- Scott Peters
- 16 Feb, 2023
- New York City
Boston Beer Company Inc plunged 14.5% to $336.0 after the company said depletions in the distribution system declined to 3%.
Boston Beer said revenue in the fourth quarter increased 28.6% to $447.5 million and net loss in the quarter fell to $11.4 million from $51.7 million and diluted loss per share fell to 93 cents from $4.22 a year ago.
In 2022, revenue increased 1.6% to $2.09 billion and net income rose to $67 million from $14.5 million or $5.44 from $1.17 a year ago.
Chef's Warehouse Inc declined 3.4% to $36.63 after the company reported a quarterly loss because of early debt repayment linked charges and variable interest rate on the new securities.
Chefs' Warehouse said revenue in the fourth quarter increased 41.8% to $791.3 million but net income plunged to $1.2 million from $8.4 million or diluted EPS declined to 3 cents from 22 cents a year ago.
In 2022, revenue increased to $2.6 billion from $1.7 billion and the food distributor swung to a net profit of $27.8 million from a loss of $4.9 million or 73 cents from (13 cents) a share.
Choice Hotels International Inc declined 3.3% to $125.50 after the company reported a decline in quarterly earnings.
Choice Hotels revenues increased 27% to $362 million but net income decreased 13% to $55.5 million from $64 million and diluted earnings per share fell to $1.04 from $1.14 a year ago.
In 2022, revenue increased 31% to $1.4 billion and net income increased 15% to $332 million from $288 million or $5.99 from $5.15 a share a year ago.
Revenue per available room increased 20.4% in the fourth quarter from the previous quarter, outperforming industry average by 700 basis points.
Cisco Systems Inc increased 6.1% to $51.37 after the networking gear maker reported better-than-expected revenue and earnings.
Cisco said revenue in the fiscal second quarter ending in January increased 7% to $13.6 billion and net income dropped 7% to $2.8 billion from $3.0 billion and diluted earnings per share declined to 67 cents from 71 cents a year ago.
The company increased quarterly dividend by 1 cent to 39 cents to be paid on April 26 to shareholders on record on April 5.
Copa Holdings, SA decreased 1.1% to $94.97 and the Panama based Caribbean and Central America focused airline reported a surge in passenger count and miles transported.
Copa Holdings said revenue in the fourth quarter rose 30.6% to $890.6 million from the corresponding period in 2019 and net income soared to $88.3 million from $2.7 million or basic EPS increased to $2.23 from 6 cents a share in the period.
In 2022, revenue increased 9.5% to $2.96 billion and net income rose 41% to $348 million or $8.58 from $5.81 a share in the 3-year period.
Passenger traffic, measured in terms of revenue passenger mile, increased 7.5% compared to the period in 2019, while capacity increased 5.9%.
As a result, load factors for the quarter increased by 1.4 percentage points to 86.6%.
Shopify Inc dropped 15.5% to $51.37 after the online e-commerce platform forecasted a weaker-than-expected outlook.
Shopify said revenue in the fourth quarter increased 25.3% to $1.7 billion and net loss increased to $672 million from $371 million and diluted loss per share rose to 49 cents from 30 cents a year ago.
In 2022, revenue increased to $5.6 billion and the online e-commerce platform swung to a net loss of $3.5 billion from a profit of $2.9 billion or ($2.73) from $2.29 a share a year ago.
The Canada-based company forecasted 2023 revenues to increase in "in the high-teen percentages," slower than 21% increase in 2022.
Upwork Inc declined 10.4% to $12.48 after the online platform for remote working said gross service volume growth decelerated for the sixth quarter in a row to 5% from 50% in the second quarter 2021.
Upwork said revenue in the fourth quarter increased 18% to $161.4 million and net loss declined to $16.5 million from $22.6 million and diluted loss per share fell to 13 cents from 18 cents a year ago.
In 2022, revenue increased to $618.3 million from $502.8 million and net loss expanded to $89.9 million from $56.2 million or 69 cents from 44 cents a share a year ago.
Zillow Group Inc increased 2.5% to $47.84 after the online real estate platform reported revenue ahead of expectations but held out for tough times ahead.
Zillow Group said revenue in the fourth quarter declined 19% to $435 million and net loss shrank to $72 million from $261 million and diluted loss per share was 31 cents from 2 cents a year ago.
In 2022, revenue declined to $1.95 billion from $2.1 billion and net loss fell to $101 million from $528 million or 36 cents from a profit of 39 cents a year ago.
Home sales declined 40% in the fourth quarter from a year ago after home prices continued to rise in double-digits across the nation for the third year in a row.
- Barry Adams
- 15 Feb, 2023
- New York City
Stocks pulled ahead and tech stocks advanced for the third day in a row.
Benchmark indexes were under pressure after retail and food services sales in January surpassed expectations set by some economists.
Investors debated the significance of two key reports released back-to-back in two days. Consumer inflation moderated in January but not by much and retail sales soared reflecting the labor market strength.
Travel related stocks were in focus in the U.S., Europe and Asia.
Airbnb soared after the online booking platform company indicated sustained demand for home-sharing on its platform.
Marriott and Hilton also suggested the strength in demand for hotel rooms and underscored their expansion to add new hotel properties.
TUI AG said its tour bookings are running ahead of pre-pandemic levels for summer travel in Europe and the Hong Kong-based Cathay Pacific said it air transported one million passengers in January, the first time in three years.
Investors are anticipating results from at least 250 companies later in the week in the U.S. and Europe.
U.S. Retail Sales advanced 3.0% In January
Seasonally adjusted retail and food services sales in January not adjusted for price increased 3.0% from December and jumped 6.4% from a year ago.
The November and December sales were unrevised at -1.1%. Retail trade sales were up 2.3% from December and 3.9% from last year and food services and drinking places sales soared 25.2% from a year ago.
U.S. Market Indexes
The S&P 500 index increased 0.3% to 4,147.60 and the Nasdaq Composite index advanced 0.9% to 12,070.59.
Crude oil declined 59 cents to $78.48 a barrel and natural gas futures fell 9 cents to $2.47 a thermal unit.
The yield on 2-year Treasury notes increased to 4.63%, the 10-year Treasury notes edged up to 3.80% and 30-year Treasury bonds inched up to 3.84%.
U.S. Movers
Airbnb, Inc increased 14.2% to $138.12 after the online booking platform operator reported a sharp rise in quarterly earnings on the back of a surge in travel.
Airbnb said revenue in the fourth quarter increased 24% to $1.9 billion and net income soared nearly six-fold to $319 million from $55 million and diluted earnings per share increased to 48 cents from 8 cents a year ago.
Airbnb said gross bookings volume rose 20% to $13.5 billion in the fourth quarter and jumped 35% to $63.2 billion in 2022. Nights and experiences soared 20% to 88.2 million and advanced 31% to 393.7 million in 2022.
Akamai Technologies, Inc plunged 10.3% to $78.71 after the content networking and cloud computing company reported a fall in earnings.
Akamai said fourth quarter revenue increased 2% to $927.8 million and net income dropped 19.8% to $128.7 million from $160.5 million and diluted EPS fell to 82 cents from 97 cents a year ago.
The company said in a call with investors that it plans to accelerate its push in cloud computing and shift its focus from security, raising the prospect of direct competitions with larger players Google and Microsoft and Oracle.
Tripadvisor, Inc increased 1.8% to $25.57 after the online travel agency reported a decline in quarterly loss and a rising demand for travel services.
Tripadvisor said total revenue increased 47% to $354 million and net loss shrank to $3 million from $29 million and diluted loss per share dropped to 2 cents from 21 cents a year ago.
Tripadvisor said fourth quarter revenue surpassed the comparable pre-pandemic period in 2019 and full-year 2022 revenue increased to 96% of the 2019 level.
In 2022, total revenue increased 65% to $1.49 billion and the company swung to a profit of $20 million from a loss of $148 million and diluted EPS was 14 cents from a loss of $1.08 a share a year ago.
European Markets Closed at New One-year Highs
Stocks advanced in Europe and benchmark indexes closed at new one-year highs.
Market sentiment was negative after the U.S. inflation moderated in January but remained hotter-than-expected by economists.
However, cooling of inflation in the UK bolstered buyers on European bourses. Market indexes scaled higher despite the higher-than-expected retail sales data in the U.S.
Consumer price inflation in the UK eased to 10.1% in January from 10.5% in December, the Office for National Statistics reported Wednesday.
Inflation fell for the third month in a row and dropped to the lowest level since September 2022.
On a monthly basis, inflation fell 0.6%, the first decline in a year and the largest since January 2019.
Separately, the U.S. retail sales rose 3.0% in January from December, the U.S. Census Bureau of Statistics reported Wednesday.
U.S. retail sales are adjusted for seasonal variations but not for price changes and over the last twelve months increased 6.4% in January.
The retail and food services sales strength showed the resilient consumer spending and may provide another signal to the Federal Reserve in support of aggressive rate hikes.
Euro Area Recorded Trade Deficit In 2022
The Euro Area trade balance swung to deficit in 2022 after imports rose faster than exports, Eurostat reported Wednesday.
International goods trade deficit was 8.8 billion, matching the level in 2021.
Goods exports increased 9.0% from the previous year to €238.7 billion and imports rose 8.7% to €247.5 billion.
The euro area exports of goods to the rest of the world rose 18.0% to €2.8 billion and imports jumped 37.5% to €3.19 billion, resulting in a deficit of €314.7 billion compared to a surplus of €116.4 billion.
Exports to the United States in 2022 increased 27.5% to €509.3 billion, China edged up 3% to €230.3 billion and the UK increased 15.9% to €328 billion.
Higher energy sourcing from Norway shot up imports by 115% to €160.7 billion.
Imports from the U.S. soared 53% to €358 billion and China surged 32% to €626 billion.
European Markets
The DAX index increased 0.8% to 15,506.34, the CAC-40 index advanced 1.2% to 7,300.86 and the FTSE 100 index closed up 0.6% to 7,997.83.
The euro inched lower $1.068, the British pound decreased to $1.202 and the Swiss franc increased to 92.43 U.S. cents.
The yield on 10-year German Bunds inched higher to 2.47%, French bonds advanced to 2.93%, the UK Gilts edged lower to 3.43% and Italian bonds to 4.32%.
Brent crude oil declined 49 cents to $85.08 a barrel and the Dutch TTF spot price rose 4% to Є54.75 per MWh.
Europe Movers
MTU Aero Engines AG increased 4.1% to €227.0 after the company reported its financial results for 2022 and lowered its 2023 revenue outlook.
Revenue in the full-year 2022 increased 27% to €5.3 billion from €4.2 billion in the previous year.
The operating profit increased 40% to €655 million and net income rose 39% to €476 million in 2022 from €342 million a year ago.
The company also lowered its 2023 revenue outlook largely on the account of foreign exchange adjustments.
MTU revised 2023 lower to between €6.1 billion and €6.3 billion from its November 2022 forecast between €6.4 billion and €6.6 billion, based on the revised euro-dollar exchange rate estimate of 1.10 compared to previous estimate of $1.05 in November.
The company won new orders worth $3.6 billion in 2022 and ended the year with an order backlog of $22.3 billion compared to $22.2 billion at the end of 2021.
Carrefour SA soared 8.5% to €17.82 after the hypermarket operator reported gains in market share in all key regions.
Revenue in 2022 including VAT rose to €90.8 billion from €78.6 billion and comparable sales increased 8.5%.
Sales in the fourth quarter increased 18% to €25.4 billion and comparable sales rose 10.9% following 11.3% in the third quarter.
Comparable sales in Europe rose 6.2% and in France increased 5.6% and in Latin America advanced 28.2%.
The company said the board of directors approved a new stock repurchase program of €800 million with no expiry date.
Net income adjusted for exceptional items increased to €1.2 billion from €1.1 billion in 2021 and earnings per share advanced to €1.63 from €1.43 a year ago.
Kering SA increased 3% to €578.40 after the parent of YSL and Gucci reported better-than-expected annual results.
Revenue in 2022 increased 15% or 9% on a comparable basis to €20.3 billion.
Net income attributable to shareholders increased 145 to €3.6 billion from 3.1 billion and earnings per share increased to €29.34 from €25.49 in the previous year.
The luxury goods company reported a dividend of €14 per share.
Gucci revenue increased 8% to €10.5 billion from €9.7 billion and YSL revenue soared 33% to €3.1 billion from €2.5 billion a year ago.
Of the total sales in 2022, Asia Pacific including China, India and Australia accounted for 33%, North America 27% and Western Europe 27%.
Asian Markets Dropped On Fed Fears
Asian markets closed down after the latest U.S. inflation data raised fears of the Federal Reserve continuing its campaign of rate hikes longer.
The yen edged lower and currencies in the region were under pressure on the worries of rising rates.
BoJ Yield Curve Policy Debates Rages On
Market indexes in Tokyo opened higher but drifted down after the yen weakened and the fears of higher rates in the U.S. overshadowed the market sentiment.
Investors also debated whether the Bank of Japan's next governor will embark on a policy to change the yield curve control and exit from its ultra-loose monetary policy stance.
The Nikkei index decreased 0.4% to 27,501.86 and the yen dropped 0.8% to 134.16 against the U.S. dollar.
In Tokyo trading, Rakuten Group Inc. soared 7.7% to ¥713.0. Sumitomo Osaka Cement advanced 6.1% to ¥3,605.0, Mitsubishi Chemical Holdings Corp rose 4.3% to ¥780.0 and Taiheiyo Cement Corp. advanced 4.1% to ¥2,347.0.
Citizen Watch Co Ltd soared 9.2% to ¥784.0 after the company reported its latest financial results.
Revenue in the nine-month period increased 16% to 230.2 billion yen and net income attributable to shareholders rose 14.6% to 19.7 billion yen.
Earnings per share rose to 67.26 yen from 55.03 a year ago.
Stocks in China closed lower and the spy balloon saga showed no signs of abating after officials from Japan and Korea stepped up efforts to shoot down future aerial objects in its airspace.
Hong Kong Tourists Arrival Soared In January
In business news, Hong Kong tourist arrivals soared three-fold to 498,689 in January from 160,578 in December, the Hong Kong Tourism Board said in a statement Wednesday.
Cathay Pacific said it carried one million passengers a month in January, the first time since the Covid-19 pandemic erupted.
Foxconn Leased Land In Vietnam
The Shanghai Composite index fell 0.4% to 3,280.49 and the Hang Seng index declined 1.4% to 20,812.17.
Foxconn Technology Group signed a lease for 45 hectares of land in Vietnam for $62.5 million, the company said in a filing with the stock exchange in Taiwan.
In December, Foxconn said it plans to quadruple its staff in India and increase its investment to $500 million and expand production of various Apple computer devices.
India Stocks Extended Gains for Second Day
In Mumbai trading, markets rebounded for the second day in a row after the U.S dollar turned lower and two reports provided mixed views on inflation.
Tech services providers soared and Infosys, Tech Mahindra, HCL and TCS advanced between 1% and 2%.
Adani Enterprises advanced after the company swung to a profit in the fiscal third quarter ending in December.
The Sensex index increased 0.4% or 242.83 to 61,275.09 and the Nifty index rose 0.5% or 86.0 to 18,015.85.
The Indian rupee rebounded to 82.78 against the U.S. dollar.
- Bridgette Randall
- 15 Feb, 2023
- Frankfurt
MTU Aero Engines AG increased 4.1% to €227.0 after the company reported its financial results for 2022 and lowered its 2023 revenue outlook.
Revenue in the full-year 2022 increased 27% to €5.3 billion from €4.2 billion in the previous year.
The operating profit increased 40% to €655 million and net income rose 39% to €476 million in 2022 from €342 million a year ago.
The company also lowered its 2023 revenue outlook largely on the account of foreign exchange adjustments.
MTU revised 2023 lower to between €6.1 billion and €6.3 billion from its November 2022 forecast between €6.4 billion and €6.6 billion, based on the revised euro-dollar exchange rate estimate of 1.10 compared to previous estimate of $1.05 in November.
The company won new orders worth $3.6 billion in 2022 and ended the year with an order backlog of $22.3 billion compared to $22.2 billion at the end of 2021.
Carrefour SA soared 8.5% to €17.82 after the hypermarket operator reported gains in market share in all key regions.
Revenue in 2022 including VAT rose to €90.8 billion from €78.6 billion and comparable sales increased 8.5%.
Sales in the fourth quarter increased 18% to €25.4 billion and comparable sales rose 10.9% following 11.3% in the third quarter.
Comparable sales in Europe rose 6.2% and in France increased 5.6% and in Latin America advanced 28.2%.
The company said the board of directors approved a new stock repurchase program of €800 million with no expiry date.
Net income adjusted for exceptional items increased to €1.2 billion from €1.1 billion in 2021 and earnings per share advanced to €1.63 from €1.43 a year ago.
Kering SA increased 3% to €578.40 after the parent of YSL and Gucci reported better-than-expected annual results.
Revenue in 2022 increased 15% or 9% on a comparable basis to €20.3 billion.
Net income attributable to shareholders increased 145 to €3.6 billion from 3.1 billion and earnings per share increased to €29.34 from €25.49 in the previous year.
The luxury goods company reported a dividend of €14 per share.
Gucci revenue increased 8% to €10.5 billion from €9.7 billion and YSL revenue soared 33% to €3.1 billion from €2.5 billion a year ago.
Of the total sales in 2022, Asia Pacific including China, India and Australia accounted for 33%, North America 27% and Western Europe 27%.
- Bridgette Randall
- 15 Feb, 2023
- Frankfurt
Stocks advanced in Europe and benchmark indexes closed at new one-year highs.
Market sentiment was negative after the U.S. inflation moderated in January but remained hotter-than-expected by economists.
However, cooling of inflation in the UK bolstered buyers on European bourses. Market indexes scaled higher despite the higher-than-expected retail sales data in the U.S.
Consumer price inflation in the UK eased to 10.1% in January from 10.5% in December, the Office for National Statistics reported Wednesday.
Inflation fell for the third month in a row and dropped to the lowest level since September 2022.
On a monthly basis, inflation fell 0.6%, the first decline in a year and the largest since January 2019.
Separately, the U.S. retail sales rose 3.0% in January from December, the U.S. Census Bureau of Statistics reported Wednesday.
U.S. retail sales are adjusted for seasonal variations but not for price changes and over the last twelve months increased 6.4% in January.
The retail and food services sales strength showed the resilient consumer spending and may provide another signal to the Federal Reserve in support of aggressive rate hikes.
Euro Area Recorded Trade Deficit In 2022
The Euro Area trade balance swung to deficit in 2022 after imports rose faster than exports, Eurostat reported Wednesday.
International goods trade deficit was 8.8 billion, matching the level in 2021.
Goods exports increased 9.0% from the previous year to €238.7 billion and imports rose 8.7% to €247.5 billion.
The euro area exports of goods to the rest of the world rose 18.0% to €2.8 billion and imports jumped 37.5% to €3.19 billion, resulting in a deficit of €314.7 billion compared to a surplus of €116.4 billion.
Exports to the United States in 2022 increased 27.5% to €509.3 billion, China edged up 3% to €230.3 billion and the UK increased 15.9% to €328 billion.
Higher energy sourcing from Norway shot up imports by 115% to €160.7 billion.
Imports from the U.S. soared 53% to €358 billion and China surged 32% to €626 billion.
European Markets
The DAX index increased 0.8% to 15,506.34, the CAC-40 index advanced 1.2% to 7,300.86 and the FTSE 100 index closed up 0.6% to 7,997.83.
The euro inched lower $1.068, the British pound decreased to $1.202 and the Swiss franc increased to 92.43 U.S. cents.
The yield on 10-year German Bunds inched higher to 2.47%, French bonds advanced to 2.93%, the UK Gilts edged lower to 3.43% and Italian bonds to 4.32%.
Brent crude oil declined 49 cents to $85.08 a barrel and the Dutch TTF spot price rose 4% to Є54.75 per MWh.
Europe Movers
MTU Aero Engines AG increased 4.1% to €227.0 after the company reported its financial results for 2022 and lowered its 2023 revenue outlook.
Revenue in the full-year 2022 increased 27% to €5.3 billion from €4.2 billion in the previous year.
The operating profit increased 40% to €655 million and net income rose 39% to €476 million in 2022 from €342 million a year ago.
The company also lowered its 2023 revenue outlook largely on the account of foreign exchange adjustments.
MTU revised 2023 lower to between €6.1 billion and €6.3 billion from its November 2022 forecast between €6.4 billion and €6.6 billion, based on the revised euro-dollar exchange rate estimate of 1.10 compared to previous estimate of $1.05 in November.
The company won new orders worth $3.6 billion in 2022 and ended the year with an order backlog of $22.3 billion compared to $22.2 billion at the end of 2021.
Carrefour SA soared 8.5% to €17.82 after the hypermarket operator reported gains in market share in all key regions.
Revenue in 2022 including VAT rose to €90.8 billion from €78.6 billion and comparable sales increased 8.5%.
Sales in the fourth quarter increased 18% to €25.4 billion and comparable sales rose 10.9% following 11.3% in the third quarter.
Comparable sales in Europe rose 6.2% and in France increased 5.6% and in Latin America advanced 28.2%.
The company said the board of directors approved a new stock repurchase program of €800 million with no expiry date.
Net income adjusted for exceptional items increased to €1.2 billion from €1.1 billion in 2021 and earnings per share advanced to €1.63 from €1.43 a year ago.
Kering SA increased 3% to €578.40 after the parent of YSL and Gucci reported better-than-expected annual results.
Revenue in 2022 increased 15% or 9% on a comparable basis to €20.3 billion.
Net income attributable to shareholders increased 145 to €3.6 billion from 3.1 billion and earnings per share increased to €29.34 from €25.49 in the previous year.
The luxury goods company reported a dividend of €14 per share.
Gucci revenue increased 8% to €10.5 billion from €9.7 billion and YSL revenue soared 33% to €3.1 billion from €2.5 billion a year ago.
Of the total sales in 2022, Asia Pacific including China, India and Australia accounted for 33%, North America 27% and Western Europe 27%.
- Arjun Pandit
- 15 Feb, 2023
- Mumbai
Asian markets closed down after the latest U.S. inflation data raised fears of the Federal Reserve continuing its campaign of rate hikes longer.
The yen edged lower and currencies in the region were under pressure on the worries of rising rates.
BoJ Yield Curve Policy Debates Rages On
Market indexes in Tokyo opened higher but drifted down after the yen weakened and the fears of higher rates in the U.S. overshadowed the market sentiment.
Investors also debated whether the Bank of Japan's next governor will embark on a policy to change the yield curve control and exit from its ultra-loose monetary policy stance.
The Nikkei index decreased 0.4% to 27,501.86 and the yen dropped 0.8% to 134.16 against the U.S. dollar.
In Tokyo trading, Rakuten Group Inc. soared 7.7% to ¥713.0. Sumitomo Osaka Cement advanced 6.1% to ¥3,605.0, Mitsubishi Chemical Holdings Corp rose 4.3% to ¥780.0 and Taiheiyo Cement Corp. advanced 4.1% to ¥2,347.0.
Citizen Watch Co Ltd soared 9.2% to ¥784.0 after the company reported its latest financial results.
Revenue in the nine-month period increased 16% to 230.2 billion yen and net income attributable to shareholders rose 14.6% to 19.7 billion yen.
Earnings per share rose to 67.26 yen from 55.03 a year ago.
Stocks in China closed lower and the spy balloon saga showed no signs of abating after officials from Japan and Korea stepped up efforts to shoot down future aerial objects in its airspace.
Hong Kong Tourists Arrival Soared In January
In business news, Hong Kong tourist arrivals soared three-fold to 498,689 in January from 160,578 in December, the Hong Kong Tourism Board said in a statement Wednesday.
Cathay Pacific said it carried one million passengers a month in January, the first time since the Covid-19 pandemic erupted.
Foxconn Leased Land In Vietnam
The Shanghai Composite index fell 0.4% to 3,280.49 and the Hang Seng index declined 1.4% to 20,812.17.
Foxconn Technology Group signed a lease for 45 hectares of land in Vietnam for $62.5 million, the company said in a filing with the stock exchange in Taiwan.
In December, Foxconn said it plans to quadruple its staff in India and increase its investment to $500 million and expand production of various Apple computer devices.
India Stocks Extended Gains for Second Day
In Mumbai trading, markets rebounded for the second day in a row after the U.S dollar turned lower and two reports provided mixed views on inflation.
Tech services providers soared and Infosys, Tech Mahindra, HCL and TCS advanced between 1% and 2%.
Adani Enterprises advanced after the company swung to a profit in the fiscal third quarter ending in December.
The Sensex index increased 0.4% or 242.83 to 61,275.09 and the Nifty index rose 0.5% or 86.0 to 18,015.85.
The Indian rupee rebounded to 82.78 against the U.S. dollar.
- Scott Peters
- 15 Feb, 2023
- New York City
Airbnb, Inc increased 14.2% to $138.12 after the online booking platform operator reported a sharp rise in quarterly earnings on the back of a surge in travel.
Airbnb said revenue in the fourth quarter increased 24% to $1.9 billion and net income soared nearly six-fold to $319 million from $55 million and diluted earnings per share increased to 48 cents from 8 cents a year ago.
Airbnb said gross bookings volume rose 20% to $13.5 billion in the fourth quarter and jumped 35% to $63.2 billion in 2022. Nights and experiences soared 20% to 88.2 million and advanced 31% to 393.7 million in 2022.
Akamai Technologies, Inc plunged 10.3% to $78.71 after the content networking and cloud computing company reported a fall in earnings.
Akamai said fourth quarter revenue increased 2% to $927.8 million and net income dropped 19.8% to $128.7 million from $160.5 million and diluted EPS fell to 82 cents from 97 cents a year ago.
The company said in a call with investors that it plans to accelerate its push in cloud computing and shift its focus from security, raising the prospect of direct competitions with larger players Google and Microsoft and Oracle.
In 2022, revenue increased 4% to $3.6 billion from $3.4 billion and net income fell 19.6% to $523.6 million from $651.6 million and diluted EPS fell to $3.26 from $3.93 a year ago.
Akamai spent $178 million in the fourth quarter of 2022 to repurchase 2.1 million shares of its common stock at an average price of $86.50 per share and in full-year 2022 spent $608 million to repurchase 6.4 million shares at an average price of $94.96 per share.
The company had 156 million shares of common stock outstanding as of December 31, 2022.
Federal National Mortgage Association or Fannie Mae increased 1.5% to 48 cents after the government-controlled housing lender reported a sharp decline in earnings but an increase in net worth.
Fannie Mae said revenue in 2022 declined 1% to $29.7 billion and net income plunged 42% to $12.9 billion from $22.2 billion and diluted earnings per share was zero compared to 1 cent a year ago.
Revenue in the fourth quarter declined 1% to $7.1 billion and net income fell 41% to $1.4 billion from $2.4 billion in the previous year.
GoDaddy Inc decreased 0.3% to $80.80 after the company forecasted weak revenue outlook for 2023.
GoDaddy said revenue in the fourth quarter increased 2% to $1.04 billion and net income rose 7.3% to $93.8 million from $87.4 million and diluted EPS rose to 60 cents from 52 cents a year ago.
In 2022, revenue increased to $4.09 billion from $3.8 billion and net income increased to $352.9 million from $242.8 million and diluted EPS rose to $2.19 from $1.42 a year ago.
GoDaddy forecasted revenue in the first quarter 2023 to increase in the range of $1.030 billion to $1.050 billion, representing a growth of 4% at the midpoint from 2021 and full-year revenue in the range of $4.250 billion to $4.325 billion, representing a growth of 5% at the midpoint, versus the $4.09 billion in 2022.
NerdWallet Inc soared 20.6% to $17.23 after the consumer finance company reported higher-than-expected revenue in its latest quarter.
NerdWallet said revenue in the fourth quarter increased 43% to $142 million and the company swung to a net income of $8.9 million from a loss of $7.9 million and diluted EPS was 12 cents compared to a loss of 13 cents a year ago.
In 2022, revenue increased 42% to $538.9 million and net loss shrank 76% to $10.2 million from $42.5 million or 14 cents from 82 cents a year ago.
SimilarWeb Ltd was unchanged at $6.75 after the web analytics company reported a smaller loss in its latest quarter.
SimilarWeb said revenue in the fourth quarter increased 28% to $51.3 million and net income loss shrank to $15 million from $23.8 million or 20 cents from 32 cents a year ago.
In 2022, revenue increased 40% to $193.2 million and net loss rose to $83.7 million from $68.9 million or from $1.10 from $1.30 a year ago.
The web analytics company forecasted 2023 revenue to increase 15% between $221 million and $222 million and first quarter revenue to increase 19% to between $52.5 million and $53 million.
Tripadvisor, Inc increased 1.8% to $25.57 after the online travel agency reported a decline in quarterly loss and a rising demand for travel services.
Tripadvisor said total revenue increased 47% to $354 million and net loss shrank to $3 million from $29 million and diluted loss per share dropped to 2 cents from 21 cents a year ago.
Tripadvisor said fourth quarter revenue surpassed the comparable pre-pandemic period in 2019 and full-year 2022 revenue increased to 96% of the 2019 level.
In 2022, total revenue increased 65% to $1.49 billion and the company swung to a profit of $20 million from a loss of $148 million and diluted EPS was 14 cents from a loss of $1.08 a share a year ago.