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Palo Alto Beats Expectations, ECD Shares Rise 12% on Record Revenue, and Latest in Earnings

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August 20 2024 1:57AM

Palo Alto Networks (NASDAQ:PANW) – The cybersecurity and firewall solutions company had a strong quarter, with net income of $358 million, or $1.01 per share, and adjusted earnings of $1.51, above the forecast of $1.41. Revenue rose to $2.19 billion, exceeding the estimate of $2.16 billion. For the next quarter, the company projects revenue between $2.10 billion and $2.13 billion and adjusted earnings between $1.47 and $1.49. The company increased its share buyback to $1 billion, and its market capitalization reached $111 billion. Shares rose 2.2% in pre-market trading.

E.C.D. Automotive Design (NASDAQ:ECDA) – The premium vehicle customization and design company reported record revenue of $8.9 million in the second quarter, up 129%, with gross profit of $2.2 million and a margin of 31.8%. Despite a net loss of $0.9 million, adjusted EBITDA rose to $0.4 million. For 2024, the company maintained its revenue forecast of $33 million. Shares rose 11.9% in pre-market trading.

Bit Digital (NASDAQ:BTBT) – The cryptocurrency mining and investment firm reported losses of $0.09 per share, below the estimate of a $0.03 loss. Revenue was $29 million, beating the forecast of $26.09 million and increasing 220.87% year-over-year. Bitcoin mining generated $16.1 million, up 80%, but Bitcoin production fell 23% due to halving and higher network difficulty. The company projects $13 million in revenue with Boosteroid and a revenue opportunity of up to $700 million with GPU deployment. Shares rose 9.4% in pre-market trading.

Fabrinet (NYSE:FN) – The optical device assembly services company reported earnings of $2.41 per share, beating the estimate of $2.24 by 7.59%. Sales of $753.26 million also exceeded expectations and represented a 14.85% year-over-year increase. For the next quarter, the company projects revenue between $760 million and $780 million, with earnings of $2.33 to $2.40 per share.

Agora Inc (NASDAQ:API) – The digital financial services platform reported revenue of $34.2 million, up 0.5% year-over-year. The net loss fell from $45.3 million to $9.2 million. Operating expenses decreased by 14.4% to $32.6 million. The company projects revenue between $31.5 million and $33.5 million for the next quarter after discontinuing low-margin products.

Flexsteel (NASDAQ:FLXS) – The furniture and upholstery manufacturer reported a fourth-quarter profit of $4.9 million, or $0.89 per share, or $0.75 adjusted. Revenue was $110.8 million. For the quarter ending September, it projects revenue between $100 million and $105 million, and annual revenue between $420 million and $436 million.

Fluent (NASDAQ:FLNT) – The digital marketing and data solutions company reported a second-quarter loss of $11.6 million, or $0.75 per share, adjusted to $0.47. Revenue was $58.7 million. Despite financial challenges, the company remains focused on its data and analytics strategy.

Hesai Group (NASDAQ:HSAI) – The autonomous vehicle LIDAR sensor company reported net revenue of RMB 458.9 million ($63.1 million), up 4.2% year-over-year. Lidar shipments increased by 66.1% to 86,526 units, and the gross margin improved to 45.1%. The net loss was reduced to RMB 72.1 million ($9.9 million). For the third quarter, the company projects revenue between RMB 450 and 500 million.

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