Earnings Roundup: NFLX, STX, EBAY, XLNX, ETFC
Wednesday, October 20, 2021 8:27 PM

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Netflix, Inc. (NASDAQ: NFLX) reported Wednesday that its third-quarter profit surged 26% as the online movie rental company's revenue growth accelerated and margin improved. Net income rose to $38 million, or 70 cents a share, from $30.1 million, or 52 cents a share, in the year-earlier quarter. On an adjusted basis, the company earned 78 cents a share in the latest quarter. Revenue increased 31% to $553.2 million from $423.1 million in the same quarter last year. Analysts, on average, expected the company to report earnings of 72 cents per share on revenue of $550.95 million. Looking ahead to the fourth quarter, the company said it expects earnings in a range of 59 cents to 74 cents per share or $32 million to $40 million, up from the previous forecast of 58 cents to 73 cents per share. Revenue is now anticipated to range between $586 million and $598 million, up from the prior estimate of $580 million to $596 million. Analysts currently expect the company to report fourth-quarter earnings of 71 cents per share on revenues of $592.83 million. For full year 2010, the company now anticipates earnings of $146 million to $154 million or $2.68 to $2.83 per share, up from the previous forecast of $141 million to $156 million or $2.58 to $2.86 per share. Revenue is now anticipated to be in a range of $2.15 billion to $2.16 billion. Analysts currently expect the company to report fiscal 2010 earnings of $2.79 per share on revenues of $2.17 billion. Netflix shares surged more than 9% in late trading.

eBay Inc. (NASDAQ: EBAY) said Wednesday that its third quarter net income rose 23% to $432 million, or 33 cents per share, from $350 million, or 27 cents a share, in prior-year quarter. On an adjusted basis, the company earned 40 cents a share in the latest quarter. Revenue grew 1% to $2.25 billion from $2.24 billion. Analysts, on average, expected the company to report earnings of 37 cents per share on revenue of $2.18 billion. Looking ahead to the fourth quarter, eBay expects GAAP earnings of 37 cents to 40 cents per share, non-GAAP earnings of $0.45 to $0.48 per share, and net revenues of $2.39 billion to $2.49 billion. Analysts currently expect earnings of $0.44 per share on revenue of $2.41 billion for the fourth quarter. For the full year 2010, eBay now expects GAAP earnings of $1.30 to $1.33 per share, non-GAAP earnings of $1.67 to $1.70 per share, and net revenues of $9.05 billion to $9.15 billion. Analysts currently expect earnings of $1.62 per share on revenue of $9.00 billion for the full-year. Previously, the company anticipated GAAP earnings in the range of $1.23 to $1.28 per share, non-GAAP earnings of $1.60 to $1.65 per share, and net revenues in the range of $8.8 billion to $9.0 billion, excluding Skype. eBay shares jumped more than 7% in after-hours trading.

Seagate Technology PLC (NASDAQ: STX) reported late Wednesday that its fiscal first-quarter profit declined 17% to $149 million, or 31 cents a share, from $179 million, or 35 cents a share, in the year-ago quarter. On an adjusted basis, the company earned 37 cents a share in the latest quarter. Revenue rose 1.5% to $2.7 billion from $2.66 billion. Analysts, on average, expected the company to report earnings of 45 cents per share on revenue of $2.72 billion.

Xilinx Inc. (NASDAQ: XLNX) on Wednesday said that its fiscal second-quarter profit jumped to $170.9 million, or 65 cents a share, from $64 million, or 23 cents a share, in the comparable quarter last year. Revenue surged 49% to $619.7 million from $414.95 million. Analysts, on average, expected the company to report earnings of 65 cents per share on revenue of $626.32 million. Gross margin for the quarter improved to 65.6% from 61.9% a year ago. Looking ahead to the fiscal third quarter, the company said that it expects revenue to be flat to down 4% sequentially, implying quarterly revenue of $594.88 million to $619.67 million. Analysts currently expect the company to report revenue of $622.62 million for the quarter. The company expects third quarter gross margin to be 65% plus or minus one percentage point. Xilinx shares fell more than 1% in late trading.

E*TRADE Financial Corporation (NASDAQ: ETFC) reported that it swung to a third quarter profit of $8 million, or 3 cents a share, from a loss of $855 million, or $6.74 a share, in the same quarter last year. Revenue dropped to $489 million from $575 million. Analysts, on average, expected the company to report earnings of 3 cents per share on revenue of $317.43 million. 

Disclosure: Author doesn't own any of the stocks discussed here. 

 

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Market news:

  • Russia opens key plant to destroy chemical weapons Nov 26, 2021 10:49 AM

    • POCHEP, Russia - Russia will miss a 2012 deadline for destroying all of its chemical weapons, officials said Friday as they inaugurated a major new plant to dispose of them.
    • Pochep will process nearly 19 percent of Russia's stockpile, or 7,500 tons of nerve agent used in aircraft-delivered munitions.
    • The plant, hidden in a dense birch forest, is key for Russia's commitment to destroy all of its chemical weapons by April 2012 as Russia deals with its vast arsenal of weapons of mass destruction.
      • Pakistan foils capital bomb plot; missiles kill 3 Nov 26, 2021 09:58 AM

        • ISLAMABAD - Police arrested two would-be suicide bombers planning to attack a mosque and a government building in Pakistan's capital Friday, as local officials said another suspected U.S. missile strike near the Afghan border killed three alleged insurgents.
        • The military has responded by launching offensives in the remote northwest where the insurgents are based, and the U.S. has increased its barrage of missile attacks on those strongholds out of reach of the Pakistani army.
        • Police officer Bin Yamin said the detained men were linked to the Pakistani Taliban in the South Waziristan region, where the army has been fighting the militants since last year.
          • NKorea warns region is on brink of war Nov 26, 2021 09:15 AM

            • YEONPYEONG ISLAND, South Korea - North Korea warned Friday that U.S.-South Korean plans for military maneuvers put the peninsula on the brink of war, and appeared to launch its own artillery drills within sight of an island it showered with a deadly barrage this week.
            • The fresh artillery blasts were especially defiant because they came as the U.S. commander in South Korea, Gen. Walter Sharp, toured the South Korean island to survey damage from Tuesday's hail of North Korean artillery fire that killed four people.
            • None of the latest rounds hit the South's territory, and U.S. military officials said Sharp did not even hear the concussions, though residents on other parts of the island panicked and ran back to the air raid shelters where they huddled earlier in the week as white smoke rose from North Korean territory.
              • Another US missile strike kills 3 in Pakistan Nov 26, 2021 08:56 AM

                • MIR ALI, Pakistan - Pakistani intelligence officials say a suspected U.S. missile strike has killed three alleged militants in the country's northwest.
                • It's the latest in a barrage of attacks by unmanned drones on the stronghold of Taliban fighters targeting American and NATO forces in Afghanistan.
                • The area is home to a mix of Afghan and Pakistani Taliban.
                  • Officials pull out of CA bomb factory, cite danger Nov 26, 2021 08:49 AM

                    • ESCONDIDO, Calif. - Explosives experts have pulled out of a northern San Diego County home with a large quantity of bomb-making materials because it's too dangerous.
                    • The Sheriff's Department says "proactive operations on site have been suspended" and local, state and federal explosives experts are making plans to re-enter the home and remove hazardous materials.
                    • Among other things, bomb technicians found what is believed to Pentaerythritol tetranitrate, or PETN, which was used in the 2001 airliner shoe-bombing attempt as well as in last month's airplane cargo bombs.

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