Last week, markets reacted positively to three companies posting quarterly results. In the networking hardware sector, Cisco Systems (CSCO) said that its shift to cloud, security, and artificial intelligence would spur its growth.
Cisco jumped from $45 to $49.46 after posting $0.87 in EPS in its fiscal fourth quarter. Additionally, it said it would cut 7% of staff. Despite revenue falling by 11% and Splunk adding disappointing profits to results, trade CSCO stock’s uptrend.
AST SpaceMobile (ASTS) gained 45.2% last week after posting a $0.51 EPS loss. It reported $0.9 million in revenue. The smartphone service provider from satellites rose because the firm said it did not need to issue shares in 2024. ASTS has enough cash flow from contracts with telecom customers to fund its capital expenditure needs.
Sea Ltd. (SE) jumped from ~ $65 to close at $78.82. The e-commerce firm posted Q2 revenue growing by 23% Y/Y to $3.81 billion. Net income fell to $79.9 million, down from $331 million last year. The stock is a top pick because the firm raised its GMV growth guidance for Shopee to the mid-20 percentage.
Sea benefits from the growth in Asia. Foreign direct investing and manufacturing exited China, which benefited Sea.
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