Earnings movers | NOW beats all key financials; PACW, BA plunge on wider losses
1. $ServiceNow(NOW)$ soars 4.65%: Exceeds earnings and revenue estimates
SaaS company NOW stock climbed 4.9% to nearly $556 in after-hours trading after its earnings, revenue and outlook all exceeded estimates.
EPS rose to $2.92 vs. $2.56 expected
Revenue increased by 25% to $2.29 bln, surpassing expectations of $2.27 bln
For the December quarter, ServiceNow projected subscription revenue in the range of $2.32 bln- $2.325 bln, exceeding estimates of $2.30 bln.
2. $PacWest(PACW)$ dips 4.37% as it misses revenue targets and reports loss; Regional bank faces pressure
Revenue: $175 million, far below the expected $207 million, a significant 15.7% difference.
EPS: -$0.31, while analysts had anticipated a profit of $0.03.
Net profit decreased by over 130% compared to the previous year.
PacWest's CEO stated that the merger and integration plan with California Bank is progressing smoothly. If shareholders approve, the transaction could be completed by November 30th.
The financial report of PacWest reflects that the pressure on regional banks is still very high.
3. $Boeing(BA)$ -2.54%: Reported Q3 loss and lowered 737 max deliveries
Boeing fell 2.5% to $177.73 after the company reported a wider-than-expected Q3 loss due to 737 Max production flaws, with plans to deliver 375-400 planes this year (down from 400-450).
Adjusted EPS: -$3.26 vs. -$2.96
Revenue: $18.10 bln vs. $18.01 bln
The company faced challenges in its defense unit, including a $482 million loss on the Air Force One program.
Despite problems, Boeing maintained its 2023 free cash flow outlook of $3-5 billion.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Read