Coinbase, Palo Alto Networks, Caesars, Toll Brothers


Shares of Coinbase Global surged after the crypto exchange’s fourth-quarter revenue of $629.1 million beat Wall Street expectations of $581.1 million.

The bar has been set relatively low for Coinbase amid a sharp drop in trading volumes last quarter following a drop in crypto prices, the collapse of and regulatory scrutiny. increased.

“Coinbase and crypto have proven to be largely resilient in 2022 despite major system shocks,” reads the company’s shareholder letter. “Idiosyncratic events throughout 2022 have exacerbated already weak macroeconomic conditions.”

Coinbase cut its staff by around 20% in January. The company says it expects spending to drop by more than 30% given its reduced workforce.

Coinbase shares, which have lost around two-thirds of their value over the past year, have rebounded strongly since the start of 2023, up around 80%. The rise comes amid a resurgence in the price of Bitcoin (BTC-USD), which is currently hovering above $24,300 per token.

Palo Alto Networks (PANW)

Palo Alto Networks’ total revenue for the second fiscal quarter of 2023 increased 26% year-over-year to $1.7 billion. Shares of the cybersecurity firm rallied after hours.

“We continue to see our teams performing well amidst macroeconomic challenges, helping customers solidify their security architectures,” Nikesh Arora, president and CEO of Palo Alto Networks, said in the company’s earnings release.

Year-to-date, shares of the Palo Alto-based company have risen about 20% amid an overall rise in tech stocks. Cybersecurity firms held up relatively well last year compared to the rest of tech stocks, as demand for network security surges amid rising geopolitical tensions.

Entertainment Caesars (CZR)

Caesars Entertainment reported net revenue of $2.8 billion in the fourth quarter, in line with Wall Street expectations.

The gambling company’s results were positively impacted by a continued consumer shift towards spending on services and experiences, away from goods.

“Our fourth quarter delivered another set of strong operating results, with our Las Vegas and Regional segments each setting a new fourth quarter Adjusted EBITDA record,” said Tom Reeg, CEO of Caesars Entertainment, in the release. of the press on the results of the company.

Toll Brothers (TOL)

Toll Brothers reported earnings per share of $1.70 in the first quarter, compared to $1.24 for the same period last year. The homebuilder also gave optimistic indications after the housing market began to slow last year.

A Toll Brothers housing estate is shown in Carlsbad, California, U.S., May 21, 2018. REUTERS/Mike Blake

A Toll Brothers housing estate is shown in Carlsbad, California, U.S., May 21, 2018. REUTERS/Mike Blake

“Since the start of the calendar year, we have seen a marked increase in demand beyond normal seasonality as buyer confidence appears to be improving,” said Douglas Yearley, Jr., president and chief executive officer. management of Toll Brothers in the company’s earnings release.

Toll Brothers reaffirmed its full-year 2023 guidance for adjusted gross margin of 27% and earnings per share of between $8.00 and $9.00.

Sales of existing homes in the United States fell to their lowest level in more than 12 years in January, according to a report published by the National Association of Realtors. However, the pace of the decline has slowed, signaling that the housing market slowdown may soon bottom.

Ines is a senior economics reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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