IMAX reported its latest quarterly earnings, revealing a slight miss on Wall Street’s expectations. The entertainment technology company earned 27 cents per share on $93 million in revenue, falling short of the anticipated 28 cents per share and $103 million in revenue. Meanwhile, Tanger, an outlet mall operator, exceeded expectations with its fourth-quarter performance, gaining over 2% as it reported earnings of 23 cents per share on $141 million in revenue. Analysts had projected earnings of 20 cents per share on $129 million in revenue.
In other market movements, Carvana experienced a substantial decline, with its shares sliding nearly 12%. The online used car marketplace reported a gross profit per unit for retail sales at $6,671, slightly below the FactSet consensus estimate of $6,851. Conversely, Klaviyo surged almost 6% after its fourth-quarter results surpassed Wall Street expectations. The software company posted adjusted earnings of 7 cents per share on $270 million in revenue, exceeding the LSEG analysts' estimates of 6 cents per share on $257 million in revenue.
BioMarin Pharmaceutical outperformed analysts' predictions with its fourth-quarter earnings. The company earned 64 cents per share on $747 million in revenue, surpassing the FactSet consensus estimate of 53 cents per share on $712 million in revenue. However, Palantir's shares fell by another 1% following the announcement of a new stock trading plan by CEO Alex Karp.
In defense sector news, the Pentagon has been ordered to draft plans for an 8% annual reduction in the U.S. defense budget over the next five years. This directive could potentially impact various defense contractors, including companies like Palantir.
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