Top earnings to watch this week: PANW, INTU, MDT, NVDA & CRM

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Top earnings to watch this week: PANW, INTU, MDT, NVDA & CRM

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 Top earnings to watch this week: PANW, INTU, MDT, NVDA & CRM
Image source: © Aprescindere | Megapixl.com

Highlights:

  • Palo Alto Networks posted a 29 jump YoY in its Q3 2022 revenue.
  • Medtronic announced a cash dividend of US$ 0.68 per ordinary share in Q2.
  • NVIDIA's preliminary Q2 FY23 earnings release expects its revenue to be about US$ 6.70 billion.

Palo Alto Networks, Inc. (NASDAQ: PANW), Intuit Inc. (NASDAQ: INTU), Medtronic plc (NYSE: MDT), NVIDIA Corporation (NASDAQ: NVDA), and Salesforce, Inc. (NYSE: CRM), are among the popular players in their respective operating industries. All these firms are scheduled to post their quarterly earnings this week.

The market has witnessed a topsy-turvy situation so far in 2022, in the wake of a flurry of macroeconomic factors and other global uncertainties. Meanwhile, this quarter, the earnings season had bolstered gains in the market as investors have assessed the corporate earnings.

Some firms' earnings have suggested that they have avoided the higher prices and other uncertainties while posting better than anticipated financial results. In addition, several firms have posted upbeat guidance for the ongoing quarter and fiscal 2022.

Let’s look at the list curated by Kalkine Media® amid the ongoing earnings season: 

Palo Alto Networks, Inc. (NASDAQ: PANW)

The cybersecurity firm Palo Alto Networks closed the session on Friday at US$ 513.51, a decrease of 0.84 per cent from their previous closing price. The PANW stock gained nearly four per cent quarter-to-date (QTD) while falling about seven per cent this year. However, on an annual basis, it added about 40 per cent.

The firm will report its Q4 and fiscal 2022 financial results on August 22. Meanwhile, in the third quarter of fiscal 2022, its revenue increased 29 per cent year-over-year to US$ 1.4 billion.

During its third-quarter earnings release, Palo Alto said it expected its revenue to be between US$ 1.53 billion and US$ 1.55 billion in Q4 FY22.

Intuit Inc. (NASDAQ: INTU)

The INTU stock closed the session on August 19 at US$ 463.95, noting a decrease of 2.89 per cent from its previous close. The INTU stock increased by around 20 per cent in the current quarter.

Intuit will likely report its fourth quarter results on August 23, after market close. In the third quarter of fiscal 2022, the firm notched a 35 per cent jump in its revenue of US$ 2.39 billion. The software firm specializing in the financial segment posted a net income of US$ 1.79 billion in Q3 FY22, up from an income of US$ 1.46 billion in Q3 FY21.

Medtronic plc (NYSE: MDT)

The stock of the medical device firm closed at US$ 95 last Friday, down by 0.25 per cent from its prior session's close. The MDT stock gained nearly six per cent QTD. However, it slumped eight per cent this year.

Medtronic plc had a dividend yield of 2.87 per cent. The firm will report its latest quarter financial results on August 23, before the market opens.

The healthcare firm had announced a cash dividend of US$ 0.68 per ordinary share in Q2, marking an increase of eight per cent YoY. The dividend would be payable on October 14, 2022.

Medtronic's net sales deteriorated to US$ 8.08 billion in Q4 FY22, from US$ 8.18 billion in the year-ago period. However, its net income improved to US$ 1.49 billion in Q4 FY22, from an income of US$ 1.36 billion in Q4 FY21.

For fiscal 2022, it posted an income of US$ 5.06 billion on net sales of US$ 31.68 billion.

Nvidia earnings highlights for fiscal 2023 first quarterSource: ©Kalkine Media®; © Canva Creative Studio via Canva.com

NVIDIA Corporation (NASDAQ: NVDA)

The leading GPU manufacturer for the gaming and other professional industries, Nvidia witnessed a rough trading journey this year. On a YoY basis, it lost about ten per cent. However, on a QTD basis, NVDA stock gained 18 per cent.

It closed the session on August 19 at 4.92 per cent lower than its previous close. Its closing price on Friday was US$ 178.49.

The US$ 446.22 billion market cap firm would report its earnings on August 24, after market close. The traders would closely watch the chipmaker's earnings for cues on how the semiconductor sector had performed while avoiding the hurdles in the latest quarter.

In its preliminary second-quarter earnings release, the chipmaker expects its revenue to be around US$ 6.70 billion, representing a decline of 19 per cent sequentially and three per cent YoY.

However, in the first quarter of fiscal 2022, it posted a 46 per cent growth in its quarterly revenue of US$ 8.29 billion. 

Salesforce, Inc. (NYSE: CRM)

The stock of the cloud-based software firm closed at US$ 183.77, a slump of 2.21 per cent from its previous close on August 19. The CRM stock gained 11 per cent QTD while slipping about 27 per cent YTD.

Salesforce will release its Q2 2022 financial results on August 24, after the market close.

Meanwhile, in Q1 FY22, Salesforce posted a 24 per cent jump YoY in its quarterly revenue of US$ 7.41 billion. Its net income in Q1 FY22 was US$ 28 million, versus an income of US$ 469 million in Q1 FY22.

Bottom line:

The indices have notched their best monthly performance in the prior month in about one and a half years. However, the last week hasn't been so positive for the indices. After marking four consecutive weekly gains, the indices declined as various retail earnings seemed to fail to please the investors.

This week is also important for the investors, as they eagerly await Fed Chair Jerome Powell's comment at the annual symposium at Jackson Hole that will take place later this week. The meeting would provide more detailed cues on the economy's current health.

However, investors should trade cautiously amid several uncertainties in the market in recent months. Meanwhile, the earnings would also provide insights into how the corporations have managed to address the issue of elevated inflation and supply chain hurdles.

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