Yahoo Finance Microsoft, Chewy earnings — What to know in markets Thursday
Earnings season is well underway.
Thursday, tech giant Microsoft (MSFT) and online pet-products retailer Chewy (CHWY) will deliver financial results after the market close.
Microsoft’s second-quarter results come on the heels of a blowout first quarter. The company posted a beat on both the top and bottom lines, and the closely-watched cloud revenue grew 41% from the same period last year and exceeded analyst expectations. Microsoft shares soared following the report, hitting record highs and crossed the $1 trillion mark for the first time ever. The stock has jumped 35% so far this year and has outperformed the broader market, which rose 20%.
Analysts polled by Bloomberg are expecting the tech giant to report adjusted earnings of $1.22 per share on $32.78 billion in revenue. The options market is implying a 3.7% one-day move in either direction.
In addition, Chewy will report quarterly results for the first time since debuting as a public company on June 14. Investors have been piling into the stock in the past month, as shares soared 44% since its IPO. The S&P 500 is up only 3% in the same time period.
Much like its recent IPO peers, Chewy has yet to turn a profit. Investors will likely focus on hearing from management on its plans to become a profitable company.
Chewy is expected to report an adjusted earnings loss of 11 cents per share on $1.12 billion in revenue. According to its previously released S-1 filing, Chewy reported sales of $3.5 billion in 2018, up 67% from the prior year, and a net loss of $268 million.
The options market is currently implying a 10% one-day move in either direction following its report.
—
Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.
More from Heidi:
Domino's Pizza reports weak sales, shares tank
Does Amazon Prime Day deliver for investors? It's complicated.
Jobs report smashes expectations
Job cuts during the first half of the year were the highest since 2009: Challenger
U.S. private sector employment grows at disappointingly slow pace
