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5 big earnings reports: Palo Alto soars, Coinbase beats | Pro Recap

Investing.com
·4-min read

By Davit Kirakosyan

Investing.com -- Here is your daily Pro Recap of the biggest earnings headlines you may have missed on InvestingPro since yesterday’s close. Start your free 7-day trial to get this news first.

Palo Alto soars on Q2 beat

Palo Alto Networks (NASDAQ:PANW) shares surged more than 8% pre-market today after the company delivered better-than-expected Q2 results.

EPS/revenues came in at $1.05/$1.7 billion, compared to the consensus estimate of $0.78/$1.65B.

For Q3/23, the company anticipates EPS in the range of $0.90-$0.94, better than the consensus of $0.78, and revenue in the range of $1.695-1.725B, missing the consensus of $1.74B.

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Full-year EPS is expected in the range of $3.97-$4.03, better than the consensus of $3.42, and revenue in the range of $6.85-6.91B, compared to the consensus of $6.89B.

Following the release, several brokerages increased their price targets on the company. Deutsche Bank raised its price target to $210.00 from $165.00 while maintaining a Buy rating. JPMorgan raised its price target to $225.00 from $195.00 while maintaining an Overweight rating.

Coinbase beats Q4 estimates despite a decline in crypto trading

Coinbase (NASDAQ:COIN) reported its Q4 results that exceeded Wall Street estimates, thanks to cost-cutting measures that helped mitigate the impact of a decline in cryptocurrency trading. The news sent shares up 3% in after-hours trading yesterday. Currently, they are trading more than 2% lower pre-market.

Q4 revenue was $629.1M, beating analysts' expectations of $588.2M. The company posted a loss of $2.46 per share, also beating estimates of a loss of $2.51 per share.

Total transaction revenue fell 12% sequentially to $322M in Q4. Total trading was down 9% sequentially to $145B, with total consumer trading volume down 23% and institutional trading volume down 6%.

Rio Tinto posts a huge profit drop

Anglo-Australian miner Rio Tinto (LON:RIO) (NYSE:RIO) reported a significant decline in its 2022 profit today, largely driven by reduced margins on its iron ore production due to weak demand in China, which has impacted iron ore prices.

Rio Tinto's profit attributable to shareholders for 2022 fell to $12.42B, down from $21.09B in the prior year. Consolidated sales revenue also decreased to $55.55B from $64.49B in 2021.

The company announced a full-year dividend of $4.92 per share, which is less than half of the previous year's record-high dividend of $10.40 per share.

The company remains committed to investing in expanding its projects in Pilbara and Mongolia, despite the challenging market conditions.

CoStar shares plummet on guidance miss

CoStar Group (NASDAQ:CSGP) shares plunged more than 14% premarket today after the company’s 2023 guidance came in worse than expected, while Q4 results beat the estimates.

Q4 EPS came in at $0.38, compared to the consensus estimate of $0.35. Revenue was $573M, compared to the consensus estimate of $569.64M.

For Q1/23, the company expects EPS in the range of $0.25-$0.26, missing the consensus estimate of $0.36.

For the full year, the company anticipates EPS of $1.06-$1.09, compared to the consensus of $1.47, and revenue of $2.46-2.48B, compared to the consensus of $2.5B.

CoStar announced that it is no longer in negotiations to acquire Move Inc, the parent company of Realtor.com, from News Corp (NASDAQ:NWSA). Reuters previously reported that News Corp was considering the sale of Move Inc to CoStar, which operates online marketplaces for residential and commercial real estate, as well as apartment rentals.

Toll Brothers delivers better-than-expected Q1 results

Toll Brothers (NYSE:TOL) shares gained more than 3% pre-market today after the company beat Q1 expectations as demand in the housing market starts to recover. EPS came in at $1.70, better than the consensus estimate of $1.39. Revenue was $1.78B, compared to the consensus estimate of $1.74B.

The company reaffirmed its fiscal 2023 guidance of an adjusted gross margin of 27.0% and EPS of $8 to $9.

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