The third quarter earnings season is in full swing, with several AI players reporting results this week, including Palantir (PLTR), AMD (AMD), and Supermicro (SMCI).
So far, the earnings season is off to a positive start. As of Oct. 31, 64% of S&P 500 companies have reported results, according to FactSet data, and analysts are expecting a 10.7% jump in earnings per share during the third quarter. If that figure holds, it would mark the fourth straight quarter of double-digit earnings growth but a deceleration from the 12% earnings growth reported in Q2 of this year.
Expectations were slightly lower coming into the quarter, as analysts expected S&P 500 companies to report a 7.9% jump in earnings per share during the third quarter.
This week, AI beneficiaries such as Palantir, AMD, Supermicro, Constellation Energy (CEG), Qualcomm (QCOM), and Arm Holdings (ARM) will provide quarterly updates.
Other notable results will come from Shopify (SHOP), Uber (UBER), Pfizer (PFE), Spotify (SPOT), Marriott International (MAR), Toyota (TM), Novo Nordisk (NVO), McDonald’s (MCD), AppLovin (APP), Robinhood (HOOD), DoorDash (DASH), Snap (SNAP), AstraZeneca (AZN), ConocoPhillips (COP), Airbnb (ABNB), Warner Bros. Discovery (WBD), Block (XYZ), Duke Energy (DUK), and Wendy’s (WEN).
Here are the latest updates from corporate America.
LIVE 160 updates
Pinterest stock tanks on weaker-than-expected Q4 revenue forecast
Pinterest (PINS) stock was hammered in after-hours trading after the social media service issued a weaker-than-expected fourth quarter revenue forecast and missed earnings expectations.
The stock fell 16% in the immediate aftermath of the report. Year to date, shares are up 13%.
Pinterest expects quarterly revenue between $1.31 billion and $1.34 billion, while the average analyst estimate was for $1.34 billion, according to data compiled by LSEG. Competition for ad revenue during the holiday shopping season has intensified as players like Meta (META) and Alphabet (GOOG) vie for marketing dollars.
The company reported adjusted earnings per share of $0.38, below Wall Street’s estimates for $0.42 per share, according to S&P Global Market Intelligence. Revenue was in line with estimates. The company reported $1.05 billion for the third quarter, an increase of 17% year over year.
Global monthly active users increased 12% annually to a record 600 million.
Read More: AMD, Supermicro, and Novo Nordisk stocks fall, Pinterest tanks while
