Bill.com Holdings Slips On Q3 Net Loss
Bill.com Holdings, Inc. (BILL) shares are sliding more than 25 percent on Friday morning trade after the company reported net loss for the third quarter, wider than the prior year. The company now projects fourth-quarter net loss.
The net loss for the third quarter was $86.72 million or $0.84 per shar, compared to net loss of $26.73 million or $0.32 per share last year.
Looking ahead to the fourth quarter, the company expects an adjusted net loss in a range of $14.9-$13.9 or net loss per share of $0.14-$0.13. For the full year, the company now projects net loss of $35.9-$34.9 million or $0.35-$0.34 per share.
Revenue outlook for the full year is in a range of $624.-$625.0 million a year ago.
Wall Street Analysts are looking for net loss of $0.15 per share for the fourth quarter and net loss of $0.45 per share on revenue $599.64 million for the full year.
Currently, shares are at $113.18, down 25.66 percent from the previous close of $152.24 on a volume of 2,988,022.
U.S. Consumer Sentiment Improves Slightly Less Than Initially Estimated In April
Consumer sentiment in the U.S. improved slightly less than initially estimated in the month of April, according to revised data released by the University of Michigan on Friday.
The report showed the consumer sentiment index for April was downwardly revised to 65.2 from the preliminary reading of 65.7. Nonetheless, the index is still sharply higher than the final March reading of 59.4.
Surveys of Consumers chief economist, Richard Curtin said the rebound from the previous month was concentrated in expectations, with the year-ahead outlook for the economy spiking by 21.6 percent and personal financial expectations surging by 18.3 percent.
“The cause was a sharp drop in gas price expectations, falling to just 0.4 cents from last month’s 49.6,” Curtin said. “The overall impact on sentiment trends, however, was quite small: other than the last two months, the Sentiment Index in April was still lower than in any prior month in the past decade.”
The report showed the index of consumer expectations shot up 62.5 in April from 54.3 in March, while the current economic conditions index rose to 69.4 from 67.2.
On the inflation front, one-year and five-year inflation expectations were unchanged at 5.4 percent and 3.0 percent, respectively.
TPI Composites Stock Gains 7% On Q1 Results
Shares of TPI Composites, Inc. (TPIC) are gaining over 7% after the company reported its first-quarter results.
TPIC is currently trading at $13.23, up $0.87 or 7.04%, on the Nasaq. The stock opened its trading at $13.82 after closing Thursday’s trading at $12.36.
Net sales for the first quarter decreased 4.9% to $384.9 million from $404.7 million last year.
Net loss for the quarter was $29.9 million or $0.71 per share, compared to net loss of $1.8 million or $0.05 per share last year.
Sidus Space Stock Surges 80%
Shares of Sidus Space, Inc. (SIDU) surged over 80% on Friday morning announced that it has signed a memorandum of understanding with Dhruva Space expanding their collaborative partnership.
SIDU is currently trading at $3.6213, up $1.6513 or 83.82%, on the Nasdaq.
Sidus Space, a Space-as-a-Service satellite company, announced it signed a memorandum of understanding with Dhruva Space Private Limited to further commercialization of new and innovative space technologies and services.
With this partnership, Sidus Space and Dhruva Space will explore collaborations to support the missions of the space programs in India and the United States through strategic alignment and value-add agreements related to satellites, Mission Operations Centers, Ground Stations, space-related hardware and software, and other technologies.
Transfix Q1 Adj. Gross Profit Rises
Transfix, Inc. reported that its first quarter adjusted gross profit increased 34% year-on-year, to $6.6 million. Adjusted gross profit margin was 7.4% compared to 8.3%. Gross profit increased 28% to $6.0 million. Total revenue increased 50% to $90 million.
President and CEO Lily Shen said, “The first quarter of 2022 was another strong quarter for Transfix. In addition to our strong financial and operating results, we are continuing to invest meaningfully into our team, brand, and products, which are deepening our relationships with customers and carriers.”
Here's why stocks could rebound after a volatile month
New York (CNN Business)Stocks sank again in early trading Friday morning. A solid jobs report was not enough to convince investors to look for bargains following Thursday’s more-than-1,000-point plunge.
The Dow fell more than 400 points shortly after the opening bell. Nike (NKE) was the biggest drag on the blue chips, falling nearly 6%. Nike rival Adidas issued a lousy earnings report Friday because of weakness in China.
The S&P 500 and Nasdaq also tumbled again Friday, falling 1.5% and 1.7% respectively. All three indexes are down for the week.
The Dow is on pace for its sixth-consecutive weekly loss while the S&P 500 and Nasdaq have fallen for the past five. The stock market is now at its lowest point for the year.
“It’s a crazy time.” said Scott Lepene, co-chair of Thompson Hine. “The market is reacting as if we are in a recession. We may not have bottomed out just yet.”
European Economics Preview: Germany Industrial Output Data Due
Industrial production data from Germany is due on Friday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is scheduled to issue Germany’s industrial production for March. Economists forecast output to fall 1.0 percent on month, reversing a 0.2 percent rise in February.
In the meantime, UK Halifax house price data is due. Prices are expected to gain 0.7 percent in April after rising 1.4 percent in March. Also, Sweden industrial production and orders are due.
At 3.00 am ET, Spain’s INE is set to issue industrial output figures for March. Output growth is seen easing to 2.7 percent from 3.0 percent in February.
At 4.00 am ET, Italy’s Istat publishes retail sales for March. Sales had increased 0.7 percent in February.
At 4.30 am ET, UK S&P/CIPS construction Purchasing Managers’ survey data is due. Economists expect the index to fall to 58.0 in April from 59.1 in March.