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Coffee With Greta: Awaiting Big Tech Earnings

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Good morning friends!

Futures are rising as traders assess the latest batch of Q3 earnings and wait for big tech results.

Let’s get right to it!

Coca-Cola Tops Q3 Expectations, Hikes Outlook

Coca-Cola (KO) shares are up 3% ahead of the open after beating Q3 expectations on the top and bottom line. 

Here’s how the beverage giant’s results compared to analysts’ estimates: 

  • Adjusted EPS: $0.74 vs $0.69 expected
  • Revenue: $11.91 billion vs $11.44 billion expected

Net sales rose 8% year over year while organic revenue jumped 11%. 

Prices were 9% higher than a year ago but Coke said in July it is done hiking prices further. 

For the full-year, the company now expects comparable EPS growth of 7% to 8% vs 5% to 6% previously. 

Coke expects organic revenue growth of 10% to 11% vs 8% to 9% previously. 

General Motors Beats Q3 Estimates

General Motors (GM) shares are rising 1.3% in premarket trade after beating Q3 expectations on the top and bottom line. 

Here’s how the automaker’s results compared to analysts’ estimates: 

  • Adjusted EPS: $2.28 vs $1.88 expected
  • Revenue: $44.13 billion vs $43.68 billion expected

Net income was down 7.3% from a year ago while revenue increased 5.4%. 

Adjusted earnings in North America fell 9.5% year over year while international adjusted EPS rose by 7%. 

GM pulled its full-year forecast amid uncertainty about the impact of the ongoing UAW strikes. 

The CFO also said the company was pulling its near-term targets for electric vehicles due to slower-than-expected demand. 

GM previously set goals to sell 400,000 EVs in North America from 2022 through mid-2024. 

3M Jumps On Earnings Beat, Guidance Hike

3M (MMM) shares are rallying 4.6% ahead of the open after beating Q3 expectations and raising its guidance. 

Here’s how the consumer goods giant’s results compared to analysts’ estimates: 

  • Adjusted EPS: $2.68 vs $2.34 expected
  • Revenue: $8.31 billion vs $7.99 billion expected

The company raised its full-year outlook following the beat. 

3M now expects adjusted EPS between $8.95 and $9.15 this year vs $8.60 to $9.10 previously. 

The company forecast adjusted total sales growth of -5% vs previous guidance for -5% to -1%. 

Spotify Jumps On Q3 Beat

Spotify (SPOT) shares are jumping 5.1% in premarket trade after topping Q3 expectations on the top and bottom line.

Here’s how the music streaming giant’s results compared to analysts’ estimates:

  • Adjusted EPS: €0.33 vs €0.22 loss expected
  • Revenue: €3.36 billion vs €3.33 billion expected

This marked Spotify’s first quarterly profit in more than a year. 

The company also topped subscriber expectations. 

Spotify said it had 574 million monthly active users during the quarter and 226 million premium subscribers, both ahead of estimates. 

The company forecast Q4 operating profit of €37 million on revenue of €3.7 billion, with a gross margin of 26.6%.

Spotify expects monthly active users to increase to 601 million this quarter and premium subscribers to climb to 235 million.

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