Check out the companies making headlines before the bell. Disney – Shares popped more than 9% after the company’s fiscal fourth-quarter results beat analysts’ estimates . For the period, Disney earned $1.14 per share, after adjustments, on revenue of $22.57 billion. That’s above earnings of $1.10 per share on revenue of $22.45 billion that analysts were expecting, according to LSEG. Cisco Systems – The networking stock dropped slightly. The company topped Wall Street’s quarterly estimates and lifted its full-year guidance, but posted its fourth consecutive quarter of declining revenue. Capri , Tapestry – The luxury apparel stocks were moving in opposite directions after the companies called off their planned merger , citing regulatory hurdles. Shares of Tapestry jumped 8%, while Capri slid more than 5%. Campbell Soup – Shares rose more than 1% after Piper Sandler upgraded the stock to overweight from neutral . The firm cited “continued strong growth” expectations for the Rao’s brand. BWX Technologies – The nuclear fuel stock advanced more than 4% on the back of Bank of America’s price target hike . The firm now sees shares hitting $160, which reflects upside potential of more than 20%. Bank of America also said the stock’s recent rally can be attributed to the “scarcity premium” in the small modular reactor market. Super Micro – Shares plummeted more than 11%, extending losses from the previous session. On Wednesday, the stock fell more than 6% on the heels of the company saying that it would delay the filing of its report for the period ended Sept. 30 . ASML – The Dutch semiconductor supplier rose more than 3% after confirming its 2030 targets at its 2024 Investor Day. ASML confirmed potential scenarios for its annual revenue to fall between 44 billion and 60 billion euros ($42.14 billion to $63.22 billion), while gross margin could be between 56% and 60%. Ibotta – The stock plunged about 20% despite the cashback rewards platform’s third-quarter results beating on the top and bottom lines. Ibotta earned 51 cents per share on revenue of $98.6 million, while analysts surveyed by LSEG were expecting a profit of 35 cents per share on revenue of $94.1 million. CNH Industrial – The agricultural equipment stock rose nearly 6% after Greenlight Capital’s David Einhorn revealed at CNBC’s Delivering Alpha conference that he took a medium-sized position in the company . Sonos – The stock rose nearly 7% in the wake of the audio equipment maker’s fourth-quarter results. Sonos reported a loss of 44 cents per share on revenue of $255.4 million. — CNBC’s Alex Harring, Samantha Subin, Jesse Pound and Lisa Kailai Han contributed reporting.
Baidu on Nov. 12, 2024, unveiled a pair of glasses with a built-in AI assistant, putting up a Chinese rival to the Meta Ray-Bans that have proven a rare success in AI-powered hardware.
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BEIJING — Chinese tech giant Baidu on Thursday posted a 3% annual drop in third-quarter revenue, nevertheless beating market expectations amid AI cloud growth.
The revenue print came in at $4.78 billion for the quarter ending on Sept. 30. Net income for the period rose by 14% to $1.09 billion.
Baidu noted a 12% surge in its non-online marketing revenue to the equivalent of $1.1 billion, mainly driven by its artificial intelligence cloud business.
Here’s what analysts expected the company to report for the quarter, according to LSEG estimates:
Revenue: $4.63 billion
Net income: $857.17 million
Baidu had reported revenue of 34.45 billion yuan ($4.75 billion) and net income of 6.68 billion yuan for the third quarter of 2023.
Beijing-based Baidu operates one of the major web browser search engines in China, along with a frequently used maps app. The company also sells cloud computing services. Online marketing drives a significant portion of the firm’s revenue.
In artificial intelligence, Baidu has promoted its Ernie chatbot as a local alternative to OpenAI’s ChatGPT, which isn’t available in China. Ernie bot now has 430 million users, Baidu said last week.
The company this month also announced that its Xiaodu AI Glasses will begin sales in the first half of next year. The wearable has at least one camera and uses Ernie’s AI capabilities and Baidu’s maps and search functions. While Baidu hasn’t revealed a price, the product is widely expected to be a Chinese alternative to Meta’s popular Ray-Ban smart glasses.
Baidu announced a management rotation last month, with Junjie He, formerly head of the mobile ecosystem group, becoming the company’s interim Chief Financial Officer, while former CFO Rong Luo assumed leadership of the mobile division.
Check out the companies making headlines in extended trading: Nvidia — The artificial intelligence darling slid nearly 2% despite exceeding expectations for the third quarter and providing strong guidance. Nvidia posted 81 cents in adjusted earnings per share and $35.08 billion in revenue. Analysts surveyed by LSEG were expecting 75 cents in earnings per share and $33.16 billion in revenue. Snowflake — The cloud stock soared 18% after beating earnings expectations for the third quarter and issuing strong guidance. Snowflake posted adjusted earnings of 20 cents per share on $942 million in revenue, while analysts surveyed by LSEG predicted 15 cents in earnings per share and $897 million in revenue. Palo Alto Networks — The cybersecurity stock slipped 5%. Palo Alto announced a two-for-one stock split. The company issued fiscal second-quarter guidance, calling for adjusted earnings of $1.54 to $1.56 per share on revenue of $2.22 billion to $2.25 billion. That was roughly in line with the Street’s forecast of $1.55 per share in earnings and $2.23 billion in revenue, per FactSet. Jack in the Box — The restaurant chain tumbled 5.6% after revenue for the fiscal fourth quarter came in at $349.3 million, under the consensus forecast of $356.7 million from analysts polled by FactSet. On the other hand, Jack in the Box earned $1.16 per share, excluding items, which was 7 cents ahead of what Wall Street penciled in.
Check out the companies making headlines in midday trading: Williams-Sonoma — The home goods retailer soared about 29% after beating expectations on both lines for the third quarter and raising full-year guidance. Williams-Sonoma earned $1.96 per share on $1.80 billion in revenue, while analysts surveyed by LSEG had anticipated just $1.78 in earnings per share and $1.79 billion in revenue. Ford Motor — Shares of the U.S. automaker slid 3% after Ford said on Wednesday it plans to cut around 14% of its European workforce . The company cited significant losses in recent years driven by weak demand for electric vehicles, a lack of government support for the shift toward electric vehicles and greater industry competition. Nvidia — Shares dipped 1% ahead of the chipmaker’s fiscal third-quarter results due after market close. Analysts polled by LSEG expect Nvidia to post earnings of 75 cents per share on about $33.16 billion in revenue, or more than 80% revenue growth compared to a year ago. AppLovin — Shares popped 4.8%. Piper Sandler initiated coverage of the mobile app developer with an overweight rating. The firm set a price target implying the stock has upside of nearly 25% ahead , even after it already surged more than 700% in 2024. Target — Shares plunged more than 21% after the big-box retailer disappointed on third-quarter earnings and revenue estimates and cut its full-year guidance, just three months after raising that forecast. Target reported only a slight uptick in customer traffic as CEO Brian Cornell noted “lingering softness in discretionary categories.” Delta Air Lines — Shares of the carrier dipped less than 1% even after the firm forecast revenue growth in mid-single-digit percentage points next year, in line with analysts’ estimates. Delta said sales would grow in 2025, citing a “resilient economy” for strong travel demand and credit card spending, especially for higher-end offerings. It also said it expects to grow earnings in the coming years. The stock has gone up about 60% this year. Robinhood — The trading platform’s shares advanced more than 3% after Needham upgraded its rating to buy from hold on Robinhood. Elsewhere, the company said it is planning to acquire TradePMR , a custodial platform for registered investment advisors, in a roughly $300 million deal that is expected to close in the first half of 2025. Lemonade — The insurance stock popped nearly 15% following an upgrade at Morgan Stanley to equal weight from underweight. The firm cited Lemonade’s “ambitious” goal of growing its business and its charted path to net profit positive exiting 2027 for the call. Keysight Technologies — Shares jumped more than 6% after the electronics test and measurement equipment company topped Wall Street expectations for the fiscal fourth quarter. Keysight also gave an upbeat outlook for the current quarter, anticipating adjusted earnings of $1.65 to $1.71 per share. That is better than the $1.57 in earnings per share that analysts were expecting, per FactSet. Super Micro Computer — Shares dropped nearly 8%, taking back some of Tuesday’s gains of more than 31%. Shares of the struggling server maker bounced in the previous session after Super Micro announced it hired BDO as its new auditor and said it submitted a plan to Nasdaq detailing how it will comply with the exchange’s listing requirements. Dolby Laboratories — Shares jumped more than 14% after the audio technology company gave quarterly results that beat Wall Street estimates. Dolby earned 61 cents per share in its fiscal fourth quarter, higher than analysts’ forecast of 45 cents per share, according to FactSet. Dolby also raised its quarterly dividend by 10% to 33 cents per share, payable Dec. 10. Qualcomm — Shares slid 6% even after the semiconductor company provided new five-year financial targets on Tuesday that aim to generate an additional $22 billion in annual revenue by 2029 . Qualcomm also detailed a plan to generate $4 billion in revenue for industrial chips and a $2 billion sales target for its chips that are used in virtual and augmented reality headsets, alongside other goals. — CNBC’s Alex Harring, Brian Evans, Sean Conlon, Yun Li and Michelle Fox contributed reporting.