#earnings

Anthropic filed an amended Form S-1 with the SEC on Monday, November 2, adding third-quarter financials to the IPO prospectus it published the week before, CNBC reports. Revenue for the nine months to September 30 was $33.24 billion, up roughly 1,200% from a year earlier. Third-quarter revenue was about $17 billion, but growth slowed quarter over quarter: about 47%, down from 144% in the second quarter and 132% in the first.

The company reported a $104 billion net loss for the nine months, mostly from changes in the fair value of convertible notes and derivative liabilities; the third-quarter loss was $23.29 billion. Anthropic disclosed purchase commitments and leases totaling about $895.4 billion, almost all for compute and infrastructure, and said compute and infrastructure expenses rose 329%.

A separate CNBC piece notes the filing landed in a rough week: Microsoft, Alphabet and Amazon results added to worries about AI spending and the borrowing costs of the data center companies Anthropic relies on. No pricing or listing date was announced in the window.

CVS Health said on Wednesday, November 4, that it plans to split into two publicly traded companies by the first half of 2028, separating its roughly 9,000 retail pharmacies from its Aetna insurance business and its Caremark pharmacy benefit manager. It reverses the $78 billion Aetna deal of 2018 and, CNBC notes, would be one of the largest corporate breakups on record.

The insurer and PBM company would keep the CVS Health name under CEO David Joyner, who told CNBC the move comes 'out of a position of strength.' The drugstore company would be called CVS Pharmacy, led by Prem Shah. Shareholders would own stock in both. CVS also beat third-quarter estimates, with sales of $108.40 billion.

Shares closed more than 12% lower. CNBC reports that PBMs face bipartisan scrutiny, and that Tennessee and Arkansas have passed laws banning co-ownership of PBMs and pharmacies, which CVS and others are challenging in court.

Apple reported fiscal fourth-quarter results on Monday, November 2: earnings of $2.10 a share against $1.99 expected by analysts polled by LSEG, and revenue of $114.48 billion against $113.39 billion expected. iPhone sales of $57.58 billion beat the $56.54 billion consensus, while iPad and other product sales fell short.

Apple forecast a gross margin of 45% to 46% for the current quarter, below the average analyst estimate of 46.3%, and the shares slid about 4% in premarket trading on Tuesday. CNBC notes the stock was up about 24% for the year and reports that analysts, including at Goldman Sachs, still see the results as a temporary blip.

AMD reported third-quarter results on Tuesday, November 3, with adjusted earnings of $2.09 a share against $1.95 expected by analysts polled by LSEG, and revenue of $13.38 billion against $13.09 billion expected. CEO Lisa Su said server revenue is expected to double in 2027 and that data center AI growth should accelerate faster than AMD forecast three months earlier. Analysts said stronger AI revenue could offset softness in PCs, and the stock rose about 4% in premarket trading on Wednesday after falling roughly 24% over the prior month.

The bounce did not last. In Thursday's AI and chip selloff after the midterms, AMD fell about 14%, CNBC reports, as investors worried that Democratic wins could slow data center construction.

Two software companies fell sharply on October 29 after reporting late on October 28. ServiceNow dropped 26% after adjusted profit of $1 a share missed the $1.02 consensus, while its fourth-quarter subscription revenue guidance of $4.245 billion to $4.255 billion straddled the $4.25 billion estimate. Fortinet fell 21% after its non-GAAP gross margin came in at 79.6% against 80.1% expected, even though revenue and profit beat estimates.

CNBC's Jim Cramer said Fortinet's results pulled down Palo Alto Networks and CrowdStrike, and ServiceNow's weighed on Workday and Salesforce. He argued Fortinet, which is more hardware-focused, has been losing share to those rivals, so its weakness is company-specific rather than a sign of slowing demand for cybersecurity.

Alphabet reported third-quarter revenue of $127.58 billion, up 25% but short of the $128.22 billion analysts expected, and adjusted earnings of $2.67 a share against $3.02 expected. CNBC calls it the company's first top-and-bottom-line miss in nearly four years. Free cash flow was negative $9.07 billion, far below the negative $2.70 billion analysts expected, and long-term debt rose to $125.1 billion from $21.6 billion a year earlier.

Search revenue grew 12% to $63.35 billion, missing estimates; Alphabet's business chief said lower monetization in AI Mode was part of the reason. Google Cloud revenue more than doubled to $30.7 billion, ahead of forecasts. Alphabet kept its 2026 capital spending forecast at $195 billion to $205 billion and said spending will rise significantly in 2027.

The shares fell about 9% after hours on October 28 and closed down nearly 13% on October 29, which CNBC reports is the stock's worst day since Google went public in 2004, erasing roughly $500 billion in market value.

On October 26, Microsoft's chief people officer, Amy Coleman, announced a voluntary exit offer for about 60,000 employees, roughly 27% of the global workforce, in the US, UK, Canada and India, the AP reports. Microsoft had about 223,000 full-time employees at the end of June and cut 4,800 jobs in July.

Two days later Microsoft reported fiscal first-quarter revenue up 19% and diluted earnings of $4.92 a share, up 32%. Microsoft Cloud revenue was $63.9 billion, up 30%, and commercial remaining performance obligation rose 73% to $677 billion, according to the company. CNBC reports Azure grew 48% and finance chief Amy Hood guided to 49% to 50% growth next quarter.

Capital expenditures and finance leases were $45.2 billion, below the $50.67 billion analysts expected; Hood said some third-party capacity deliveries were delayed. Free cash flow fell 27% to $18.63 billion but stayed positive. The stock rose 2% to 4% after hours but ended the next day roughly flat.

DoorDash agreed on October 29 to acquire Instacart's parent, Maplebear, for $65 a share in cash and stock, about $17 billion. CNBC reports the price is an 11% premium to Instacart's October 28 close and about 26% above its October 22 close, before reports of a possible sale surfaced. The companies expect the deal to close at the end of 2027 or early 2028; DoorDash plans to keep Instacart's brand, app and enterprise technology products, and the two will operate separately until then.

DoorDash also reported third-quarter revenue of $4.62 billion and adjusted earnings of $1.06 a share, both above estimates, with orders up 28% to 993 million. DoorDash shares rose more than 6% in morning trading, while Instacart traded near flat. CNBC notes Instacart agreed in December to pay $60 million to settle FTC allegations about its advertising.

Amazon reported third-quarter results after the close on October 29: earnings of $1.89 a share on revenue of $201.94 billion, short of the $1.96 and $202.31 billion analysts expected, per LSEG. Shares fell more than 6% in extended trading.

Free cash flow was negative $42.4 billion over the trailing twelve months, the second straight negative quarter, which Amazon attributed mainly to AI-related purchases of property and equipment. Capital expenditures were $77.3 billion in the quarter, well above the $58.7 billion analysts estimated; Amazon kept its 2026 capex forecast at $220 billion, and CEO Andy Jassy said it expects to spend "meaningfully more in 2027."

AWS sales rose 39% to $45.98 billion, beating forecasts, and Jassy said he expects AWS growth above 40% next year. Fourth-quarter revenue guidance of $240 billion to $247 billion had a midpoint below expectations.

Intel shares fell more than 20% in extended trading on October 29 after the company forecast fourth-quarter revenue of $15 billion to $16 billion and adjusted earnings of 25 cents a share; analysts expected $17.1 billion and 43 cents, per LSEG.

Third-quarter revenue rose 21% from $13.7 billion a year earlier. Data center and AI revenue jumped 78% to $7.3 billion, while the client computing group fell 5% to $8.1 billion. Finance chief David Zinsner said the PC slowdown should continue at least through the first half of next year. He said an explosion earlier this month at a fab in Israel, which killed two workers, will cost about $600 million in lost revenue over two quarters.

CNBC notes the stock was up about 150% this year before the report, though down roughly 23% in October.

Eli Lilly reported third-quarter revenue of $24.4 billion on October 29, above the $22.61 billion analysts expected, and adjusted earnings of $7.48 a share against $6.26 expected, per LSEG. It raised its 2026 revenue forecast to $91 billion to $92 billion, from $85 billion to $87 billion. Its earnings-per-share outlook moved slightly lower to $35 to $36, because $4.57 a share in deal-related charges more than offset a $4.07 increase in underlying guidance.

Mounjaro revenue rose 65% to $10.72 billion, with sales outside the US up 93%, and Zepbound rose 49% to $5.35 billion. Sales of the new obesity pill Foundayo, launched in April, came in below expectations. CEO Dave Ricks pointed to Medicare's pilot coverage of GLP-1 drugs for weight loss. The stock rose 6% to 8% during the day, and CNBC reports the healthcare sector hit a record high.

SpaceX (Nasdaq: SPCX) reported third-quarter revenue of $14.6 billion, up 161% from $5.6 billion a year earlier, with net income of $4.4 billion against a $1.1 billion loss, according to its earnings release on October 20.

CNBC reports that the AI unit, which SpaceX calls "Super Intelligence," is now its largest business: revenue rose about ninefold to $7.56 billion, helped by renting computing capacity to Google, Anthropic and others and by the Cursor acquisition. Starlink subscribers reached 13.6 million, and the launch business grew only slightly, to $1.77 billion. CFO Bret Johnsen guided first-quarter 2027 revenue to $33 billion to $37 billion, far above the roughly $22 billion analysts expected, per LSEG.

On the call, Elon Musk said a merger with Tesla would be a "good idea" and that both boards have formed special committees to discuss it. The shares climbed about 8% in extended trading after the release, CNBC reports.

Meta reported third-quarter revenue of $64.60 billion, up 26% and above the $63.37 billion analysts expected, and guided fourth-quarter revenue to $73 billion to $76 billion. The stock rose after hours on October 21 but fell almost 7% on October 22.

CNBC reports free cash flow was negative $2.12 billion in the quarter, and Meta raised the floor of its full-year capital spending forecast to $135 billion to $145 billion (from a $130 billion bottom). The spread on Meta's five-year credit default swaps hit an all-time high.

Meta also announced a nonvoting Class C stock, to be distributed to all shareholders as a dividend starting January 2027, which CNBC describes as effectively a 2-for-1 split. Meta says it is meant to keep its "founder-led structure" and help finance growth. The SEC filing says Mark Zuckerberg could leave California if the proposed state wealth tax passes, and that he committed to stay for eight years as part of the new stock plan. Meta's workforce shrank 12% in the quarter to 66,000.

Netflix reported third-quarter earnings of 87 cents a share, above the 82 cents analysts expected, on revenue of $12.87 billion, in line, on October 20. Revenue was up almost 12%, which Netflix attributed to membership growth and March price increases.

Netflix narrowed its 2026 revenue forecast to $51.1 billion, the low end of its earlier range and below the $51.2 billion analysts expected, per LSEG, and lowered its 2026 ad-revenue outlook to about $2.7 billion from about $3 billion, citing a slower rollout of some ad products. It expects last week's job cuts to reduce fourth-quarter operating margin by about 120 basis points.

"We know there's some investor concern about our view hours growth," the shareholder letter said, adding that engagement "remains healthy." The stock fell more than 5% on October 21, CNBC reports. Screen Daily notes India view hours rose 24% year over year.

Tesla reported third-quarter adjusted earnings of 48 cents a share on revenue of $28.05 billion, both above LSEG estimates, on October 21. Automotive revenue fell 3% to $20.56 billion and energy revenue fell 16%, while services and other revenue rose 33%. Tesla cited lower average prices and trouble securing battery supplies.

Net income attributable to shareholders fell 29% to $787 million. CNBC reports capital spending more than doubled to $3.73 billion, driven by Optimus robots and other AI work, and free cash flow fell 62% to $1.53 billion. Active FSD subscriptions rose 67% to 1.74 million.

Musk said the driverless Robotaxi fleet should start contributing to results in 2027, and declined to add to his SpaceX merger comments from the day before. Shares slid more than 3% after hours and ended about 3% lower on October 22, per Yahoo Finance.

ASML's third-quarter revenue rose 55% to €11.7 billion with a 57.5% gross margin, and operating profit more than doubled to €5.2 billion. It guided fourth-quarter sales to €14.2–15.2 billion and narrowed its 2026 forecast to €44–45 billion. Hargreaves Lansdown's review notes customers expect demand to outstrip their supply until at least 2028 and some want to order for 2029 and 2030, and that management says its planned 30% capacity increases for 2027 and 2028 won't be enough. The shares rose 2.2% in early trading.

Samsung Electronics' preliminary guidance for the third quarter of 2026 is about 195 trillion won in consolidated sales and about 107.4 trillion won in operating profit. These are unaudited estimates (the midpoints of narrow ranges, as Korean rules require); final results come after the audit.