Major U.S. indices posted slight gains Tuesday, with telecom stocks surging 2.3%, while oil fell 0.9%. The Dow Jones Industrial Average surged 0.2%, the S&P 500 gained 0.1% and the Nasdaq Composite edged 0.1% higher.
Adobe Systems Incorporated (NASDAQ:ADBE), Bed Bath & Beyond Inc (NASDAQ:BBBY) and FedEx Corporation (NYSE:FDX) all posted their quarterly earnings data late Tuesday.
Here’s what you should know:
Adobe Systems Incorporated (ADBE)
Adobe posted its fiscal third-quarter results Tuesday.
Earnings came in at $419 million, or 84 cents per share, while adjusted earnings were $1.10 per share. The figure topped analysts’ expectations of $1.01 per share in profit.
Revenue came in at $1.84 billion, which topped last quarter’s $1.73 billion, while also surging 26% year-over-year. The figure came in ahead of Wall Street’s projection of $1.82 billion.
Adobe’s Digital Media unit — which includes Creative Cloud — made up the bulk of the company’s revenue at $1.27 billion. Creative Cloud made up $1.06 billion of this revenue, up 33% from the year-ago figure.
Adobe’s Experience Cloud bookings disappointed in the quarter, with CEO Shantanu Narayen expressing he was “disappointed” by this figure, but added he remains “confident in our ability to execute against this large opportunity.”
ADBE stock fell nearly 3% after hours.
Bed Bath & Beyond Inc (BBBY)
Bed Bath & Beyond had a rough quarter, causing shares to plummet ahead of Wednesday’s trading.
The company’s brick-and-mortar business has been on the decline, causing it to shift to e-commerce. However, online sales only make up 15% of the company’s business so far.
In Bed Bath & Beyond’s second quarter, the company earned 67 cents per share, which was down from the $1.11 per share it earned in the year-ago period. Wall Street predicted earnings of 95 cents per share.
Revenue also disappointed at $2.9 billion, which marked a decrease of 1.7% compared to the same period a year ago, when the company raked in $2.99 billion.
Same-store sales fell 2.6% year-over-year, which is steeper than the 0.7% drop that analysts expected. The company’s digital channels did grow by 20%, suggesting placing its resources in ramping up e-commerce efforts could boost the company’s business moving forward.
BBBY shares fell 12.6% after the bell Tuesday.
FedEx Corporation (FDX)
As some might recall, FedEx was hit with a cyberattack dubbed TNT Express early in the summer that hampered the company’s business across several segments. Hurricane Harvey also had an impact on the company’s latest quarterly results.
In its first quarter of the year, the company earned $2.51 per share on an adjusted basis, below the year-ago adjusted earnings of $2.82 per share. Analysts were calling for earnings of $3.09 per share.
FedEx’s revenue came in at $15.30 billion in the period, which topped the year-ago figure of $14.7 billion. The figure was slightly below the consensus estimate of $15.35 billion.
FDX stock slipped 1.5% Tuesday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
