Stock futures were slightly lower on Thursday, following the fourth-straight day of gains for the Dow Jones Industrial Average. This positive momentum came after the release of soft U.S. inflation data. While the overall market sentiment remained positive, a few individual stocks were making headlines with their quarterly earnings reports.
Cisco Systems – Beat Earnings Estimates But Reduced Outlook
Cisco Systems (CSCO) reported better-than-expected earnings for the fiscal first quarter. However, the networking-equipment maker lowered its outlook for the fiscal year, causing the stock to tumble by 11%. Cisco now expects adjusted profit for fiscal 2024 to be in the range of $3.87 to $3.93 per share, down from its previous projection of $4.01 to $4.08 per share. Additionally, the company revised its revenue forecast to $53.8 billion to $55 billion, below its prior guidance of $57 billion to $58.2 billion. Cisco attributed this downgrade to a slowdown in product orders.
Palo Alto Networks – Strong Earnings but Reduced Billings Guidance
Palo Alto Networks (PANW) reported impressive earnings and revenue for the fiscal first quarter, beating Wall Street estimates. The cybersecurity company also raised its adjusted earnings outlook for the year. However, despite these positive results, the stock fell by 5.4% as Palo Alto reduced its guidance for total billings. For fiscal 2024, the company now expects billings of $10.7 billion to $10.8 billion, representing a 16% to 17% increase from the previous year but falling short of the consensus forecast of $10.96 billion.
Maxeon Solar Technologies – Revised Revenue Guidance and Q3 Loss
Maxeon Solar Technologies (MAXN) lowered its revenue guidance for the fiscal year for the second time and reported a wider loss in its third-quarter results compared to the same period last year. As a result, the stock experienced a decline of 3.3%.
Walmart – Q3 Revenue Growth Expected
Analysts are expecting Walmart (WMT) to report a solid third-quarter performance, with projected revenue growth of 4.4% to reach $159.7 billion. The retail giant is also anticipated to announce an increase in same-store sales of 3.7%. Analysts have set the estimated adjusted earnings for the quarter at $1.52 per share, up from $1.50 per share in the previous year. Prior to the release of the earnings report, the stock was up 0.4%.
Other Earnings Reports To Watch
In addition to the above companies, several other major players, including Alibaba (BABA), Macy’s (M), Applied Materials (AMAT), Gap (GPS), and Bath & Body Works (BBWI), are expected to release their earnings reports on Thursday.