By Davit Kirakosyan
Investing.com -- Here is your daily Pro Recap of the biggest earnings headlines you may have missed on InvestingPro, including a profit slide at Barclays. Start your free 7-day trial to get this news first.
Barclays shares drop on missed 2022 profits
Barclays (LON:BARC) reported a pretax profit of £7 billion (£1 = $1.1.2099) for 2022, down 14% from £8.2B the previous year and under the £7.2B consensus estimate, resulting in a 10% drop in New York shares (NYSE:BCS) pre-market and a 9% decline in London.
Fourth-quarter income was up 12% to £5.8B, but missed expectations of £5.96B, per Bloomberg.
Analysts deemed the figures underwhelming, especially considering the period of rising interest rates and borrower resilience amid inflation and higher living costs.
Barclays' international unit, containing the transatlantic investment bank, saw return on equity decrease to 10.2% from 14.4% the previous year, with a nearly 40% year-over-year drop in fees from advising on debt and equity fundraising. Barclays also booked full-year litigation and conduct charges of £1.6B, comprising fines and customer restitution for violating sales limits of securities in the U.S. The bank disclosed a pay cut of £1 million for top executives in response to the regulatory missteps.
Airbnb shares jump on better-than-expected Q4 results
Airbnb (NASDAQ:ABNB) shares surged more than 9% pre-market today following the company’s reported Q4 beat and better-than-expected outlook, thanks to robust travel demand driving bookings.
Q4 EPS came in at $0.48, better than the consensus estimate of $0.25. Revenue was $1.9B, beating the consensus estimate of $1.86B, driven by strength in bookings for nights and experiences, which were up 20% year-over-year.
The company expects Q1 revenue in a range of $1.75-$1.82B, better than the consensus estimates for $1.68B.
Following the results, Piper Sandler raised its price target on the stock to $131 from $110, while KeyBanc raised its price target to $144 from $142.
TripAdvisor shares surge on Q4 beat
TripAdvisor (NASDAQ:TRIP) shares jumped more than 9% pre-market after the company exceeded profit and revenue expectations in Q4 due to the ongoing travel rebound. Its revenue of $354M (up 47% year-over-year) and adjusted EPS of $0.16 beat the consensus estimates of $344M and $0.04, respectively.
The company’s 2023 outlook assumes no change in the macro environment, which remains uncertain, yet also assumes resilient travel demand.
Two more earnings beats
Akamai Technologies (NASDAQ:AKAM) reported its Q4 results yesterday, with EPS of $1.37 coming in better than the consensus estimate of $1.26. Revenue was $928M, beating the consensus estimate of $904.74M. Shares were off marginally at $87.56 in pre-market trading.
Upstart (NASDAQ:UPST) shares were down more than 4% pre-market today after the company announced disappointing guidance for Q1/23, while Q4 results beat the Street expectations. Q4 EPS/revenue of ($0.25)/$147M came in better than the consensus estimates of ($0.47)/$134.31M.
For Q1/23, Upstart expects revenue of $100M, missing the consensus estimate of $158M.
