Oracle, Broadcom, Visa Inc. and other mega cap stocks published their quarterly earnings, check out this rundown of reports and how they turned out.
The leading indices are pointing up — Dow Jones up to 34,300, gaining 0.56%. S&P 500 up 0.59%, trading at 4,043.31.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. These reports are typically announced once a quarter, and their timing is considered when making predictions about the market due to the large impact they have on it.
Markets are up and mega cap stocks have released their quarterly earnings reports. Have a look.
Oracle | Retains upward momentum since earnings report yesterday
Oracle released its quarterly earnings report yesterday, beating analysts estimates. The company reported earnings of 1.21 per share on revenue of $12.28 billion, topping estimates of 1.18 per share on revenue of $12 billion. Since the release of its earnings report, Oracle gained 1.11%.
The US tech hardware giant trades at $82.18 today, after closing yesterday at $80.56 and gaining $1.62 (2%).
2 months ago, the enterprise IT company fell to a low of $61.07 but has since recovered 31.91%. So far in 2022, it has been outperforming the Nasdaq by 32.3%. Oracle's market cap is currently $221.57 billion with an average daily volume of 7.30 million shares.
Broadcom | Extends $64 since strong earnings report Thursday
Broadcom released its quarterly earnings report Thursday, beating analysts estimates. The company reported earnings of 9.75 per share on revenue of $8.93 billion, topping estimates of 9.5 per share on revenue of $8.90 billion. Since the release of its earnings report, Broadcom gained 12.35%.
The semiconductors company trades at $582.52 today, after closing yesterday at $571.04 and gaining $11.48 (2%).
After hitting an important low of $427.1 approximately 2 months ago, the semiconductors company has bounced back 33.7% since. So far in 2022, it has performed better than the Nasdaq by 26.74%. Broadcom is currently trading with a market cap of $235.93 billion with an average daily trading volume of 2.25 million shares.
Following yesterday's session which closed at $213.04, Visa Inc. went up to $215.89 today only to drop back and trade at $215.39.
Small gain for Cisco at $49.9 after ranging between $49.66 and $50.06 today.