Sea Limited reported a strong second quarter with revenue exceeding analyst expectations, driven by growth in e-commerce and digital financial services. Shopee, Sea’s e-commerce platform, is projected to become EBITDA positive in the third quarter and achieve mid-20% full-year GMV growth.
Home Depot Inc. (HD) reported a slight miss on second-quarter revenue expectations, causing its stock to trade lower in premarket trading. While sales grew by 0.6% year-over-year, comparable sales decreased by 3.3%, reflecting weaker consumer demand due to higher interest rates and economic uncertainty. Despite the miss, Home Depot raised its full-year sales guidance and expects adjusted earnings per share to be within a specific range.
Tencent Music Entertainment Group (TME) saw a slight revenue dip in the second quarter of 2024, attributed to a decrease in social entertainment services. However, the company saw strong growth in online music services, driven by a significant increase in paying subscribers and higher revenue per user.
Shares of Rumble Inc. (RUM) jumped in pre-market trading after the company reported better-than-expected second-quarter financial results. Other notable pre-market movers include Vicinity Motor Corp. (VEV), MKDWELL Tech Inc. (MKDW), and CXApp Inc. (CXAI), all showing significant gains. On the downside, Syros Pharmaceuticals, Inc. (SYRS) and SunPower Corporation (SPWR) experienced sharp declines.
This article highlights several stocks that are likely to attract investor attention on Tuesday, based on anticipated earnings reports and recent developments. Key companies include Home Depot, RumbleOn, Paysafe, Kyverna Therapeutics, and XP Inc.
KULR Technology Group, Inc. (KULR) saw its shares decline after-hours following the release of its third-quarter financial results. While the company exceeded revenue expectations, its quarterly losses met analyst estimates, and its overall revenue decreased year-over-year. Despite the stock’s dip, KULR highlighted growth in contract services revenue and CEO Michael Mo’s compensation adjustments.
BuzzFeed, Inc. (BZFD) stock soared on Monday after the company reported better-than-expected third-quarter financial results. While the company posted a loss, it was significantly smaller than the previous year. Revenue, however, declined year-over-year, driven by a decrease in advertising and content revenue. However, growth in commerce and other revenues, particularly affiliate commerce, provided a positive signal.
Bio-Rad Laboratories, Inc. is facing a challenging environment with slowing growth in its Life Science segment due to a soft Biopharma market and macroeconomic headwinds. While the company is optimistic about the future of its Droplet Digital PCR (ddPCR) technology, it has lowered its adjusted operating margin projection for 2024 due to increased costs and competitive pressure. Despite these challenges, Bio-Rad continues to invest in its Clinical Diagnostics segment, which saw growth in the second quarter.
BRF S.A., a leading global food company, is poised to report its second-quarter 2024 earnings on August 14. While the company is likely to see bottom-line growth, the top line is expected to decline. BRF’s performance is influenced by factors such as the ongoing BRF+ program, feed costs, and the Brazilian consumer market. While the company is expected to benefit from its cost management strategies, it might face challenges due to inflation and seasonal fluctuations.
AST SpaceMobile (ASTS) is scheduled to release its second-quarter 2024 earnings on August 14th. The company is expected to report a revenue increase year-over-year, driven by progress in both government and private sector partnerships. Key partnerships with AT&T and Verizon for expanding mobile coverage and traction in the government sector for mission-critical applications are expected to positively impact earnings.
