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Microsoft Corp – Beat Wall Street expectations for quarterly revenue on Tuesday, as the software giant benefited from demand for its cloud-based services during the pandemic-induced remote working and learning. The company’s revenue rose 19% to $41.7 billion in the third quarter ending March 31, beating analysts’ estimates of $41.03 billion. At least five brokerages raise their PT on MSFT as Wall Street says the company will continue to benefit from digital adoption, shares have jumped about 50% over the past year with its market value touching $2 trillion.
Advanced Micro Devices Inc – The chip designer Advanced Micro Devices forecast second-quarter revenue above Wall Street expectations on Tuesday, betting on strong demand for its chips used in data centers and personal computers. The company projected second-quarter revenue to be about $3.6 billion, plus or minus $100 million, compared with analysts’ estimates of $3.29 billion.
Starbucks Corp – Reported second-quarter financial results after market hours Tuesday, despite the coffee giant’s encouraging numbers, its shares are lower premarket regardless. The quarter saw the company book revenue of $6.7 billion, up 11% from the same period of 2020. That was fueled by a 15% improvement in global same-cafe sales. Net profit more than doubled, rising to $659 million from the year-ago result of $328 million. It was increased concerns over maintaining its current global growth rate that caught analysts attention. The company did raise its annual forecast for revenue and profit on the expectation that more customers will return as they get vaccinated.
Pinterest Inc – Down sharply premarket after warning of a slowing user growth rate in the U.S. as people are dialing down time spent on social media amid pandemic restrictions easing across the world. Higher ad spending meanwhile by companies helped soften the hit from tepid user growth, the company reported a 78.4% rise in Q1 revenue to $485.23 mln from a year ago, beating estimates of $473.66 mln.
Visa Inc – Said it has begun to emerge from the COVID-19 pandemic with a surge in online shopping helping the world’s biggest payment processor beat Wall Street estimates for quarterly profit and counter sluggish travel spending. Visa’s total payment volumes rose 11% on a constant dollar basis from a year earlier, its biggest jump since the start of the pandemic. Visa reported net income of $1.38 per Class A share for the second quarter, compared with analysts’ estimates of $1.27 per share as U.S. debit cards volumes soared 31% to $806 billion.
Spotify Technology – Down more than 4% premarket despite reporting quarterly results this morning that beat estimates. Premium subscribers, which account for most of the company’s revenue, were up 21% to 158 million from a year earlier. Analysts on average were expecting the company to have 157.5 million paid subscribers. Revenue rose to 2.15 billion euros for the three months ended March 31, from 1.85 billion euros a year earlier. Analysts were expecting revenue of 2.14 billion euros. The streaming service, which has been boosting its podcast business, on Tuesday launched a paid subscription platform for podcasters to challenge a similar service unveiled by Apple.
Facebook Inc – Higher in the premarket ahead of earnings after the close tonight, announced its working on new monetizable tools for its Instagram platform as well as ecommerce, stores for creators who use Facebook.
Ocugen Inc – Down sharply premarket for the second straight session after another impressive late day rally yesterday. The stock has doubled since the company released further promising data on its covid-19 vaccine being worked on with India’s Bharat Biotech.
Boeing Co – Reported a smaller quarterly loss, helped by an improvement in aircraft deliveries as its 737 MAX jets come back on line. A new electric problem found on some models of the jet earlier this month, has cast concerns on it’s plan to increase production rates of 31 planes per month by early 2022. The U.S. planemaker reported a core operating loss of $353 million in the first quarter ended March 31, compared with a loss of $1.70 billion a year earlier. Boeing said it recorded a pre-tax charge of $318 million in the quarter related to a new fleet of Air Force One presidential aircraft based on its 747-8 jumbo jet.
Mind Medicine – Active in the premarket as the stock is set for its second day of trading on the Nasdaq. In a Forbes magazine article the company’s CEO JR Rahn said despite a 30% dip on its first trading day he believes the uplisting “is a huge win for the company and for the psychedelics industry.” The article also highlights recent increased attention on the stock from Reddit’s WallStreetBets forum.
ADMA Biologics Inc – Received FDA approval for increased fractionation and purification of a 4,400-liter plasma pool for the manufacture of Intravenous Immune Globulin.