Meta Platforms, Inc. Reports Fourth Quarter and Full Year 2023 Results; Initiates Quarterly Dividend

/ / Technology /

Meta Reports Fourth Quarter and Full Year 2023 Results; Initiates Quarterly Dividend PR Newswire MENLO PARK, Calif., Feb. 1, 2024 MENLO PARK, Calif., Feb. 1, 2024 /PRNewswire/ — Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter and full year ended December 31, 2023. “We had a good quarter as our community and business continue to grow,” said Mark Zuckerberg, Meta founder and CEO. “We’ve made a lot of progress on our vision for advancing AI and the metaverse.” Fourth Quarter and Full Year 2023 Financial Highlights Three Months Ended Twelve Months Ended December 31, December 31, ——— ——————- ———- In millions, except percentages and per share amounts 2023 2022 % Change 2023 2022 ——- ——— ——— ——– ——— Revenue $40,111 $ 32,165 25 % $134,902 $ 116,609 % Change 16 % ——– Costs and expenses 23,727 25,766 (8) % 88,151 87,665 1 % —— ——– ——- […]

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Amazon Q4 Earnings: Revenue Beat, EPS Beat, ‘Record-Breaking’ Holiday Shopping Season And More

/ / Consumer Discretionary /

Amazon.com Inc (NASDAQ:AMZN) reported fourth-quarter financial results after the market close on Thursday. Here’s a look at the key metrics from the quarter. Q4 Earnings: Amazon’s fourth-quarter revenue increased 14% year-over-year to $170 billion, which beat the consensus estimate of $166.21 billion, according to Benzinga Pro. The company reported quarterly earnings of $1 per share, which beat analyst estimates of 80 cents per share. With these results, Amazon now tops analyst estimates on both the top and bottom line in five straight quarters, dating back to the fourth quarter of 2022, according to Benzinga Pro. AWS sales totaled $24.2 billion in the fourth quarter, up 13% year-over-year. North American sales increased 13% year-over-year to $105.5 billion and international sales jumped 17% year-over-year to $40.2 billion. Operating cash flow increased 82% to $84.9 billion for the trailing 12 months compared to $46.8 billion in the 12 months ended December 2022. Free cash flow

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Meta Platforms Q4 Tops Estimates; Starts Quarterly Dividend

/ / Technology /

Meta Platforms (META) reported Q4 earnings late Thursday of $5.33 per diluted share, up from $1.76 a year earlier. Analysts polled by Capital IQ expected $4.94. Revenue for the quarter ended Dec. 31 was $40.11 billion, up from $32.17 billion a year earlier. Analysts surveyed by Capital IQ expected $39.17 billion. Meta said it expects Q1 revenue between $34.5 billion and $37.0 billion. Analysts polled by Capital IQ expect $33.87 billion. The company said its board initiated a quarterly dividend of $0.50 per share, payable on March 26 to shareholders of record on Feb. 22. Meta also said it plans to pay a quarterly dividend going forward, subject to market conditions and board approval. The company’s shares were rising past 12% in recent after-hours trading.

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Apple Reports First Quarter Results

/ / Technology /

Apple reports first quarter results Services revenue reaches new all-time record EPS up 16 percent to new all-time high CUPERTINO, Calif.–(BUSINESS WIRE)–February 01, 2024– Apple(R) today announced financial results for its fiscal 2024 first quarter ended December 30, 2023. The Company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year. “Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and

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Apple Q1 iPad Sales at $7.02 Billion Vs Visible Alpha Analyst Consensus of $7.2 Billion; Services Sales at $23.1 Billion Vs Consensus of $23.2 Billion

/ / Technology /

Apple Q1 iPad Sales at $7.02 Billion Vs Visible Alpha Analyst Consensus of $7.2 Billion; Services Sales at $23.1 Billion Vs Consensus of $23.2 Billion.

Apple Q1 iPad Sales at $7.02 Billion Vs Visible Alpha Analyst Consensus of $7.2 Billion; Services Sales at $23.1 Billion Vs Consensus of $23.2 Billion Read Post »

Microchip Technology Fiscal Q3 Earnings, Sales Fall; Q4 Outlook Set; Ups Dividend

/ / Technology /

Microchip Technology (MCHP) reported fiscal Q3 non-GAAP diluted earnings late Thursday of $1.08 per share, down from $1.56 a year earlier. Analysts polled by Capital IQ expected $1.04. Net sales in the quarter ended Dec. 31 were $1.77 billion, down from $2.17 billion a year earlier. Analysts surveyed by Capital IQ expected $1.76 billion. The company said it expects fiscal Q4 non-GAAP diluted EPS of $0.46 to $0.68 and net sales of $1.225 billion to $1.425 billion. Analysts polled by Capital IQ expect normalized EPS of $0.92 and $1.65 billion in revenue. Microchip increased its quarterly dividend to $0.45 per share from $0.439 per share in the previous quarter. The dividend is payable March 8 to shareholders of record on Feb. 23. The company’s shares fell about 2% in recent after-hours activity.

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Amazon.com Beats Key Holiday Quarter Views as Cloud Revenue Jumps

/ / Technology /

Amazon.com (AMZN) late Thursday reported stronger-than-expected fourth-quarter results, buoyed by a record holiday shopping season, while the e-commerce giant’s cloud computing revenue grew by a double-digit percentage. Per-share earnings jumped to $1 for the quarter through Dec. 31 from $0.03 a year earlier, topping the Capital IQ-polled GAAP EPS forecast of $0.80. Sales increased 14% to $169.96 billion, higher than Wall Street’s $166.26 billion view. The stock was up 8% in after-hours trading activity. “This (fourth quarter) was a record-breaking holiday shopping season and closed out a robust 2023 for Amazon,” Chief Executive Andy Jassy said in a statement. “The regionalization of our US fulfillment network led to our fastest-ever delivery speeds for Prime members while also lowering our cost to serve.” Customers purchased more than 1 billion items on Amazon across the world from Nov. 17 through Nov. 27, according to the company. In the US, customers ordered more

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Apple Fiscal Q1 Earnings, Sales Rise; Keeps Dividend Steady

/ / Technology /

Apple (AAPL) reported fiscal Q1 diluted earnings late Thursday of $2.18 a share, up from $1.88 a year earlier. Analysts surveyed by Capital IQ expected $2.11. Sales in the quarter ended Dec. 30 were $119.58 billion, up from $117.15 billion a year earlier. Analysts surveyed by Capital IQ expected $118.26 billion. Apple maintained its quarterly dividend of $0.24 per share, payable on Feb. 15 to shareholders of record on Feb. 12.

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Microchip Technology 3Q Sales Dive As Customers Work to Limit Inventory

/ / Technology /

By Denny Jacob Microchip Technology posted a decline in sales in the latest quarter as customers worked to limit their inventory levels. The semiconductor products provider logged net income of $419.2 million, or 77 cents a share, for the third quarter ended Dec. 31, down from $580.3 million, or $1.04 a share, a year earlier. Adjusted earnings were $1.08 a share, above analysts’ estimates of $1.04 a share. Sales declined to $1.77 billion from $2.17 billion, matching expectations of analysts polled by FactSet. Chief Executive Ganesh Moorthy said sales declined nearly 22% sequentially as weak demand drove customers to cut shipments and extend shutdowns to protect their inventory levels, which prevented the company from fulfilling previously planned shipments from its backlog. “We are taking steps to limit discretionary spending and tightly manage inventory levels during this downcycle. As a result, we intend to have two-week shutdowns in our large wafer

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CFRA Maintains Buy Opinion On Shares Of Meta Platforms, Inc.

/ / Technology /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We boost our 12-month target to $500 from $430, on a revised P/E of 23.1x our 2025 EPS view, within META’s five-year historical forward average. We up our 2024 EPS view to $18.87 from $17.52 and 2025 to $21.61 from $20.69. META posted Q4 EPS of $5.33 vs. $1.76, beating the $4.97 consensus. Sales rose 25% and Q1 guide was strong (6% above our view at the midpoint), on better-than-expected digital ad spend/share gain and strong Quest 3 holiday sales. We applaud META’s ability to keep its 2024 opex outlook unchanged from the original guide ($94B-$99B) and only moderately raise capex ($30B-$37B; up $2B at the high end), given the need for elevated AI investments. We like META’s improved FCF/capital allocation policy, with its dividend initiation ($0.50

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