Micron sales dive nearly 50%, and decline is expected to get worse as layoffs planned

Micron Technology Inc.’s revenue dropped 47% in its fiscal first quarter, and management projected that the decline would worsen to more than 50% in the second quarter as layoffs are planned. Micron MU, +1.01% reported a loss of $195 million, or 18 cents a share, versus net income of $2.31 billion, or $2.04 a share, … Read more

Disney overtook Netflix as the streaming leader, and is expected to widen the lead

Walt Disney Co. displaced Netflix Inc. as king of the video-streaming market, and it is expected to widen the gap. Disney DIS, +0.33% seized the mantle three months ago as its potent content troika of Disney+, Hulu and ESPN+ reached 221 million customers, edging Netflix’s 220 million subscribers. Analysts expect Disney to report more than … Read more

UiPath Stock Sinks on Cut to Fiscal-Year Revenue Forecast

Text size UiPath, the robotic-process automation software company, cut its revenue outlook for the fiscal year. Courtesy UiPath UiPath stock was sinking Wednesday after the robotic-process automation software company cut its outlook for fiscal-year revenue citing “foreign exchange and macroeconomic volatility.” For the third quarter, UpPath (ticker: PATH) said it expects revenue of $243 million to $245 … Read more

Hewlett Packard Enterprise earnings and revenue grow, forecast beats expectations

Hewlett Packard Enterprise Co.’s profit and revenue grew last quarter, and executives on Tuesday predicted more earnings growth to round out the fiscal year. HPE HPE, -0.51% reported fiscal third-quarter earnings of $409 million, or 31 cents a share, on revenue of $7 billion, up from $6.9 billion a year ago. After adjusting for stock-based … Read more

Splunk Earnings Beat Estimates. Shares Fall on New Business Slowdown.

Text size Splunk said 723 customers are generating more than $1 million in annualized revenue. Dreamstime Splunk posted better-than-expected results for its fiscal second quarter ended July 31, while boosting its revenue outlook for the January 2023 fiscal year. But the stock is trading sharply lower on a slowdown in the company’s new business pipeline. … Read more

Why Is Estee Lauder Stock Falling? The Outlook Disappointed.

Text size Fiscal fourth-quarter earnings and revenue at Estee Lauder beat analysts’ estimates. Gabby Jones/Bloomberg Estee Lauder shares were lower premarket trading Thursday after the beauty company said it expects fiscal first-quarter earnings below Wall Street estimates. Estee Lauder (ticker: EL) said it expects first-quarter earnings of between $1.22 a share and $1.32 a share, … Read more

Cisco earnings and revenue forecast quell fears of slowdown, stock rises

Cisco Systems Inc. shares rose in extended trading Wednesday after the networking company forecast stronger-than-expected revenue growth in the months ahead, quelling fears of a slowdown in businesses’ technology spending. Cisco  CSCO, -0.24%  reported net income of $3.4 billion, or 68 cents a share, while revenue was flat from the year before at $13.1 billion. … Read more

Rivian’s Losses Nearly Triple to $1.7 Billion

Rivian Automotive Inc. reported its net loss in the second quarter nearly tripled to $1.7 billion, further pressuring the electric-vehicle startup to conserve cash and move quickly to fill customer orders. The California-based SUV and truck maker said revenue for the quarter was about $364 million as it increased production and deliveries of its first … Read more

Novavax slashes sales guidance in half, stock plunges 34%

Novavax Inc. executives slashed their annual sales guidance in half Monday while wildly missing financial expectations, sending shares down more than 30% in after-hours trading. Novavax NVAX, -5.01% now projects total 2022 revenue of $2 billion to $2.3 billion, after previously stating a goal of $4 billion to $5 billion. The U.S. Food and Drug … Read more

Upstart outlook comes up short, but CEO says he’s ‘confident’ in value of AI lending

Upstart Holdings Inc. delivered a lower-than-expected revenue forecast for the current quarter, but its chief executive expressed confidence in the performance and value of artificial-intelligence-driven lending. Since Upstart UPST, +9.02% offered preliminary second-quarter results a month ago that fell shy of expectations, the key issue headed into the company’s official earnings report was its outlook. … Read more