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Alta (NYSE:ALTG) Misses Q3 Sales Targets, Stock Drops 15.9%
Equipment distribution company Alta Equipment Group (NYSE:ALTG) missed Wall Street’s revenue expectations in Q3 CY2024, with sales falling 3.7% year on year to $448.8 million. Its non-GAAP loss of $0.72 per share was also 700% below analysts’ consensus estimates.
PubMatic’s (NASDAQ:PUBM) Q3: Beats On Revenue, Provides Optimistic Full-Year Guidance
Programmatic advertising platform Pubmatic (NASDAQ: PUBM) reported Q3 CY2024 results topping the market’s revenue expectations, with sales up 12.7% year on year to $71.79 million. Revenue guidance for the full year exceeded analysts’ estimates, but next quarter’s guidance of $88 million was less impressive, coming in 2.2% below expectations. Its non-GAAP profit of $0.12 per share was also 36.4% above analysts’ consensus estimates.
Light & Wonder’s (NASDAQ:LNW) Q3 Earnings Results: Revenue In Line With Expectations
Gaming products and services provider Light & Wonder (NASDAQ:LNW) met Wall Street’s revenue expectations in Q3 CY2024, with sales up 11.8% year on year to $817 million. Its GAAP profit of $0.71 per share was 30.9% below analysts’ consensus estimates.
ZoomInfo (NASDAQ:ZI) Surprises With Q3 Sales But Stock Drops
Sales intelligence platform ZoomInfo reported Q3 CY2024 results beating Wall Street’s revenue expectations, but sales fell 3.3% year on year to $303.6 million. The company expects next quarter’s revenue to be around $297.5 million, close to analysts’ estimates. Its non-GAAP profit of $0.28 per share was also 26.9% above analysts’ consensus estimates.
Chegg (NYSE:CHGG) Surprises With Q3 Sales But Stock Drops 10.1%
Online study and academic help platform Chegg (NYSE:CHGG) reported Q3 CY2024 results beating Wall Street’s revenue expectations, but sales fell 13.5% year on year to $136.6 million. On the other hand, next quarter’s revenue guidance of $142 million was less impressive, coming in 11.8% below analysts’ estimates. Its non-GAAP profit of $0.09 per share was also 27.2% above analysts’ consensus estimates.
BeautyHealth’s (NASDAQ:SKIN) Q3 Sales Beat Estimates, Stock Jumps 17.1%
Skincare company BeautyHealth (NASDAQ:SKIN) announced better-than-expected revenue in Q3 CY2024, but sales fell 19.1% year on year to $78.8 million. On the other hand, the company’s full-year revenue guidance of $327 million at the midpoint came in 4.1% below analysts’ estimates. Its GAAP loss of $0.15 per share was 55.2% below analysts’ consensus estimates.
Perdoceo Education (NASDAQ:PRDO) Exceeds Q3 Expectations, Stock Soars
Higher education company Perdoceo Education (NASDAQ:PRDO) beat Wall Street’s revenue expectations in Q3 CY2024, but sales fell 5.6% year on year to $169.8 million. Its non-GAAP profit of $0.59 per share was also 11.3% above analysts’ consensus estimates.
No Surprises In Skyworks Solutions’s (NASDAQ:SWKS) Q3 Sales Numbers But Quarterly Guidance Underwhelms
Wireless chips maker Skyworks Solutions (NASDAQ: SWKS) met Wall Street’s revenue expectations in Q3 CY2024, but sales fell 15.9% year on year to $1.02 billion. Next quarter’s revenue guidance of $1.07 billion was less impressive, coming in 2.8% below analysts’ estimates. Its non-GAAP profit of $1.55 per share was 1.9% above analysts’ consensus estimates.
Why Zeta (ZETA) Shares Are Plunging Today
Shares of advertising and marketing company Zeta Global (NYSE:ZETA) fell 21.6% in the afternoon session after the company reported third-quarter earnings, which fell below analysts' expectations. We note that while revenue grew 42% year on year, exceeding analyst estimates, this was mostly due to "Political Candidate" revenue, which will likely not recur for long. The company noted that excluding "Political Candidate" revenue, sales grew by 31%, a deceleration compared to the 33% growth reported in the previous quarter. Guidance for the next quarter followed a similar narrative, implying 25% year-on-year sales growth "excluding LiveIntent (a recent acquisition) and political Candidate revenue." Overall, the results raise concerns about the consistency of growth going forward, as political revenues are cyclical and may not continue at the same level in non-election years. The stock's reaction suggests markets are looking past the short-term boost to growth while focusing on the bigger picture.
Why Are Honeywell (HON) Shares Soaring Today
Shares of industrial conglomerate Honeywell (NASDAQ:HON) jumped 6.9% in the morning session after activist investor Elliott Investment Management built a stake worth more than $5 billion in the company. The stake made the investment firm the largest active investor when the position was revealed. Elliott advocated for a breakup of Honeywell into two separate companies, Honeywell Aerospace and Honeywell Automation, adding, "The conglomerate structure that once suited Honeywell no longer does, and the time has come to embrace simplification." This move is noteworthy given that activist investors often bring about significant changes in targeted companies, focusing on improving asset monetization, expense efficiency, and stock buybacks. After the initial pop the shares cooled down to $233.10, up 3.5% from previous close.