Yahoo Finance Trending tickers: Trump Media, Palo Alto, AstraZeneca and Kingfisher
The latest investor updates on stocks that are trending on Tuesday
Trump Media (DJT)
Trump Media & Technology Group lost more than $300m during the first quarter and generated very little revenue, the owner of Truth Social announced.
The company disclosed a net loss of $327.6m (£257.6m) in the first quarter of the year, with total revenue at $770,500, according to its earnings report.
Trump Media said collected $770,500 in revenue in the first quarter, largely from its “nascent advertising initiative”. That was down from $1.1m a year earlier.
The company said that it has “sufficient” cash to fund the business “for the foreseeable future.” The company listed a cash balance of $274m as of the end of March — a sum boosted by its deal to go public.
The public debut of Trump Media was a boon to Trump, who owns a nearly 65% stake, worth about $6bn.
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“After an unprecedented, years-long process, we have consummated our merger and dispensed with the vast bulk of merger-related expenses, leaving the company well-capitalized and supported by a legion of retail shareholders who believe in our mission to provide a free-speech beachhead against Big Tech censorship,” Trump Media CEO Devin Nunes said in a statement.
Palo Alto (PANW)
Shares of Palo Alto Networks tumbled in pre-market trading, triggered by the company's decision to narrow its full-year guidance.
For Q3, the cybersecurity company reported adjusted earnings per share of $1.32 (£1.02) compared to an estimated $1.26. Revenue of $2bn was slightly better than the expectations of $1.97bn.
Operating income in the quarter came in at $508m, up 25% year-over-year, while Palo Alto Network’s operating margin grew 200 basis points year-over-year, to 25.6%.
For the full year, Palo Alto Networks sees billings of $10.13bn to $10.18bn, a narrower range than the previously forecasted $10.1bn to $10.2bn and short of the $10.19bn estimate.
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The company sees adjusted earnings per share of $5.56 to $5.58. Full-year revenue is estimated to be $7.99bn to $8.01bn, an increase from the prior guidance of $7.95bn to $8bn, and better than the $7.98bn estimate.
“We have remained disciplined in our execution while investing in go-to-market and innovation,” Chief financial officer Dipak Golechha said. “We delivered consistent, profitable growth yet again in Q3 and look forward to executing against our strategic goals and financial targets as we close out the year.”
AstraZeneca (AZN.L)
AstraZeneca said it expects to deliver $80bn (£62.9bn) in total revenue by 2030 as it is poised to launch 20 new medicines.
The Anglo-Swedish drugs makers aid it would also be boosted by growth in its existing oncology, biopharmaceuticals and rare disease portfolio.
“Today AstraZeneca announces a new era of growth,” said chief executive Pascal Soriot. “The breadth of our portfolio together with continued investment in innovation supports sustained growth well past the end of the decade.”
Kingfisher (KGF.L)
Kingfisher has held its guidance for the year, as the firm posted improving sales in its UK and Ireland market despite a decline in “big-ticket” sales.
The company, which owns B&Q, TradePoint and Screwfix in the UK, along with European chains Castorama, Brico Dépôt and Koçtaş, reported total sales of £3.26bn for the three months to 30 April, down 0.3% on a reported basis but up 0.3% at constant currencies.
On a like-for-like basis, sales were down 0.9%, with growth in the UK and Ireland, Poland, Iberia and Romania offset by a 5.3% drop in France, which it said was "broadly in line with [a] weaker market".
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Kingfisher has seen a more than 6% dip in "big ticket" items group-wide, as shaky consumer confidence continues to bite. These high-cost purchases, such as kitchens and bathrooms, account for roughly 15% of Kingfisher's total turnover.
Kingfisher said its second quarter has started in line with the underlying sales trends of the first, with group like-for-like sales down 2.5% in the three weeks to 18 May. Kingfisher expects to deliver around £120m of additional cost reductions and productivity gains this year, which will partially offset higher pay rates and technology investments.
As a result, the group is maintaining its current guidance for full year adjusted pre-tax profit of around £490m to £550m.
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