Earnings movers | CHGG, MTCH, CAT Beats but Guidance Fell Short; VFC Withdrew Guidance
1. $Chegg(CHGG)$ tumbled 15.11% despite of beating estimates, citing threats from AI
Edutech stock CHGG tumbled 15% Tuesday despite beating expectations.
EPS: 18 cents vs. 17 cents
Revenue: $158 mln vs. $152 mln
Despite earnings beats, key data like revenue, margin, EBITDA and sub numbers all decline.
CEO Dan Rosenzweig addressed the threat from AI, stating that students are using ChatGPT for various purposes.
However, another edutech company $Coursera, Inc.(COUR)$ saw significant increase in paying users and offer optimistic guidance.
2. $VF Corp(VFC)$ plunged 13.96% after it withdrew the guidance; Vans will struggle in US
Q2 results were in line with Wall Street estimates, with revenue coming in slightly better than expected, while earnings fell a little bit shy of expectations.
The main reason for the decline is that VF Corp. withdrew its previously shared guidance for full-year revenue and profit.
The company also said the Vans brand would struggle due to a tougher wholesale market in the US.
3. $Yum China Holdings, Inc.(YUMC)$ lost 15.22% after earnings missed estimates
While revenue increased by 9% year-over-year to $2.91 billion, the figure still fell short of estimates by nearly $210 million.
EPS: $0.59 vs. $0.65
Revenue: $2.91 bln vs. $3.12 bln
4. $Match(MTCH)$ fell 15.35% despite of earnings beats; weak outlook fell short
Match Group, the online dating services provider, plunged 8% despite earnings and revenue beat estimates.
EPS: $0.57 vs. $0.53
Revenue: $882 mln vs. $879.9 mln
Guidance: Q4 2023 revenue to be in the range of $855 million to $865 million, lower than the estimate of $896 million.
5. $Caterpillar(CAT)$ dipped 6.65% although earnings beat; weak 4Q outlook
Adjusted EPS: $5.52 vs. $4.80
Revenue: $16.81 bln vs. $16.57 bln
The construction equipment maker fell after it issued a cautious fourth-quarter outlook and said order backlogs fell, citing concerns about an economic slowdown.
Analysts are looking for growth of at least 5%.
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