Rising oil prices help Exxon Mobil beat market expectations

Exxon Mobil added 0.29% on Friday after it released quarterly results which surpassed expectations for both earnings and revenues. During the third quarter, the group reported revenues of $66.16bn, up from the $58.68bn recorded a year ago and easily surpassing estimates of $63.39bn. Exxon Mobil saw earnings come in at 93 cents, beating forecasts of 86 cents and sharply higher than the 63 cents reported a year ago. This upbeat result comes in spite of Hurricane Harvey, with the storm negatively affecting earnings by 4 cents per share after it impacted the group’s refineries in Baytown and Beaumont. Cash flow from operations grew by 41% to $7.5bn compared to that reported a year ago.

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Better-than-expected results from Alphabet

On Thursday, Google’s parent, Alphabet, released better-than-expected quarterly results. During the 3rd quarter, the group reported revenues of $27.77bn, 24% higher than the $22.45bn recorded previously and easily beating expectations of $27.2bn. This uptick was mainly due to a higher-than-predicted surge in the volume of clicks on Google ads, especially in Asia. However, this increase was somewhat offset by higher traffic costs and a decline in the price of ads. Alphabet saw its adjusted earnings come in at $9.57 per share, sharply higher than forecasts of $8.33 per share and much better than a revised figure of $7.25 per share recorded in the previous corresponding period.

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Coke shows strong sales in Latin America

Coca-Cola released better-than-expected quarterly results on Wednesday. During the third quarter, the group saw revenues come in at $9.08bn, 15% lower than recorded a year ago but higher than estimates of a decline to $8.72bn. This drop was mainly due to its refranchising efforts, but was partly offset by a 10% increase in sales in its Latin American region. Overall, net income grew to $1.45bn, sharply higher than the $1.05bn reported previously. This uptick was primarily due to its cost-cutting program, which included a 20% reduction in its workforce. On an adjusted basis, earnings stood at 50 cents per share, 2% higher than that reported in 2016 and slightly higher than forecasts of 49 cents per share.

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General Motors saw revenues come in at $33.6bn

General Motors rose 2.95% on Tuesday to settle at $46.48 per share, helped along by the release of better-than-expected quarterly results. During the period, the group saw revenues come in at $33.6bn, 13.5% lower than recorded a year ago but higher than expectations of a decline to $32.72bn. Overall, the US’ largest car-maker reported a net loss of $2.98bn, or $2.03 per share, sharply lower than a profit of $2.77bn, or $1.17 per share, recorded a year ago. However, it must be noted that the slump was mainly due to the sale of its Opel/Vauxhall unit to France’s PSA Group. On an adjusted basis, General Motors saw earnings per share come in at $1.32, easily surpassing forecasts of $1.12.

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Hasbro affected by warnings of the collapse of Toys R Us

On Monday, Hasbro slumped 8.6% to settle at $89.75, negatively affected by warnings that the collapse of Toys R Us will negatively affect holiday sales. This comes after Toys R Us, the largest toy retail chain in the US, filed for bankruptcy in September, with around $5bn due to its creditors. Despite the warning, Hasbro, the 2nd largest toymaker in the US, reported better-than-expected quarterly results. During the 3rd quarter, revenues increased by 7% to come in at $1.79bn, marginally higher than estimates of $1.78bn. Hasbro saw its profit for the period increase to $265.6mn, or $2.09 per share, easily surpassing estimates of $1.94 per share.

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General Electric’s power busiess hurts results

GE added 1.06% on Friday to settle at $23.83 per share, despite slumping as much as 8% in premarket trading after the group released mixed quarterly results. In its third quarter results, the group reported a 14% increase in revenue to $33.47bn, easily surpassing forecasts of $32.56bn. However, adjusted earnings declined by 9% to 29 cents per share, much lower than expectations of 49 cents per share. This poor performance was partly attributable to GE’s power business, with the segment recording a 51% decline in profits to $611mn, down from $1.3bn in the previous corresponding period. Its oil and gas business reported a loss of $36mn, sharply lower than a profit of $353mn a year ago.

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Verizon added 603,000 customers last quarter

Verizon reported strong quarterly results on Thursday, with earnings in-line with estimates, while revenues surpassed expectations. The group saw revenues come in at $31.72bn during the quarter, slightly higher than forecasts of $31.45bn and up from the $30.94bn reported a year ago. This better-than-expected performance was partly due to 603,000 retail postpaid net additions during the period, compared to estimates of 438,000. The group also managed to expand its media business, Oath, which now includes AOL, Huffington Post and Yahoo. Overall, Verizon’s adjusted earnings per share of 98 cents was in-line with forecasts, but slightly lower than the $1.01 reported a year ago.

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eBay slumps in after-hours trade

eBay gained 1.28% to settle at $37.97 per share, before the group slumped in after-hours trade following the release of mixed quarterly results. During the quarter, revenues came in at $2.4bn, higher than estimates of $2.37bn and up from the $2.2bn recorded previously. The e-commerce group’s adjusted headline earnings per share were inline with estimates of $0.48, marginally higher than the $0.45 reported a year ago. Looking forward, 4th quarter revenue is set to come in at between $2.58bn and $2.62bn, inline with analysts’ forecasts of $2.58bn. eBay expects adjusted earnings per share to be between $0.57 and $0.59, missing forecasts of $0.60.

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Netflix subscriber numbers jump 5.3 million

Netflix reported strong quarterly results on Monday after the group surpassed expectations on a number of important metrics. During the third quarter, the group saw revenues come in at $2.98bn, marginally higher than estimates of $2.97bn. This uptick was partly attributable to a 5.3m increase in the number of subscribers, easily surpassing forecasts of 4.5m. Of this 5.3m increase, 850,000 subscribers came from the US, which beat expectations of 810,000. The group now has around 109.3m subscribers globally. Adjusted earnings stood at 37 cents per share, much higher than estimates of 32 cents per share.

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US Earnings season remains robust as Bank of America beats expectations

Bank of America added 1.49% in the previous session, after it released better-than-expected quarterly results, with both earnings and revenues surpassing expectations. In the third quarter of 2017, revenues came in at $22.079bn, marginally higher than estimates of $21.976bn. This was mainly due to net interest income of $11.4bn, higher than expectations of $11.33bn and up from the $10.429bn recorded a year ago. On the downside, fixed-income trading revenue slumped by 22% over the past year to $2.152bn, negatively affected by less favourable conditions across credit-related products. Earnings per share came in at 48 cents, easily topping forecasts of 45 cents.

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