Coinbase, Palo Alto Networks, Caesars, Toll Brothers

Coinbase (COIN)

Shares of Coinbase Global jumped after the cryptocurrency exchange’s fourth-quarter revenue of $629.1 million beat Wall Street’s expectations of $581.1 million.

The bar has been set relatively low for Coinbase amid a sharp drop in trading volumes last quarter following a decline in cryptocurrency prices, the collapse of FTX.com and increased scrutiny from regulators.

“Coinbase and cryptocurrency have proven to be largely resilient in 2022 despite major system shocks,” the company’s shareholders said in a letter. “Idiosyncratic events throughout 2022 exacerbated an already weak macroeconomic environment.”

In January, Coinbase cut about 20% of its staff. The company says it expects cost reductions of more than 30%, given the reduction in headcount.

Coinbase stock, which has lost about two-thirds of its value over the past year, has surged since the start of 2023, up about 80%. The rise comes amid a recovery in the price of bitcoin (BTC-USD), which is currently hovering above $24,300 per token.

Palo Alto Networks (PANV)

Palo Alto Networks’ total revenue for the fiscal second quarter of 2023 rose 26% year-on-year to $1.7 billion. Shares of the cybersecurity firm rose after hours.

“We continue to see our teams perform well amid macroeconomic challenges in helping clients consolidate their security architectures,” Nikesh Arora, chairman and CEO of Palo Alto Networks, said in the company’s earnings report.

Shares of the Palo Alto-based company are up about 20% since the start of the year, driven by a general rise in tech stocks. Cybersecurity companies fared relatively well compared to the rest of tech stocks last year as demand for network security rises amid growing geopolitical tensions.

Caesar Entertainment (CR)

Caesars Entertainment reported fourth-quarter net revenue of $2.8 billion, in line with Wall Street’s expectations.

The results of the gambling company have been positively impacted by the ongoing shift of consumers from goods to spending on services and experiences.

“We delivered another set of strong operating results in the fourth quarter as each of our Las Vegas and Regional segments set a new record for fourth-quarter adjusted EBITDA,” said Tom Rig, CEO of Caesars Entertainment, in an earnings call and company losses.

Toll Brothers (FLOOR)

Toll Brothers earned $1.70 per share in the first quarter, compared to $1.24 in the same period last year. The developer also gave upbeat forecasts after the housing market began to slow down last year.

The Toll Brothers residential complex is shown in Carlsbad, California, USA on May 21, 2018.  REUTERS/Mike Blake

The Toll Brothers residential complex is shown in Carlsbad, California, USA on May 21, 2018. REUTERS/Mike Blake

“Since the beginning of the calendar year, we have seen a marked increase in demand, beyond normal seasonality, as consumer confidence appears to be improving,” Douglas Yearly Jr., chairman and chief executive officer of Toll Brothers, said in the company’s earnings report.

Toll Brothers reaffirmed its 2023 guidance for adjusted gross margin of 27% and earnings per share in the range of $8.00 to $9.00.

Ines is a Senior Business Reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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