Earnings season is well underway.
Microsoft’s second-quarter results come on the heels of a blowout first quarter. The company posted a beat on both the top and bottom lines, and the closely-watched cloud revenue grew 41% from the same period last year and exceeded analyst expectations. Microsoft shares soared following the report, hitting record highs and crossed the $1 trillion mark for the first time ever. The stock has jumped 35% so far this year and has outperformed the broader market, which rose 20%.
Analysts polled by Bloomberg are expecting the tech giant to report adjusted earnings of $1.22 per share on $32.78 billion in revenue. The options market is implying a 3.7% one-day move in either direction.
In addition, Chewy will report quarterly results for the first time since debuting as a public company on June 14. Investors have been piling into the stock in the past month, as shares soared 44% since its IPO. The S&P 500 is up only 3% in the same time period.
Much like its recent IPO peers, Chewy has yet to turn a profit. Investors will likely focus on hearing from management on its plans to become a profitable company.
Chewy is expected to report an adjusted earnings loss of 11 cents per share on $1.12 billion in revenue. According to its previously released S-1 filing, Chewy reported sales of $3.5 billion in 2018, up 67% from the prior year, and a net loss of $268 million.
The options market is currently implying a 10% one-day move in either direction following its report.
Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
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