Taiwan Semiconductor Manufacturing Company (NYSE:TSM) – TSMC exceeded earnings and revenue expectations in the second quarter with $20.82 billion in revenue and a net profit of $7.6 billion. Strong demand for advanced chips for AI applications drove a 40.1% increase in revenue and a 36.3% rise in profit year-over-year. TSMC also adjusted its capital expenditure to up to $32 billion. The company maintains substantial investments in technology development and plans to start mass production of 2-nanometer chips in 2025. Revenue is expected to reach up to $23.2 billion this quarter, raising its sales growth estimates beyond the previously forecasted 20%. Shares rose 3.67% in pre-market trading.
Nokia (NYSE:NOK) – Nokia reported a 32% drop in operating profit for the second quarter, amounting to $462.38 million, due to weak demand for 5G equipment. Net sales fell 18% to $4.9 billion, particularly in India. The revenue figure excludes its submarine cable business, which it is selling. The company reported an increase in gross margin to 44.7%, thanks to Mobile Networks. The operating margin remained at 9.5%, with robust free cash flow driving an accelerated share repurchase program. Nokia reaffirms its full-year outlook, anticipating improved demand and a sales rebound in the second half of the year. Shares fell 6.92% in pre-market trading.
Novartis (NYSE:NVS) – Novartis’ second-quarter profit increased 43%, rising from $2.28 billion to $3.24 billion. Earnings per share increased from $1.69 to $1.97. Net sales grew 9%, from $11.43 billion to $12.51 billion. Novartis raised its forecast for 2024 for the second time this year due to strong sales performance of heart drugs and others. Operating income is projected to grow from high single digits to low double digits. Expectations exceed analysts’ forecasts, reflecting robust growth in global markets. Shares fell 1.74% in pre-market trading.
United Airlines (NASDAQ:UAL) – United Airlines reported adjusted earnings of $4.14 per share in the second quarter, surpassing the analysts’ estimate of $3.93 per share as polled by LSEG. However, revenue of $14.99 billion was lower than the expected $15.06 billion. Shares fell 0.87% in pre-market trading.
Alaska Air Group (NYSE:ALK) – Alaska Air Group reported second-quarter earnings above expectations with $2.55 per share, surpassing estimates of $2.38, and an operating revenue of $2.9 billion. However, it forecasts a 50-cent per share drop in the third quarter due to a new flight attendants’ contract implying an average salary increase of 32%. The company projected adjusted earnings of $1.40 to $1.60 per share for the period, compared to LSEG estimates of $2.05 per share.
Discover Financial Services (NYSE:DFS) – The bank reported second-quarter earnings per share of $6.06, exceeding the estimate of $3.08. Revenue was $4.54 billion, above the expected $4.18 billion. There was a 17% increase in revenue year-over-year, rising from $3.88 billion.
Equifax (NYSE:EFX) – In the second quarter, revenue rose 9% to $1.43 billion, and adjusted earnings reached $1.82 per share, surpassing projections. Equifax forecasted revenue of $1.43 to $1.45 billion for the third quarter, below Wall Street expectations, due to the impact of high interest rates on mortgages and other loans.
Alcoa (NYSE:AA) – The aluminum company announced adjusted earnings of 16 cents per share, beating analysts’ forecast of 9 cents per share as indicated by LSEG. Revenue also exceeded expectations, reaching $2.91 billion, while analysts anticipated $2.84 billion.
Kinder Morgan (NYSE:KMI) – The pipeline operator reported second-quarter earnings per share of $0.25, $0.01 below analysts’ estimate of $0.26. Quarterly revenue was $3.57 billion, compared to the consensus estimate of $4.14 billion.
Steel Dynamics (NASDAQ:STLD) – The steel producer reported earnings per share of $2.72 in the second quarter, with revenue of $4.63 billion. Analysts consulted by LSEG expected earnings of $2.67 per share and revenue of $4.43 billion.
Prologis (NYSE:PLD) – Prologis, specializing in logistics real estate, raised its annual forecast for Core Funds from Operations (FFO), expecting between $5.39 and $5.47 per share in 2024, due to improved demand and growth in data centers. Rental revenue in the second quarter rose to $1.85 billion, driven by clients like Amazon, Home Depot, FedEx, and UPS.