These are stocks that make moves on quarterly earnings reports before the U.S. market opens on Wednesday:
Microsoft Shares Jumped 7.5% After It Posts Stronger-Than-Expected Growth
Microsoft Corp. said its growth remained subdued last quarter as economic concerns cooled consumer demand and corporate orders for the company's software and cloud services.
The software giant said revenue for the three months through March rose 7% from a year earlier. That marked the second straight quarter below the company's yearslong trend of double-digit percentage growth, but the latest quarter and the company's outlook for the current period both topped analysts' expectations, helping send Microsoft's share price sharply higher.
Microsoft shares, which had fallen in recent days, rose 7.5% in premarket trading following the company's results announcement and outlook.
Alphabet's Stock Gained As Revenue Beats on Ad, Cloud Strength
Alphabet Inc said on Tuesday it would buy back $70 billion in stock and posted first-quarter profit and revenue above estimates as demand rose for cloud services and ad sales held up better than expected.
Investors cheered the buyback plan, sending shares of the Google parent about 1.5% higher in premarket trading.
Excluding items, Alphabet reported earnings per share of $1.17, beating an average estimate of $1.07 per share.
PacWest Bancorp Stock Surges 18% Premarket As Q1 Earnings Top Estimates
PacWest Bancorp on Tuesday posted better-than-expected Q1 earnings, while deposits stabilized toward the end of the quarter and grew further this month, sending its stock 18.33% higher in premarket trading.
Q1 adj. EPS was $0.66 vs. $0.54 in Q1 2022, and revenue increased 94.7% Y/Y to $315.69M. Net interest income declined 13.5% sequentially to $279.3M due to higher interest expense on deposits and borrowings.
Total deposits increased $1.1B to $28.2B at March 31, from the lender's recent update of $27.1B as of March 20. Deposit balances further grew ~$700M as of April 24.
Texas Instruments Stock Jumps as Q1 Results Top Estimates
Texas Instruments reported Tuesday first-quarter results that topped analysts' expectations, and the chipmaker delivered current-quarter guidance that met estimates despite a weaker backdrop for chip demand.
Texas Instruments shares rose 2.66% in premarket trading following the report.
Texas Instruments announced earnings per share of $1.85 on revenue of $4.38 billion. Analysts polled by Investing.com anticipated EPS of $1.77 on revenue of $4.37B.
Boeing Plans 737 MAX Ramp-up, Backs Cash-Flow Goal
Boeing Co said on Wednesday that it planned to ramp up production of its 737 MAX jets to 38 per month by year-end, while backing its annual cash-flow goal, as it tries to reassure investors after manufacturing problems threatened to derail deliveries.
Overall, Boeing reaffirmed plans to generate $3 billion to $5 billion in free cash flow this year, as well as deliver 400-450 737 MAXs and 70-80 787 Dreamliners.
Boeing shares jump over 3% in premarket trading.
Enphase Energy Shares Plunge 15.8% Premarket on Guidance Miss
Enphase Energy shares dropped more than 15% premarket following the company’s reported Q1 earnings results.
While Q1 EPS of $1.37 and revenue of $726 million came in above the consensus estimates of $1.21 and $719.28M, respectively, Q2/23 guidance missed expectations.
Revenue in the U.S. fell approximately 9% quarter-over-quarter due to seasonality and macroeconomic conditions, while revenue in Europe increased by around 25%.
Boston Scientific Rose Nearly 2% in Premarket Trading After Posting Its Financial Results
Boston Scientific rose nearly 2% in premarket trading after posting its financial results.
Its Q1 Non-GAAP EPS of $0.47 beats by $0.04, revenue was $3.39B (+11.9% Y/Y) beats by $230M, 14.9 percent on an operational basis; and 14.0 percent on an organic basis, compared to the company's guidance range of 6 to 8 percent, all compared to the prior year period.
Thermo Fisher Beats Revenue Estimates on Contract Manufacturing Strength
Medical equipment maker Thermo Fisher Scientific Inc reported better-than-expected first-quarter revenue on Wednesday, as strong sales in its laboratory and biopharma services unit offset the impact of declining COVID test sales.
The company's laboratory products and services segment, through which it helps firms develop drugs, clocked in sales of $5.76 billion for the quarter above estimates of $5.38 billion.
While Thermo Fisher Scientific shares fell more than 2% in premarket trading.
