech company into a notable 2.5% slide yesterday, falling $3.34 and ultimately closing at $130.29. Daily trading volume (703,314 shares) increased, making up 104% of the 21-day average (676,329).
ManpowerGroup: mixed results
ManpowerGroup reported ambiguous earnings results Thursday, with revenue at $4.75 billion, compared to a consensus of $4.81 billion. Since the release of its earnings report, ManpowerGroup lost 5.79%.
After closing at $74.49 on Monday, ManpowerGroup maintained a strong bullish bias that helped the stock close higher at $74.9 yesterday. However, market bears ensured the the workforce solutions provider topped out at $75.2 and that by the end of the session, the market had marked out a distinct $73.43 to $75.2 range.
The workforce solutions provider has shed 15.21% over the past three months. Currently, the prominent US employment agency has a market capitalization of $3.80 billion with an average daily trading volume of 317,625 shares.
The data storage spearhead has recovered almost all of its session losses after dipping down to $55.97 yesterday. Yesterday's trading volume was 2.39 million shares which is slightly under the 21-day average of 2.60 million.
Fifth Third Bancorp | Retains downward momentum since earnings report Thursday
The company reported earnings of 0.69 per share and revenue at $2.21 billion. Since the release of its earnings report Thursday, Fifth Third Bancorp lost 8.42%.
Early in yesterday's session, Fifth Third Bancorp dropped to $25.52 from $27.06 at the end of Monday, before closing at $25.66. During the session, it lost 5.17%.
The US bank holding company has shed 27.69% over the past three months. So far this year, it has been doing worse than the Nasdaq by 34.22%. The company's market cap currently stands at $17.46 billion with an average daily volume of 7.42 million shares.
