Investors have many earnings reports to consider in today’s trading session.
Tech storage supplier Seagate (STX) posted revenue falling by 17.5% Y/Y to $1.56 billion. The memory industry is struggling, hurt by excess inventory in the channel and weak demand.
ServiceNow (NOW) posted revenue growing by a solid 25.8% to $2.44 billion. Subscription revenue grew by 27% Y/Y to $2.36 billion.
ASML, which rose by 8.85% yesterday, posted an excellent quarter. Still, it issued a light forecast. ASML supplies chips to the big names like Nvidia (NVDA) and AMD, who in turn have a diversified customer base.
CSX, a rail operator, posted profits that fell from last year. It earned 45 cents a share.
In the mining sector, Freeport McMoRan (FCX) posted Q4 net income falling from 48 cents in EPS to 27 cents. Its copper revenue grew while gold sales increased by a solid 20% Y/Y.
Telecom firm AT&T (T) posted a weak adjusted EPS forecast of between $2.15 to $2.25. Analysts expected $2.47. EBITDA growth (adjusted) is also a disappointment. It will increase in the 3% range while FCF for 2024 is $17 billion to $18 billion.
Income investors who thought there was light at the end of the tunnel need to re-evaluate the firm. The company did not warn its shareholders ahead of time.
