Author: Shivani Kumaresan

[ad_1] Needham analyst Ryan MacDonald reiterated a Hold rating on the shares of Chegg Inc CHGG.Chegg’s 2Q23 revenue/EPS of $182.9 million/$0.28 came in above the analyst’s $176.5 million/$0.27 estimates. According to the analyst, Chegg Services subscriber counts were below investor expectations at 4.81 million versus the consensus of 4.83 million.While Chegg expressed concerns around subscriber trends related to ChatGPT on the 1Q call in May, management provided an update on the 2Q call as the company saw y/y customer acquisition and retention rates improve in 2Q.Prior to the earnings call, Chegg announced a partnership with Scale AI to develop their own large language models (LLMs) to power Chegg’s personalized learning…

[ad_1] Restaurant Brands International Inc QSR reported second-quarter FY23 sales growth of 8.3% year-on-year to $1.77 billion, beating the analyst consensus estimate of $1.74 billion.Consolidated comparable sales increased 9.6%, and net restaurants grew 4.1% versus the prior year. System-wide sales increased 14%.Comparable sales for Tim Horton rose 11.4%, Burger King increased 10.2%, and Popeyes Louisiana Kitchen grew 6.3%.Revenue for Tim Horton’s climbed 5% Y/Y, Burger King rose 11.8%, and Popeyes Louisiana Kitchen increased 10.9%.General and administrative expenses increased 11.6% Y/Y. The operating margin was 31.2%, and operating income for the quarter climbed 2.4% to $554 million.Adjusted EBITDA for the quarter…

[ad_1] Payoneer Global Inc PAYO reported second-quarter FY23 sales growth of 40% year-on-year to $206.73 million, beating the analyst consensus of $196.99 million.Transaction costs as a percentage of revenue were 13.8% versus 17.7% a year ago.Total operating expenses climbed 15.3% Y/Y to $173.3 million.The operating income for the quarter was $33.4 million, with an operating margin of 16.2%.Adjusted EBITDA jumped 280% to $56 million.Payoneer held $590.8 million in cash and equivalents as of Jun 30, 2023. Net cash provided by operating activities for six months totaled $59.9 million.EPS of $0.12 beat the analyst consensus of $0.04.Recently, the company announced the asset acquisition of Israel-based Spott,…

[ad_1] Under Armour Inc UAA UA reported a first-quarter FY24 sales decline of 2% year-on-year to $1.32 billion, beating the analyst consensus of $1.30 billion.Wholesale revenue decreased 6% Y/Y to $742 million, and direct-to-consumer revenue increased 4% to $544 million.Apparel revenue fell 5% Y/Y, Footwear climbed 5%, while Accessories revenue increased 1%.Gross profit fell 3.6% Y/Y to $607.7 million, and the gross margin contracted 60 basis points Y/Y to 46.1%.Operating margin compressed 100 basis points to 1.6%, and operating income for the quarter decreased 39.3% to $20.9 million.The company held $703.6 million in cash and equivalents as of June 30, 2023. Inventory was…

[ad_1] Fluor Corp FLR has priced a $500 million aggregate principal amount of 1.125% convertible senior notes due 2029 in a private offering.Fluor has granted the initial purchasers of the notes an option to purchase, within a 13-day period from the first issue date, up to an additional $75 million principal amount of the notes on the same terms and conditions. The notes will bear interest at 1.125% per year, which will accrue from August 10, 2023, and will be payable semiannually in arrears on February 15 and August 15 of each year, beginning on February 15, 2024. The company estimates that the net proceeds…

[ad_1] Telsey Advisory Group analyst Joseph Feldman upgraded the shares of Holley Inc HLLY from Market Perform to Outperform and raised the price target from $3 to $7.5.According to the analyst, the business seems to be at an inflection point where it has bottomed or is close to doing so as the company now laps easier comparisons going forward after sales declines dating back to 2Q22 after the major pull-forward in demand during the pandemic.The planned removal of significant cost from the business following downsizing and enhancements to operational efficiency, including from synergies with integration of previous acquisitions was helpful, said the analyst.While the shortage…

[ad_1] Freshpet Inc FRPT reported second-quarter FY23 sales growth of 25% year-on-year to $183.30 million, missing the analyst consensus estimate of $185.75 million.Net sales for the first quarter of 2023 were driven by both velocity gains, and pricing.Gross profit increased 15.8% Y/Y to $59.2 million, with the margin contracting from 35% to 32.3%. The decrease in gross margin was primarily due to increased depreciation expense associated with the company’s capacity expansion, unabsorbed plant cost and increased share-based compensation.Selling, general and administrative expenses rose 9.3% to $76 million. The operating loss for the quarter widened to $(21.5) million from $(15.8) million…

[ad_1] Trucking company Yellow Corp YELL has filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code and is closing the business.The company expects to enter into an agreement, setting forth the terms and conditions of a debtor-in-possession financing facility.Several years ago, Yellow developed One Yellow business plan to modernize operations to compete with non-union carriers.In August 2022, IBT (International Brotherhood of Teamsters) leadership approved the first phase of One Yellow in the western U.S. leading to improvement in freight departure time, and enhanced customer service.However, despite Phase One’s approval and success, IBT leadership implemented a nine-month blockade, halting the remainder of Yellow’s business plan. In…

[ad_1] Fiesta Restaurant Group Inc FRGI, the owner of the Pollo Tropical restaurant chain, is reportedly expected to reach a deal to be bought by an investment firm for $225 million. The New York-based investment firm, Garnett Station Partners’ business unit, Authentic Restaurant Brands, is planning to add Fiesta Restaurant to its portfolio of casual dining brands, reported the WSJ.Authentic also owns sports-bar chain P.J. Whelihan’s and Mambo Seafood. The deal is expected to be worth $8.50 per share, representing an 8% premium to Fiest’a closing share price Friday of $7.86. Fiesta posted an FY22 revenue increase of 8.4% to $387.4 million. It incurred a…

[ad_1] Mattel Inc MAT has expanded Barbie The Movie product collection inspired by the film created in partnership with Warner Bros Discovery Inc WBD Pictures.The expanded collection features new looks worn by the film’s Barbie and Ken characters.It will also feature a Weird Barbie doll inspired by the film character and a 4-pack of Hot Wheels Corvettes inspired by Barbie and Ken’s cars in the film.The expanded collection of Barbie The Movie products builds upon the initial June 2023 launch of movie toys from UNO, Hot Wheels, Fisher-Price, MEGA and Barbie.Also Read: Mattel’s Fisher-Price Launches Its First-Ever Sensory Line Of ToysThe items are available in collectible packaging at retailers nationwide…