Technology

On Semiconductor (NASDAQ:ON) generated $8.3 billion in 2022, up 24% year-over-year

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On Semiconductor (NASDAQ:ON) announced its Q4 and full-year 2022 results, with Q4 revenue of $2,103.6 million, up 14% year-over-year; Gross margin for the fourth quarter was 48.5%, up 343 basis points year-over-year, and non-GAAP gross margin was 48.4%, up 321 basis points year-over-year. Full-year fiscal 2022 revenue was $8.3 billion, up 24% year-over-year. In addition, On Semiconductor announced that its Board of Directors has approved a new share repurchase program authorizing the repurchase of up to $3 billion of the Company’s common stock through December 31, 2025.

On Semiconductor (NASDAQ:ON) generated $8.3 billion in 2022, up 24% year-over-year Read Post »

Bank of America: Raised Apple’s (NASDAQ:AAPL) price target to $158 with neutral rating

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Bank of America Securities issued a rating report saying that it is still concerned about the following points, including Apple’s (NASDAQ:AAPL) total revenue is lower than the bank and market expectations; We believe that there is no catalyst to drive the increase in demand; Weak end-market demand as customer confidence remains sluggish; iPad and Mac face tough year-over-year comparisons; and share buybacks lower than in previous quarters. The bank pointed out that even if the exchange rate is unfavorable and the macroeconomy is weak, the company’s profit margin is still strong; The bank lowered its revenue forecast for this year to $384 billion from $389 billion, raised its EPS estimate to $5.86 from $5.73 and raised its price target to $158 from $153, reiterating its neutral rating.

Bank of America: Raised Apple’s (NASDAQ:AAPL) price target to $158 with neutral rating Read Post »

Skyworks Solutions Inc. (NASDAQ:SWKS) had Q1 2023 adjusted EPS of $2.59 versus analyst expectations of $2.58

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Skyworks Solutions Inc. (NASDAQ:SWKS) had a fiscal first-quarter adjusted EPS of $2.59 versus analyst expectations of $2.58. First-quarter revenue was $1.33 billion, versus analysts’ expectations of $1.32 billion. First-quarter adjusted operating profit was $491.3 million, versus analysts’ expectations of $487.9 million. Announced a $2 billion share repurchase program. Second-quarter adjusted EPS is expected at $2.02, versus analysts’ expectations of $2.23. Second-quarter revenue was $1.13-1.18 billion, versus analysts’ expectations of $1.19 billion.

Skyworks Solutions Inc. (NASDAQ:SWKS) had Q1 2023 adjusted EPS of $2.59 versus analyst expectations of $2.58 Read Post »

Pinterest (NYSE:PINS) Q4 2022 revenue of $877 million versus analyst expectations of $887.2 million

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Pinterest Inc. (NYSE:PINS) had Q4 2022 revenue of $877 million, versus analyst expectations of $887.2 million; Fourth-quarter adjusted EBITDA of $195.8 million versus analyst expectations of $181 million; fourth-quarter monthly active users of 450 million versus analysts’ expectations of $449.8 million; Board of Directors authorized repurchase of up to $500 million of shares; departure of CFO Todd Morgenfeld; First-quarter revenue growth is expected to be 0% to less than 10% year-over-year.

Pinterest (NYSE:PINS) Q4 2022 revenue of $877 million versus analyst expectations of $887.2 million Read Post »

Bank of America: Raised Alphabet (NASDAQ:GOOGL) price target to $125 with a buy rating

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Bank of America Securities released a report that Alphabet (NASDAQ:GOOGL) net income in the fourth quarter of last year was $63.1 billion, less than market expectations of $63.6 billion; Among them, YouTube revenue was worse than expected, further slowing down from 2% year-on-year in the third quarter to 8% year-on-year in the fourth quarter, mainly due to the further decline in advertising expenditure. Quarterly GAAP operating income and earnings per share were $18.2 billion and $1.05, respectively, also below market expectations of $18.6 billion and $1.18. The bank mentioned that although the group’s revenue was under pressure, the lower than expected cost of R&D and sales and marketing in the quarter, coupled with layoffs and lower server depreciation, could generate higher gross margin and stable earnings per share. Bank of America Securities raised its target price on Alphabet to $125 from $119 and maintained its buy rating.

Bank of America: Raised Alphabet (NASDAQ:GOOGL) price target to $125 with a buy rating Read Post »

Morgan Stanley: Raised Qualcomm (NASDAQ:QCOM) price target to $145 with an overweight rating

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Morgan Stanley reported that Qualcomm’s (NASDAQ:QCOM) growth guidance for the quarter ending March was roughly in line with market expectations, which is expected to help alleviate investor anxiety, but the company’s management also stressed that the difficult operating environment will persist, so it lowered its forecast for the quarter ending June accordingly. Revenue forecast for fiscal 2023 ended September this year decreased to $36,924 million from $38,579 million, and non-GAAP earnings per share forecast of $9.04, taking into account a low-double-digit decline in the patent licensing business (QTL) and a decline of more than 15% in the semiconductor business (QCT). The bank expects Qualcomm to achieve meaningful inventory digestion in the first half of this year, and expects to improve its operations in the second half of this year, and instead raises its target price from $126 to $145 based on its 2024 operating forecast.

Morgan Stanley: Raised Qualcomm (NASDAQ:QCOM) price target to $145 with an overweight rating Read Post »

UBS: raised Alphabet (NASDAQ:GOOGL) Target price to $120 Buy rating

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UBS released a research report that Alphabet (NASDAQ:GOOGL) has revealed a more cautious approach, so its view of the short-term financial risks caused by the development of artificial intelligence generation has improved slightly, but at the same time, the company’s capital expenditure on infrastructure technology has increased, reflecting that it is preparing for more computing needs, and overall believes that Alphabet is still not out of trouble, and the macroeconomy is expected to continue to bring pressure. UBS maintained its Buy rating and raised its price target from $110 to $120 supported by higher valuations, corresponding to a price-to-earnings ratio of about 20 times unchanged.

UBS: raised Alphabet (NASDAQ:GOOGL) Target price to $120 Buy rating Read Post »

Jefferies: Raised Alphabet (nasdaq:GOOGL) price target from $125 to $130 with a Buy rating

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Jefferies said Alphabet (nasdaq:GOOGL) is still challenging in its fourth quarter. Weak ad spend and foreign exchange headwinds resulted in a lower single-digit margin than expected in the advertising segment, but overall revenue was in line with expectations due to hardware and YouTube subscription growth. The bank is encouraged by the company’s increased focus on costs and monetization of AI assets. The bank said that the group’s core search business can still attract increased advertising revenue as it shifts to digital and mobile, and Google Cloud will be another breakthrough for the group as YouTube is the best platform to take advantage of online video. The bank raised its price target by 21% to $130 with a buy rating.

Jefferies: Raised Alphabet (nasdaq:GOOGL) price target from $125 to $130 with a Buy rating Read Post »

Goldman Sachs: Raised Meta Platforms (NASDAQ:META) annual revenue forecast to $215

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Goldman Sachs published a research report that as Meta Platforms (NASDAQ:META) further shakes off the industry and its own headwinds in the past year and a half, coupled with continued investment and execution in areas such as artificial intelligence and automation, and the company’s management reiterates that operating and capital expenditures will be more moderate this year, shares are expected to emerge from the decline and continue to recover. Goldman Sachs raised its first-quarter revenue forecast for Meta to $28.26 billion from $27.96 billion, EBITDA and earnings per share to $9.34 billion and $2.13, and raised its revenue forecast for this year to $123.39 billion from $122.8 billion and EBITDA and earnings per share to $43.48 billion and $10.2 respectively. Based on the outlook and earnings forecast adjustments, the bank also raised its Meta price target to $215 from $164, reiterating its “buy” rating.

Goldman Sachs: Raised Meta Platforms (NASDAQ:META) annual revenue forecast to $215 Read Post »

Morgan Stanley raised Qualcomm’s (NASDAQ:QCOM) price target to $145 a share from $126

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Qualcomm’s (NASDAQ:QCOM) higher inventory, which is a result of lower customer demand, may be a challenge for the company in the second quarter, according to analysts at Morgan Stanley. Morgan Stanley said it is lowering its 2023 revenue estimate for the semiconductor company to $36.924 billion from its previous forecast of $38.579 billion. The firm also lowered its estimates for adjusted EPS to $9.04 from $9.97. “As we think about FY23 revenue, we are modeling low double-digit declines in royalties, and high teens declines in semiconductors, largely reflecting a meaningful inventory digestion in the first half of the year,” the analysts said. Morgan Stanley still raised its price target on Qualcomm’s (NASDAQ:QCOM) stock to $145 a share from $126, while maintaining its overweight rating.

Morgan Stanley raised Qualcomm’s (NASDAQ:QCOM) price target to $145 a share from $126 Read Post »

Bank of America: Second half results may be stronger Reaffirms Qualcomm’s (NASDAQ:QCOM) “buy” rating

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Bank of America Securities analyst Tal Liani said Qualcomm’s (NASDAQ:QCOM) first-quarter results were expected, but market expectations were low and the environment would begin to improve. The analyst expects Qualcomm’s stronger results in the second half of the year and believes that expectations may have bottomed out. Given this, Liani reiterated a “buy” rating on the stock with a $150 price target.

Bank of America: Second half results may be stronger Reaffirms Qualcomm’s (NASDAQ:QCOM) “buy” rating Read Post »

Qualcomm Inc.(NASDAQ:QCOM) Fiscal Q1 Non-GAAP Earnings, Revenue Fall

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Qualcomm Inc.(NASDAQ:QCOM) reported  fiscal Q1 non-GAAP earnings of $2.37 per diluted share, down from $3.23 a year earlier. Analysts polled by Capital IQ expected $2.35. Revenue for the quarter ended Dec. 25 was $9.46 billion, down from $10.71 billion a year earlier. Analysts polled by Capital IQ expected $9.57 billion. The company said it expects fiscal Q2 non-GAAP diluted EPS of $2.05 to $2.25. Analysts polled by Capital IQ expect $2.24. The company expects revenue for the quarter of $8.7 billion to $9.5 billion. Analysts polled by Capital IQ expect $9.41 billion.

Qualcomm Inc.(NASDAQ:QCOM) Fiscal Q1 Non-GAAP Earnings, Revenue Fall Read Post »

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