All articles tagged with #q1 2023
Samsung outperformed Apple in Q1 2023, selling 61.5 million units of the newly released Galaxy S23 series, while Apple's sales tumbled 27.5 percent to 53.3 million units, with the iPhone 14 family making up 78 percent of that number. Oppo, Xiaomi, and Vivo also saw their sales slump in Q1 2023. Total smartphone sales declined by 19.5 percent compared to last year, with 250 million units sold, making it the worst quarter since 2014.
Target Corporation reported its Q1 2023 financial results, with sales growth of 0.5% and a 0.7% increase in comparable store sales offset by a decline in comparable digital sales. The company's inventory at the end of Q1 was 16% lower than last year, reflecting a reduction in discretionary categories, partially offset by inventory investments to support rapidly-growing frequency categories. Target is making significant investments in strategies to prevent inventory shrink, which is expected to reduce this year's profitability by more than $500 million compared with last year. The company is maintaining its full-year financial guidance, based on the expected benefit from efficiency and cost-savings efforts and its team's continued focus on agility, flexibility, and retail fundamentals.
Coinbase reported Q1 2023 financial results, beating expectations with $736 million in net revenues, a $79 million net loss, and adjusted EBITDA of $284 million. Analysts had expected lower revenue and a larger loss. Shares of Coinbase are up over 7% in after-hours trading. The results are a welcome dataset for both crypto bulls and investors in the company.
Intel reports a record losing quarter for Q1 2023, with revenue down 36% YoY, resulting in a net loss of $2.8B on a GAAP basis. Despite this, the company exceeded its revenue and EPS projections from earlier in the quarter, indicating that it may be nearing the bottom of its current slump. The Client Computing Group and Data Center and AI Group were hit hardest by the tech spending downturn, while Mobileye was the one bright spot with revenue growing YoY by 16%. Intel is projecting a modest recovery in the second half of the year, but Q2 is expected to be another bad quarter.
Spotify reports strong Q1 2023 financial performance with 22% YoY growth in Monthly Active Users to 515 million, 15% YoY growth in Premium Subscribers to 210 million, and 14% YoY growth in Total Revenue to €3.0 billion. Gross Margin improved to 25.2% and Operating (Loss)/Income finished at €(156) million aided by lower marketing spend.
Cleveland-Cliffs, the largest flat-rolled steel producer in North America, reported Q1 2023 revenues of $5.3 billion, a GAAP net loss of $42 million, and adjusted EBITDA of $243 million. The company expects to benefit from higher sales volumes to the automotive sector and increased prices achieved in yearly renegotiations with car manufacturers. Steelmaking revenues of $5.1 billion included 36% of direct sales to the automotive market. The company has lowered its full-year 2023 capital expenditures expectation to $675 to $725 million.
First Republic Bank is set to report its Q1 2023 earnings, which will reveal the extent of the damage from a tumultuous quarter. Investors are concerned about the bank's financial performance and are eagerly awaiting the report.
Samsung expects a 96% drop in operating profit in Q1 2023, the biggest in almost 15 years, due to a significant drop in semiconductor demand. The company plans to reduce losses by cutting down on semiconductor output, including memory chips. However, sales of the Galaxy S23 series helped cushion the blow. Samsung is expected to release its complete quarterly earnings later this month.
Tesla China's wholesale figures for March 2023 reached 88,869 vehicles, a 35.03% increase from the same month last year and a 19.44% increase from February 2023. This represents the second-highest China-made vehicle sales ever for the company. In Q1 2023, Tesla's China-made vehicle sales were at 229,322 units, an improvement of 25.88% from Q1 2022. About 54% of Tesla's global deliveries in Q1 2023 were accounted for by vehicles produced at Gigafactory Shanghai.
General Motors delivered over 20,000 electric vehicles in the first quarter of 2023, contributing to a total of 603,208 vehicles delivered, up almost 18% from the same period last year. The second half of the year is expected to be more significant for the automaker.
Tesla reported 422,875 deliveries and 440,808 total production for Q1 2023, representing a 36% increase in deliveries compared to the same period last year. The company did not break down deliveries by individual model or region. Tesla's Q1 2023 numbers were marked by repeated price cuts, sparking a "price war" in the EV market. The company's shares rose more than 60% in the first quarter.
As the first quarter of 2023 comes to an end, Fast Money traders are looking ahead to the upcoming earnings season. The stock market is expected to react to the financial news of companies, and traders are keeping a close eye on the Q1 2023 earnings reports.