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5 big earnings reports: Tesla surging after EPS beat

Stock Markets Jan 26, 2023 05:13AM ET

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5 big earnings reports: Tesla surging after EPS beat

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By Davit Kirakosyan

Investing.com -- Tesla shares surged more than 7% pre-market on a Q4 EPS beat. Here are the 5 biggest earnings reports yesterday, all first covered on InvestingPro.

Tesla tops consensus on EPS, but revenues miss

Tesla (NASDAQ:TSLA) reported Q4 EPS of $1.19, surpassing the consensus of $1.15. Revenue grew 37% year-over-year to $24.32 billion, compared to the consensus of $24.68B.

Tesla said they are accelerating cost reduction roadmap, as they drive toward higher production rates despite rising interest rates, and that they have been lowering their average selling prices for years as it "is necessary to become a multi-million vehicle producer."

The stock, which has been regaining ground after a rough 2022, was recently trading at $154.78 premarket.

IBM beats estimates, plans to cut 3,900 jobs

IBM (NYSE:IBM) reported its Q4 results, with EPS of $3.60 coming in better than the consensus estimate of $3.58. Revenue was $16.7B, beating the consensus of $16.13B, driven by strong performance in software.

The company announced a 1.5% cut of its workforce, or about 3,900 jobs, resulting in a $300 million cost.

For fiscal 2023, the company expects revenue growth at constant currency to be in the mid-single digits, with full-year free cash flow expected to be about $10.5B, up $1B from the prior year.

Shares were recently down nearly 3% in premarket trading.

ServiceNow and Levi Strauss post strong results & guidance

ServiceNow (NYSE:NOW) reported its Q4 results, with EPS of $2.28 coming in better than the consensus of $2.02. Revenue was $1.94B, in line with the consensus estimate. 2023 subscription revenue guidance of $8.44B-$8.5B also came in above views. Still, shares were down around 2% premarket.

Levi Strauss (NYSE:LEVI) shares were recently up more than 6% premarket today after the company reported better-than-expected Q4 results and projected an improvement in gross margins for 2023. Q4 EPS came in at $0.34, better than the consensus estimate of $0.29. Revenue was $1.6B, beating the consensus of $1.57B.

The company expects fiscal 2023 net revenues to be in the range of $6.3B-$6.4B, above the consensus estimates of $6.27B.

Seagate Technology Q2 EPS & revenue surpass estimates

Seagate Technology (NASDAQ:STX) shares gained nearly 7% after the company reported its Q2 results, with EPS of $0.16 coming in better than the consensus estimate of $0.10. Revenue was $1.89B, beating the consensus of $1.83B. The company expects Q3/23 revenue to be in the range of $1.85B-$2.15B.

Yasin Ebrahim contributed to this report.

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5 big earnings reports: Tesla surging after EPS beat

Tesla tops consensus on EPS, but revenues miss

IBM beats estimates, plans to cut 3,900 jobs

ServiceNow and Levi Strauss post strong results & guidance

Seagate Technology Q2 EPS & revenue surpass estimates

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