C3.ai posted revenue for its third quarter of $66.7 million, versus estimates of $64.2 million. It’s adjusted loss per share came in at 6 cents, narrower than the expected loss of 22 cents.
The AI software company, with clients including 3M, Bank of America, and Shell, has benefited from the recent artificial intelligence craze. Year-to-date, C3 is up 90%, a reversal from its performance last year when shares were severely hit.
“The overall business sentiment appears to be improving. This is a dramatic change from what we experienced in mid 2022,” C3.ai’s CEO Thomas Siebel said in the company’s quarterly release.
Costco’s second-quarter earnings per share came in at 3.30 versus 3.20 expected by Wall Street.
The bulk retailer’s total revenue for its latest quarter was $55.27 billion, missing analyst expectations of $55.58 billion. Total comp sales including gasoline rose 5.2%, in line with expectations.
Costco saw its membership balloon during the pandemic. Price conscious shoppers over the last year have also helped drive traffic. Analysts expects a rise in membership fees sometime this year, as the last hike was in 2017.
“It’s a small portion of their revenue. But you have to remember that hiking membership fee is almost 100% of the margin. All that benefit flows to the bottom line. The majority of Costco’s operating profit comes from their membership fees,” said CFRA analyst Arun Sundaram. CFRA has a Hold rating on the stock, due to Costco’s valuation, said the analyst.
“Fundamentally Costco is a solid story,” said Sundaram. “The shares are a little bit pricey, that’s why we’re advising investors to hold off and maybe wait for a pullback before they start buying any shares.”
Nordstrom’s revenue for its latest quarter came in at $4.32 billion, slightly below Wall Street estimates of $4.37 billion. The department store chain’s adjusted earnings per share of 74 cents came in line with expectations.
“We took decisive actions to right-size our inventory as we entered the new year, positioning us for greater agility amidst continuing macroeconomic uncertainty. We also made the difficult decision to wind down operations in our Canadian business,” said Erik Nordstrom, chief executive officer of Nordstrom.
The company entered the Canadian market in 2014. “Despite our best efforts, we do not see a realistic path to profitability for the Canadian business,” said Nordstrom.
Nordstrom, like other department stores, was hit hard during the pandemic. The company has put effort into lifting its lower-priced Rack stores, which had been underperforming last year, compared to higher-end stores.
Dell Technologies (DELL)
Dell shares rose after a beat on the top and bottom line for the computer maker’s latest quarter. Dell’s adjusted earnings per share of $41.80 beat analyst estimates of $1.64.
The company posted adjusted net revenue of $25.04 billion versus estimates of $25.04 billion.
Dell also announced some C-suite changes. Corporate controller Yvonne McGill will become chief financial officer starting in the third quarter of fiscal 2024. McGill will replace CFO Tom Sweet who is expected to retire.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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Source: finance.yahoo.com