After U.S. markets closed on Wednesday, Mattel reported higher-than-expected earnings per share (EPS), posting a profit of $0.10 compared to an expected loss of $0.03. Additionally, the company’s revenue came in 8.7% above consensus forecasts. Mattel also reaffirmed its guidance. As a result, the stock saw a 3% increase shortly after Thursday’s opening bell.
Meta Platforms, formerly known as Facebook, also exceeded both top-line and bottom-line estimates. The company reported an 11% increase in revenue year over year for the quarter, with EPS up by 21.1%. Income from operations rose by over $1 billion, and net income increased by $1.1 billion compared to the previous year. Shares of Meta Platforms were up by approximately 8%.
ServiceNow beat Wall Street’s estimates with a 15.6% higher EPS and 1% higher revenue than the consensus forecast. The company’s subscription revenue rose by 25% year over year for the quarter. In early trading, the stock increased by about 1.5%.
AbbVie, a pharmaceutical giant, reported better-than-expected EPS and revenue. The company also issued in-line EPS guidance for the full fiscal year. As a result, its shares traded about 3% higher.
Comcast exceeded the consensus EPS estimate by 15.3% and reported a revenue increase of 1.7% year over year, which was 1.3% better than expected. The stock traded up by 5.8% early Thursday.
Valero Energy also surpassed estimates on both the top and bottom lines. Although revenue was a third lower than in the second quarter of the previous year, EPS was nearly 42% lower. Shares of Valero Energy were trading up by about 0.6%.
Notable earnings reports from Ford, Intel, T-Mobile, and U.S. Steel are expected after markets close on Thursday. Chevron, Exxon Mobil, and Procter & Gamble are on deck to release their earnings results before Friday’s opening bell.
No notable earnings reports are scheduled for release on Friday afternoon. However, ON Semiconductor Corp., a chipmaker, is set to report earnings on Monday morning. The company’s shares have seen significant gains over the past year, experiencing a 70% increase including a 59% gain in 2023. Sales in the auto and industrial markets have cooled off in recent quarters, but with rising new vehicle sales, a turnaround is expected in the second quarter.
Overall, these companies’ positive earnings results suggest a promising outlook for the market.
