© Reuters. By Louis Juricic
Investing.com -- Right here is your weekly Official Recap on the previous week's most momentous tech headlines: Sturdy earnings out of Apple and Sq., a whipsaw week for AMD, gentle guidance from Qualcomm, and a narrower loss than expected at Coinbase.
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Apple comes out ahead
On Thursday Apple Inc (NASDAQ:AAPL) topped first-quarter estimates with earnings per fragment of $1.54 vs. the $1.43 practical analyst estimate, driven by stronger-than-expected iPhone sales.
Apple also boosted its dividend and announced a $90 billion fragment buyback program.
Goldman Sachs raised the value target to $209 per fragment on Aquire-rated AAPL stock after "solid" results:
"We carry out self perception in our Aquire ranking and believe AAPL shares continue to be splendid."
KeyBanc also hiked the value target, to $180 per fragment from the prior $177, noting that Emerging Markets energy a the tech big offloaded weaker U.S. results.
Shares ranking been up more than 2% for the week.
AMD's roller coaster week
Evolved Micro Devices (NASDAQ:AMD) reported an even bigger-than-expected Q1 on Tuesday nonetheless issued disappointing guidance, triggering a 9% selloff within the shares within the subsequent session.
BofA decrease the stock to Just from Aquire, citing a "vary of headwinds" including "aggressive pricing/promotion stress from predominant rival Intel (NASDAQ:INTC)."
Citi, for its half, raised the value target on AMD stock to $85 per fragment, and BMO highlighted the firm's persevered market fragment positive aspects against Intel.
Then, on Thursday afternoon, shares clawed most of their intention again following a story from Bloomberg that acknowledged Microsoft (NASDAQ:MSFT) is serving to finance AMD’s expansion into AI chips.
Microsoft and AMD ranking teamed to carry out a replace for Nvidia (NASDAQ:NVDA) processors for synthetic intelligence, the story acknowledged, citing of us with files of the topic. Microsoft will present monetary toughen to bolster AMD’s efforts, because it in reality works with the chipmaker on a homegrown Microsoft processor for AI workloads.
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AMD shares ranking been indirectly off about 1% for the week.
Qualcomm's faded guidance
Qualcomm (NASDAQ:QCOM) shares slid after the firm forecasted some distance decrease-than-anticipated results for is fiscal third quarter: The firm expects 3Q23 EPS within the vary of $1.70-$1.90, in contrast with the consensus of $2.20, and earnings within the vary of $8.1-8.9B, in contrast to the consensus of $9.25B.
Q2 earnings of $2.15 per fragment ranking been in preserving with expectations.
The firm acknowledged query for smartphones had deteriorated as China stays faded, calling the macroeconomic ambiance "unprecedented."
Mizuho decrease the value target by $10 to $140. As InvestingPro reported in true time, Deutsche Bank decrease the firm's rate target to $130 from the prior $150 while declaring its Aquire ranking.
Deutsche known as the guidance "disappointing by any measure" nonetheless also believes the firm "ought to be a stupendous beneficiary of the eventual cyclical rebound once one in reality happens (now not a topic of if, nonetheless moderately when)."
Shares sank more than 7% for the week.
Block's unprecedented Q1
Block (NYSE:SQ) shares before all the pieces bumped greater after the fintech title reported greater-than-expected Q1 results: earnings per fragment of $0.40 vs. Wall Avenue's estimate of $0.35, and above-par earnings of $4.99 billion.
For the plump 300 and sixty five days, the firm raised its plump-300 and sixty five days adjusted EBITDA (earnings before hobby, taxes, depreciation, and amortization) forecast to $1.36 billion, up from the prior $1.3B.
Morgan Stanley and JPMorgan ranking been both determined on the stock after earnings. JPMorgan sees more room for extra upside, calling its operating leverage doable "underappreciated by the market." It added, "SQ stays one in every of our current suggestions."
For the week, even though, shares slipped 2.5%.
Coinbase ekes out a beat
Coinbase's Q1 results ranking been greater than feared, driven by rate cuts and a soar in subscription earnings: The firm misplaced factual $0.34 per fragment, some distance greater than expectations for $1.39 within the red.
After its Thursday story, shares ranking been trading about 9% greater.
Taking a learn about ahead, the firm acknowledged it expected subscription and products and companies earnings to fall within the second quarter. For the plump 300 and sixty five days it continues to learn about to toughen plump-300 and sixty five days 2023 adjusted EBITDA in absolute greenback phrases versus plump-300 and sixty five days 2022.
BofA acknowledged the results ranking been solid nonetheless that enormous main questions remain unanswered concerning the firm, and maintained its Underperform ranking on Coinbase (NASDAQ:COIN): "We continue to deem retail crypto volumes will remain faded and the regulatory overhang will linger for some time," the analyst acknowledged in a exhibit.
Barclays diminished the value target to $61 from $74 per fragment. The analyst highlighted an uplift in retail rob payment, while also noting that this pattern would possibly well now not prove to be sustainable.
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Senad Karaahmetovic and Davit Kirakosyan contributed to this story.
