Stock Market Earnings Highlights : Major firms reported quarterly results, causing stock market swings. Affirm Holdings and Ulta Beauty rose after excellent profits, but Nordstrom and Marvell Tech fell.
Affirm Holdings shares rose 10.8% after its quarterly performance exceeded expectations. The company lost 69 cents per share on $446 million in revenue, better than Refinitiv’s expected 85 cents per share on $406 million. The CEO highlighted the brand’s sequential credit improvement and growth acceleration.
Ulta Beauty’s second-quarter results beat market expectations, sending shares up over 2%. The beauty retailer earned $6.02 per share on $2.51 billion in revenue. This beat Refinitiv’s $5.85 per share forecast on equal revenue. The corporation raised its annual forecast.
Workday shares rose 4% after surpassing market estimates in Q2 revenue and profitability. Investor sentiment improved as the company raised its fiscal 2024 subscription revenue forecast.
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Mixed Results Affect Other Stocks – Nordstrom: Despite beating Q2 earnings and revenue, shares fell roughly 4%. Sales fell 8.3% year-over-year. Gap shares rose 2% despite a mixed quarterly report. The retailer’s adjusted 34 cents per share beat Refinitiv’s 9-cent projection. However, revenue was $3.55 billion, below the $3.57 million expectation. Gap’s management noted their improved inventory position but predicted a Q3 revenue reduction.
Even though Marvell Tech surpassed Wall Street’s projections, its shares fell more than 5%. Analysts predicted 33 cents per share, but earnings were 33 cents. Revenue was $1.34 billion, somewhat more than expected.
Shares fell over 2% despite fiscal fourth-quarter earnings that exceeded revenue and profit projections. The dampener was Intuit’s current quarter sales outlook, which trailed analyst predictions. They expect 10%-11% growth, whereas the market expects 13%.
The stock market has been pulsating during earnings season, with some companies riding high and others struggling. Investors and analysts will closely monitor the market’s reaction to these quarterly earnings and companies’ future strategies.
