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This week in earnings: Coinbase jumps on strong beat, Coca-Cola hikes dividend

Published 02/16/2024, 08:08 AM
Updated 02/16/2024, 08:08 AM
© Reuters — Here is your Pro Recap of the earnings reports you may have missed this week: Coinbase, Airbnb, Coca-Cola, Cisco Systems, and Biogen.

InvestingPro users got all the news first and reacted in real time! Join now for under $9 a month for limited time only and never miss out on another buying opportunity.

Coinbase shares jump on Q4 beat

Coinbase Global (NASDAQ:COIN) saw its shares surge over 12% pre-market today following the announcement of Q4 earnings that exceeded Wall Street's expectations, as the approval of spot-bitcoin exchange-traded funds boosted activity on the crypto exchange platform.

Coinbase reported Q4 EPS of $1.04, significantly outperforming the analyst forecast of $1.00. The company's revenue for the quarter reached $953.8 million, surpassing the expected $826.69M. Total transaction revenue jumped 64% year-on-year to $529.3M in Q4, while subscription and services revenue climbed 33% to $375.4M.

Following the results, JPMorgan raised its rating on Coinbase Global from Underweight to Neutral, setting a new price target of $80.00.

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Airbnb reports Q4 revenue beat, announces $6 billion buyback

Airbnb (NASDAQ:ABNB) exceeded expectations in its Q4 revenues, fueled by sustained strong demand for travel, which boosted bookings. The company reported a Q4 revenue of $2.2 billion, surpassing the expected $2.16B. This outperformance was attributed to a 12% year-over-year increase in bookings for nights and experiences, leading to a 15% rise in gross booking value to $15.5B. Q4 EPS came in at ($0.55), compared to the analysts' estimate of $0.65.

For Q1/24, the company expects revenue in the range of $2.03-$2.07B, versus the consensus of $2.02B.

Additionally, Airbnb announced a new share repurchase program, authorizing the buyback of up to $6B of its Class A common stock.

Despite these positive results, DA Davidson downgraded Airbnb from Buy to Neutral, setting a price target of $145. The downgrade reflects a shift towards a more "neutral to normalizing" growth profile for Airbnb.

Coca-Cola reports Q4 revenue beat, hikes dividend

Coca-Cola (NYSE:KO) announced its Q4 earnings, matching analyst expectations with an EPS of $0.49. The company's revenue for the quarter was $10.8B, exceeding the consensus estimate of $10.67B, thanks to increased prices and strong demand for its range of juices, energy drinks, and sodas.

Looking forward, Coca-Cola anticipates achieving an adjusted organic revenue growth of 6% to 7% for the full year, surpassing the consensus forecast of 5.9%.

Furthermore, the company hiked its annual dividend by 5.4% to $0.485 per share, with an annual yield of 0.8%.

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Cisco Systems beats Q2, but outlook misses; 5% of global workforce cut

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Cisco Systems (NASDAQ:CSCO) outperformed analyst expectations for Q2, reporting an EPS of $0.87, which is higher than the predicted $0.84. The company's revenue reached $12.8B, above the consensus estimate of $12.71B.

However, Cisco Systems revised its full-year outlook downwards and announced a workforce reduction of approximately 5% as part of a comprehensive restructuring plan. This news contributed to a decline in Cisco's share price of more than 2% yesterday.

For Q3, Cisco anticipates an EPS between $0.84 and $0.86, which falls short of the expected $0.92. The company also forecasts Q3 revenue to be between $12.1B and $12.3B, below the anticipated $13.09 billion.

Looking at the full fiscal year 2024, Cisco projects an EPS ranging from $3.68 to $3.74, compared to the consensus estimate of $3.86. The company's expected revenue for 2024 is between $51.5B and $52.5B, which is less than the consensus forecast of $54.3B.

Furthermore, Cisco Systems raised its quarterly dividend by 2.6% to $0.40 per share, or $1.6 annualized, with an annual yield of 3.2%.

Biogen drops following Q4 miss

Biogen (NASDAQ:BIIB) shares fell more than 7% on Tuesday after the company reported earnings for its latest quarter, missing the consensus profit and revenue estimate.

The biotechnology firm reported Q4 EPS of $2.95, worse than the analyst estimate of $3.18. Revenue for the quarter came in at $2.4B, compared to the consensus estimate of $2.47B. The company said its EPS during the quarter was negatively impacted by $0.35 related to previously disclosed closeout costs for Aduhelm.

For fiscal 2024, the company expects EPS between $15 and $16, compared to the consensus of $15.64, while it anticipates total revenue to decline by a low- to mid-single digit percentage vs. 2023 and expects core pharmaceutical revenue to be flat vs. 2023.

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