Before the bell, have a look at the businesses making news:
Beyond Meat – As Beyond Meat reported a smaller-than-expected loss in its fourth quarter, despite having more than 20% lower sales, the company’s shares increased 12%. Refinitiv estimates that the meat substitute company lost $1.05 per share, which is less than the $1.18 that were actually reported. More than the $75.7 million anticipated, it reported revenue of $79.9 million.
Block — Early morning trading saw a more than 6% increase in shares of the market leader in payments as it revealed better-than-anticipated fourth-quarter revenue and substantial growth in gross profit.
Carvana — The retailer of used cars fell 5.8% after reporting a fourth-quarter loss of $7.61 per share, which was more than the anticipated loss of $2.28 per share, according Refinitiv’s consensus expectations. In comparison to the fourth quarter of 2021, revenue decreased by 24% to $2.84 billion, undershooting analysts’ forecasts of $3.1 billion.
Sweetgreen — According to Refinitiv, shares of the salad chain fell almost 10% after Sweetgreen provided revenue outlook for the first quarter and the whole year that was less optimistic than anticipated. Revenue for the fourth quarter also fell short. The company suffered from higher menu pricing, fewer transactions, and shortages of romaine, arugula, and tomatoes.
Shares of Adobe dropped more than 3% after a Bloomberg article, which cited an unnamed source, said that the U.S. Justice Department intended to file a lawsuit to thwart the company’s $20 billion acquisition of the startup Figma.
MercadoLibre – As the South American e-commerce company announced fourth-quarter earnings of $3.25 per share on revenue of $3 billion, MercadoLibre saw a 5% increase. According to FactSet’s survey of analysts, earnings per share would be $2.42, and revenue would total $2.96 billion.
— Boeing As the business said that it has temporarily stopped deliveries of its 787 Dreamliners so it may do extra investigation on a fuselage component, shares of the industrial behemoth fell more than 2% in premarket trading. The aircraft, which are frequently utilized for lengthy international flights, have a number of problems and have for a while.
EOG Resources – According to FactSet, EOG Resources fell 3.6% after the energy company disclosed fourth-quarter earnings that fell short of analysts’ forecasts, excluding items. However, the corporation outperformed in terms of sales.
Warner Bros. Discovery – The stock dropped 4% after the company reported underwhelming earnings for its most recent quarter. With $11.01 billion in revenue, the media and entertainment behemoth posted a loss of 86 cents per share. Refinitiv’s survey of analysts predicted a loss of 21 cents per share on $11.36 billion in revenue.
— Autodesk After Autodesk provided dovish earnings guidance for the first quarter, shares fell more than 4%. Refinitiv reports that, aside from that, the software company’s top and bottom lines outperformed forecasts for the fourth quarter.
Source (CNBC)
