Here are companies that released better-than-expected quarterly earnings reports on Friday:
Block Stock Surges After Cash App, Square Drive Big Q3 Earnings Beat
Block stock gained after the payment tech company's Q3 earnings and revenue exceeded Wall Street expectations as gross profit at both its Cash App and Square ecosystem units climbed from the prior quarter and a year ago.
Q3 gross payment volume of $54.4B from $52.5B in Q2 and from $45.4B in Q3 2021.
Q3 adjusted EPS of $0.42 vs. $0.23 consensus, $0.18 in Q2 and $0.25 in the year-ago quarter.
Q3 total net revenue of $4.52B, vs. $4.47B consensus, $4.40B in the prior quarter and $B in the year-ago period.
Coinbase Shares Rally As Q3 Earnings Miss but Users Grow
Coinbase Global reported third-quarter earnings Thursday showing the company missed estimates on revenue and earnings. However, it retained users and lowered expenses better than analysts predicted.
Revenue: $590.3 million versus expectations of $649.15 million
Adjusted EBITDA: -$116 million versus expectations of -$212.95 million
Adjusted earnings per share: -$2.43 versus expectations of -$2.12
Monthly Transacting Users (MTUs): 8.5 million versus expectations of 7.84 million
“Q3 was a mixed quarter for Coinbase. Transaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds, as well as trading volume moving offshore,” Coinbase said in its third-quarter letter.
Starbucks Beats Quarterly Sales Estimate on Pricey Drinks, Robust Demand
Starbucks Corp topped Wall Street estimates for quarterly comparable sales on Thursday, as pricier drinks and strong demand from consumers in North America helped the coffee chain.
Global comparable sales at the Seattle-based company rose 7% in the fourth quarter ended Oct. 2, while analysts on average had expected a 4.2% rise, according to Refinitiv IBES.
DoorDash Soars on Revenue Beats Estimates As Appetite for Food Delivery Holds up
Food delivery company DoorDash Inc said orders surged to a record high in the third quarter as people stuck to their pandemic-era habits despite rising inflation and steeper prices, helping it beat Wall Street targets for revenue.
DoorDash recorded 439 million orders in the quarter and a 30% rise in gross order value - the total value of all app orders and subscription fees - to $13.5 billion.
It forecast fourth-quarter gross order value of between $13.9 billion and $14.2 billion, and reiterated full-year expectations for the key industry metric.