Earnings Movers| BYND Plunged on Selling; APP, JD, TPR Popped on Revenue Beat & Rosy Guidance
China e-commerce giant $JD.com(JD)$ released a better-than-expected earnings and led the China stock sector up.
Growth stock $AppLovin Corporation(APP)$ also presented revenue surprise; luxury stock $Tapestry Inc.(TPR)$ delivered double beat on revenue and EPS;
alternative meat manufacturer $Beyond Meat, Inc.(BYND)$ ‘s earnings beat but stock fell yesterday after it announced to sell up to $200 million of its common stock.
1. $Beyond Meat, Inc.(BYND)$ -18.27% after it announced to sell $200 mln stock
Shares tumbled 18.27% after the alternative meat manufacturer said it plans to sell up to $200 million of its common stock.
The company said it intends to use the proceeds for general corporate and working capital purposes.
The selling news came after its earnings beat estimates on Wednesday.
Earnings per share came in at -$0.92, which beat analysts’ consensus estimate of -$1.01 per share. Sales decreased by 15.8% year-over-year, with revenue hitting $92.2 million. This beat analysts’ expectations of $91.72 million.
EPS: -$0.92 vs. -$1.01
Revenue: $92.2 mln vs. $91.72 mln
2. $AppLovin Corporation(APP)$ +23.53% following revenue beat & rosy guidance
Shares popped 23.53% following the company’s first-quarter revenue beat.
Revenue was $715.4 million, compared to the $694.8 million expected, per StreetAccount. AppLovin’s second-quarter guidance also topped expectations.
The company posted revenues of $715.4 million, beating consensus estimates of $693.51 million. The company reported a loss of 1 cent per share, falling short of the expected earnings of 7 cents per share.
EPS: -1 cent vs. 7 cents
Revenue: $715.4 mln vs. $693.51 mln expected
Looking ahead, AppLovin expects second-quarter revenue to be between $710 million and $730 million.
3. $JD.com(JD)$ +7.21%: beat on EPS and revenue, leading China stocks up
JD.com advanced 7.21% after the Chinese tech firm beat analysts’ first-quarter expectations on the top and bottom lines.
JD.com reported earnings of CNY4.76 per share, exceeding consensus estimates of CNY3.53. Revenue came in at CNY242.96 billion, higher than expectations of CNY240.81 billion.
Separately, JD.com said that Sandy Ran Xu, who is the company’s current CFO, has been appointed to succeed Lei Xu as CEO and executive director.
EPS: CNY 4.76 vs. CNY 3.53
Revenue: CNY 242.96 bln vs. CNY 240.81 bln
4. $Tapestry Inc.(TPR)$ +8.27%: stronger-than-expected earnings and revenue
Shares of the Coach parent jumped 8.27% after the company reported stronger-than-expected earnings and revenue for its latest quarter. It also issued upbeat guidance for the year that topped estimates.
Sales grows 5% Y/Y to $1.51 billion, beating the analyst consensus of $1.44 billion. EPS of $0.78 beat the analyst consensus of $0.59.
EPS: $0.78 vs. $0.59
Revenue: $1.51 bln vs. $1.44 bln
The company also gave rosy guidance.
Tapestry raised its FY23 EPS outlook to $3.85-$3.90 (from $3.70-$3.75 earlier) versus the consensus of $3.71; FY23 sales of $6.7 billion (prior view $6.6 billion) versus the consensus of $6.64 billion.
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