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Coinbase Global shares jumped after the crypto exchange’s fourth-quarter revenue of $629.1 million came in above Wall Street expectations of $581.1 million, according to data compiled by Bloomberg .
The bar was set relatively low for Coinbase amid a sharp fall in trading volumes last quarter following a decline in crypto prices, the collapse of FTX.com, and increased regulatory scrutiny.
“Coinbase and crypto proved to be largely resilient in 2022 despite major shocks to the system,” read the company’s shareholder letter. “Idiosyncratic events throughout 2022 exacerbated already weak macro conditions.”
Coinbase slashed about 20% of its staff in January. The company says it expects a decrease in expenses of more than 30% given its reduced headcount.
Coinbase shares, which lost about two-thirds of their value over the last year, have rallied sharply since the start of 2023, up roughly 80%. The rise comes amid a resurgence in the price of Bitcoin (BTC-USD), which currently hovers above $24,300 per token.
Palo Alto Networks (PANW)
Palo Alto Networks’ total revenue for the fiscal second quarter 2023 grew 26% year over year to $1.7 billion. Shares of the cybersecurity firm rallied in after hours.
“We continue to see our teams execute well in the midst of macroeconomic challenges, helping customers consolidate their security architectures,” said Nikesh Arora, chairman and CEO of Palo Alto Networks said in the company’s earnings release.
Year-to-date shares of the Palo Alto-based firm are up about 20% amid an overall rise in tech equities. Cybersecurity firms held up relatively well last year compared to the rest of technology stocks, as demand for keeping networks safe grows amid rising geo-political tensions.
Caesars Entertainment (CZR)
Caesars Entertainment posted fourth quarter net revenue of $2.8 billion, in line with Wall Street expectations.
The gambling company’s results were positively impacted by a continued consumer shift towards spending in services and experiences, from goods.
“Our fourth quarter delivered another set of strong operating results as both our Las Vegas and Regional segments each set a new fourth quarter record for Adjusted EBITDA,” Tom Reeg, CEO of Caesars Entertainment said in the company’s earnings release.
Toll Brothers (TOL)
Toll Brothers posted first-quarter earnings per share of $1.70 compared to $1.24 for the same period last year. The home builder also gave upbeat guidance after the housing market started to slow down last year.
“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,” Douglas Yearley, Jr., chairman and CEO of Toll Brothers, said in the company’s earnings release.
Toll Brothers reaffirmed its full-year 2023 guidance for an adjusted gross margin of 27% and an earnings per share range between $8.00 and $9.00.
U.S. existing home sales fell to the lowest level in more than 12 years in January, according to a report released by the National Association of Realtors. However the pace of decline slowed, signaling the housing market slowdown could could soon be bottoming.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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