Earnings Previews: ON Semiconductor, SoFi Technologies

After U.S. markets closed on Wednesday, Mattel beat earnings per share (EPS), posting a profit of $0.10 where a loss of $0.03 was expected, and revenue came in 8.7% above the consensus forecast. The company also reaffirmed guidance. The stock traded up about 3% shortly after Thursday’s opening bell. Thanks, Barbie.

Meta Platforms also beat top-line and bottom-line estimates. Revenue was up 11% year over year for the quarter, and EPS was up 21.1%. Income from operations rose by just over $1 billion, and net income was up $1.1 billion year over year. Shares are up about 8%.

ServiceNow beat Wall Street’s EPS estimate by 15.6% and the consensus revenue estimate by 1%. Subscription revenue rose 25% year over year for the quarter. The stock traded up by about 1.5% in early trading.

Before markets opened on Thursday, AbbVie reported better-than-expected EPS and revenue. The pharmaceutical giant also issued in-line EPS guidance for the full fiscal year. Shares traded about 3% higher.

Comcast beat the consensus EPS estimate by 15.3% and came in 11.9% higher than in the year-ago quarter. Revenue was up 1.7% year over year and 1.3% better than expected. The stock traded up 5.8% early Thursday.

Valero Energy also beat estimates on both the top and bottom lines. Revenue was a third lower than in the second quarter of last year, and EPS was nearly 42% lower. Shares were trading up about 0.6%.

After markets close on Thursday, Ford, Intel, T-Mobile and U.S. Steel will report quarterly earnings, and before Friday’s opening bell, Chevron, Exxon Mobil and Procter & Gamble are on deck to release earnings results.

No notable earnings reports are due out Friday afternoon. First thing Monday morning, these two companies will be reporting earnings.

ON Semiconductor

Chipmaker ON Semiconductor Corp. (NASDAQ: ON) posted an all-time high share price last week, and the shares are up more than 70% over the past 12 months, including a gain of 59% so far in 2023. Sales in the company’s key auto and industrial markets have cooled off in the past two quarters, but that is expected to have turned around in the second quarter as new vehicle sales have begun rising again. If something could just light a fire under consumer electronics sales …

Of the 30 analysts covering the stock, 19 have a Buy or Strong Buy rating. The others rate it at Hold. At a recent price of around $99.00 a share, the implied upside based on a median price target of $100.00 is 1%. At the high price target of $120.00, the implied gain is 21.2%.

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