Fidelity Disruptive Communications ETF (NASDAQ: FDCF)

Latest news for Fidelity Disruptive Communications ETF (NASDAQ:FDCF)

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The fund investing at least 80 percent of assets in securities of disruptive communications companies. Fidelity's disruptive strategies seek to identify innovative developments that could signal new directions for delivering products and services to customers. Generally, these companies have or are developing new or unconventional ways of doing business that could disrupt and displace incumbents over time. This may include creating, providing, or contributing to new or expanded business models, value networks, pricing, and delivery of products and services.

Sea Limited, Adr

NVIDIA Corporation

Alphabet Inc Class A

Meta Platforms, Inc.

Snap Inc Class A

Arista Networks, Inc

American Tower Corp

Amazon.Com Inc

PDD Holdings Inc ADR

T-mobile US Inc

Fidelity Disruptive Communications ETF

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News

Guidance

Movers

Tech

FDCF

FMQQ The Next Frontier Internet & Ecommerce ETF

FMQQ

Sea Limited (SE) beat analyst estimates with 22.8% revenue growth in Q1 2024. Digital Entertainment and E-commerce saw strong growth, while Digital Financial Services revenue increased by 21%. CEO expects profitable growth and positive EBITDA for Shopee in the second half of 2024.

Sea Limited&#39;s CEO Celebrates Strong Q1 Across Segments, Highlights E-commerce and Digital Entertainment Growth

Snap Inc Photo by Christopher Penler on Shutterstock

Equities

Markets

General

SNAP

SOCL

Snap shares surge over 25% premarket as Q1 earnings beat expectations, driven by increased user engagement and revenue growth.

Snap Gains Over 25% - What&#39;s Going On?

Businessman.Market.Ahead.Shutterstock

Sea Limited reported Q4 revenue of $3.62B (+4.8% YoY), beating consensus of $3.55B. EPS loss of $(0.19) beat consensus of $(0.25). SE expects continued growth.

Sea Limited Beats Q4 Revenue Expectations, Eyes Positive EBITDA for Shopee in Second Half

FORUM ENERGY METALS CORP by Forum Energy Metals Corp.

Forum Energy Metals Corp

The European Commission faced criticism from Europe&#8217;s second-highest court regarding transparency issues surrounding COVID-19 vaccine <a target="_blank" href="https://www.benzinga.com/general/biotech/23/03/31170243/european-commission-keeps-mum-on-talks-regarding-pfizer-covid-19-vaccine-contract-report" rel="noreferrer noopener">contracts from four years ago</a>.
This scrutiny comes on the eve of a crucial vote on Commission head Ursula von der Leyen&#8216;s reelection bid.
Some European lawmakers have been vocal about their dissatisfaction with how the Commission handled its multibillion-euro contracts, particularly its failure to disclose text messages between von der Leyen and Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) CEO Albert Bourla regarding one of the agreements.
In 2022, a&nbsp;Pfizer executive &#8220;categorically&#8221; ruled out that the pharma giant&#8217;s chief executive agreed on the European COVID-19 contract via <a target="_blank" href="https://www.benzinga.com/general/biotech/22/10/29203684/pfizers-executive-says-european-covid-19-vaccine-contract-negotiations-did-not-happen-over-text-m" rel="noreferrer noopener">mobile phone text messages</a>.
The Commission contends that these messages were not retained.
During the height of the pandemic, the Commission secured agreements with several major companies for COVID vaccine supplies, including AstraZeneca Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>), Sanofi SA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>), GSK Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>), Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), BioNTech SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTX#NASDAQ">BNTX</a>), Pfizer, and Moderna Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/07/39687792/emergent-biosolutions-and-johnson-johnson-resolve-claims-over-covid-19-vaccine-manufacturing" rel="noreferrer noopener">Emergent BioSolutions And Johnson &amp; Johnson Resolve Claims Over COVID-19 Vaccine Manufacturing</a>.
In response to requests from some members of the European Parliament for full access to these documents, Reuters noted that the Commission provided only partial access, citing the need to protect commercial interests and the decision-making process through redactions.
&#8220;The Commission did not give the public sufficiently wide access to the purchase agreements for COVID-19 vaccines,&#8221; they said.
The General Court in Luxembourg upheld the lawmakers&#8217; challenge, although the Commission claimed partial success in defending certain contract clauses.
&#8220;In general, the Commission grants the widest possible public access to documents, in line with the principles of openness and transparency,&#8221; Reuters noted, citing the statement.
&#8220;In these cases, the Commission needed to strike a difficult balance between the right of the public, including MEPs (members of the European Parliament), to information, and the legal requirements emanating from the COVID-19 contracts themselves, which could result in claims for damages at the cost of taxpayers&#8217; money.&#8221;
Meanwhile, the European Parliament is scheduled to vote on Thursday regarding von der Leyen&#8217;s candidacy for a second term amid ongoing scrutiny and legal challenges concerning transparency issues.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/biotech/24/07/39602190/london-high-court-ruling-fuels-pfizer-and-moderna-legal-dispute-over-covid-19-vaccine-patents" target="_blank" rel="noreferrer noopener">London High Court Ruling Fuels Pfizer And Moderna Legal Dispute Over COVID-19 Vaccine Patents</a>.</li>
</ul>
Photo via Wikimedia Commons

Biotech

Large Cap

Eurozone

Health Care

Legal

BNTX

MRNA

European Commission Faces Court Criticism Over COVID Vaccine Contract Transparency Ahead Of Vote on Ursula Von Der Leyen's Reappointment

Wednesday, 4D Molecular Therapeutics, Inc.(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDMT#NASDAQ">FDMT</a>) unveiled interim 24-week data from the Population Extension cohort of its PRISM <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39810122/4dmt-announces-positive-phase-2-prism-interim-results-for-intravitreal-4d-150-in-a-broad-wet-amd-p" rel="noreferrer noopener">Phase 2 Clinical Trial</a>.
The trial evaluates intravitreal 4D-150 in a broad wet AMD patient population.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/06/39211736/why-is-4d-molecular-therapeutics-stock-trading-lower-on-thursday-genetic-disease-focused-study-da" rel="noreferrer noopener">Why Is 4D Molecular Therapeutics Stock Trading Lower On Thursday? Genetic Disease-Focused Study Data Released</a>.
The findings were presented at the American Society of Retina Specialists Annual Scientific Meeting.
The Phase 2 PRISM Population Extension cohort evaluated 45 wet AMD patients previously treated with anti-VEGF injections, with 30 patients at 3E10 vg/eye (the planned Phase 3 dose) and 15 at 1E10 vg/eye (the low dose control).
In the expanded Phase 2 dataset, 4D-150 allowed 77% of 30 patients to become injection-free after 24 weeks, with 60% on low-dose arm.
An anti-VEGF treatment reduction was observed at the planned Phase 3 dose (3E10 vg/eye), with an 89% reduction in the mean annualized injection rate and 93% receiving 0 or 1 injection.
The data also showed improved visual acuity and retina anatomic outcomes.
The study reported no significant inflammation or 4D 150–related serious adverse events.
Long-term follow-up of Phase 1 patients treated with 4D-150 indicated stable visual acuity and retinal thickness over two years.
4D-150 demonstrated safety and efficacy in the PRISM (wet AMD) and SPECTRA (DME) clinical trials.
No significant inflammation or serious adverse events were reported among 139 dosed patients across both trials.
Upcoming milestones include the final Phase 3 trial design update in September 2024 and the initiation of the first Phase 3 trial in the first quarter of 2025.
Further analyses from the PRISM and SPECTRA studies are expected in early 2025.
Price Action: FDMT shares are down 35.7% at $17.19 at last check Wednesday. During the premarket session, shares reached as high as $29.1.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/biotech/24/03/37991496/4d-molecular-therapeutics-outlines-pivotal-development-plans-for-cystic-fibrosis-rare-inherited-d" target="_blank" rel="noreferrer noopener">4D Molecular Therapeutics Outlines Pivotal Development Plans For Cystic Fibrosis, Rare Inherited Disease</a>.</li>
</ul>

Trading Ideas

FDMT

4D Molecular Therapeutics Goes Neck To Neck With Rival, Shares New Phase 2 Data For Its Wet AMD Candidate

CFRA analyst Angelo Zino maintains Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) with a Buy and raises the price target from $240 to $260.

Price Target

Analyst Ratings

AAPL

CFRA Maintains Buy on Apple, Raises Price Target to $260

Cantor Fitzgerald analyst Brett Knoblauch initiated coverage on Core Scientific, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CORZ#NASDAQ">CORZ</a>), <a target="_blank" href="https://www.benzinga.com/quote/CORZ/analyst-ratings" rel="noreferrer noopener">with a price forecast of $20.</a>
According to the analyst, Bitcoin miners currently have one of the most coveted assets in the world &#8211; access to power.
In June 2024, Core Scientific announced a deal with CoreWeave (private), following which<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener"> shares went up meaningfully.</a>
With CoreWeave, Core Scientific was the first Bitcoin miner to sign a meaningful AI/HPC deal.
In what has now been extended, CoreWeave will lease 270 MW from Core Scientific for 12 years, and pay the company a total of $4.725 billion over that duration, amounting to ~$1.45 million per MW.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/39716492/block-and-core-scientific-enter-supply-agreement-for-mining-asics" rel="noreferrer noopener">Block and Core Scientific Enter Supply Agreement for Mining ASICs</a>
What is most differentiated about this deal that other miners will not be able to replicate is the fact that CoreWeave will fund the entire capex buildout itself (~$1.3 billion).
Per the analyst, this is effectively an interest-free loan for CoreWeave, which can use the annuity like revenue stream to fund additional capacity expansion, and to potentially lever up the business to maximize equity returns.
Core Scientific has earmarked an additional 322 MW for AI/HPC, which could generate an additional $335 million in <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">annual revenue and $268 million in annual profits.</a>
Long term – the analyst sees the potential for shares to be multiples higher than the current price target.
Price Action: CORZ shares are trading lower by 5.17% to $11.10 at last check Wednesday.
Image via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/39749573/nio-advances-vehicle-safety-with-ai-enhanced-automatic-emergency-braking-and-navigation-features" target="_blank" rel="noreferrer noopener">NIO Advances Vehicle Safety With AI-Enhanced Automatic Emergency Braking And Navigation Features In Latest Update</a></li>
</ul>

Analyst Color

Initiation

Core Scientific, Inc. - Class A Common Stock

CORZ

Core Scientific Analyst Emphasizes 'Access To Power' In Bitcoin Mining Assets - Deal With CoreWeave Under Focus

Cassava Sciences Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAVA#NASDAQ">SAVA</a>) stock is trading lower on Wednesday on a heavy session volume of 14.35 million, as per data from <a target="_blank" href="https://www.benzinga.com/pro/feature/newsfeed" rel="noreferrer noopener">Benzinga Pro</a>.
The Board of Directors appointed Richard (Rick) Barry as Executive Chairman and the company&#8217;s principal executive officer, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39813058/cassava-sciences-announces-changes-in-executive-leadership-enhanced-corporate-governance-and-other" rel="noreferrer noopener">effective immediately</a>. The company is searching for a new permanent CEO.
Mr. Barry succeeds Remi Barbier, the Company&#8217;s Chairman, President, and CEO, who resigned and will remain employed by the Company until September 13, 2024, in a non-executive capacity, without duties or responsibilities.
Lindsay Burns, SVP of Neuroscience at Cassava, is also leaving the company. Cassava and Dr. Burns have agreed that she step down from her role with the company, effective immediately.
Following her separation from the company and for a one-year period, Dr. Burns will furnish consulting services as and to the extent reasonably requested by Cassava to provide information and support for scientific research and/or obtain governmental approval for the company&#8217;s products.
Cassava may, at its sole discretion, extend the term of the consulting agreement by up to an additional year.
Related: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/07/39578081/cassava-sciences-cooperates-with-doj-sec-on-controversial-alzheimers-drug-investigation" rel="noreferrer noopener">Cassava Sciences Cooperates With DOJ, SEC On Controversial Alzheimer&#8217;s Drug Investigation</a>.
Mr. Barry said. &#8220;While our priority remains the development of a potentially effective treatment for Alzheimer&#8217;s disease, the Board has a steadfast commitment to doing so with transparency, accountability, and highest ethical business practices.&#8221; Among the actions the company is taking are:
<ul>
<li>New Leadership: The Board plans to separate the Chairman and CEO roles after identifying a new CEO.</li>
<li>Single-minded Commitment to Scientific Rigor and Honest Transparency: The company&#8217;s mission is to evaluate simufilam as a groundbreaking Alzheimer&#8217;s treatment, focusing on scientific rigor and transparency with patients, government agencies, and investors. All study results will be promptly and accurately posted on <a href="https://www.globenewswire.com/Tracker?data=vZZ6OkMSOaios8h0rajvwWFmEyTvQ8IToK5KGykCu4U97tT9zTPV9sYfj4rz1dS4u4NUT6tyetMZxzwISZ444PosvJOTncWJZySdB_IktB8=" target="_blank" rel="noreferrer noopener">clinicaltrials.gov</a>.</li>
<li>Rigorous Clinical Trials:  The ongoing Phase 3 trials adhere to FDA and industry standards to ensure the integrity of results. Under the FDA-reviewed protocols, no company personnel know or will know which subjects receive the drug or placebo.</li>
<li>Blinding information is maintained by a small group at CRO, Premier Research. Additionally, company personnel do not have access to sub-study results or other data that could reveal which patients are on placebo.</li>
<li>All data is sent directly to Premier Research. Statistical analyses are conducted by professional biostatisticians at Pentara Corporation, with trial results transmitted to them independently by the CRO, without company involvement.</li>
<li>Transparency in Communications and Reporting: Cassava is dedicated to maintaining transparent communication with its stakeholders. The company will resume quarterly analyst calls and ensure management is accessible to journalists. Cassava is also reviewing its disclosure practices to provide clear, comprehensive information. Ongoing dialogues with shareholders, employees, customers, regulators, and the community will shape the company&#8217;s governance practices.</li>
</ul>
Price Action: SAVA shares are down 27.20% at $9.85 at the last check on Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/03/37605163/alzheimers-drug-trial-results-questioned-after-damning-fda-inspection-report" target="_blank" rel="noreferrer noopener">Alzheimer&#8217;s Drug Trial Results Questioned After &#8216;Damning&#8217; FDA Inspection Report</a>.</li>
</ul>

Management

SAVA

Cassava Sciences Faces Leadership Shake-Up, Prioritizes Transparency And Scientific Rigor In Alzheimer's Trials

Chewy's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) short percent of float has risen 9.25% since its last report. The company recently reported that it has 21.75 million shares sold short, which is 18.66% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.0 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Chewy Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721240120_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Chewy has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Chewy's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Chewy's peer group average for short interest as a percentage of float is 12.94%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

CHWY

Peering Into Chewy's Recent Short Interest

Ventas's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTR#NYSE">VTR</a>) short percent of float has fallen 6.57% since its last report. The company recently reported that it has 7.61 million shares sold short, which is 2.56% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.92 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Ventas Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721240115_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Ventas has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Ventas's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Ventas's peer group average for short interest as a percentage of float is 6.48%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(VTR) - Analyzing Ventas's Short Interest

Avery Dennison's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVY#NYSE">AVY</a>) short percent of float has risen 3.23% since its last report. The company recently reported that it has 1.58 million shares sold short, which is 2.24% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.3 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Avery Dennison Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721240110_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Avery Dennison has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Avery Dennison's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Avery Dennison's peer group average for short interest as a percentage of float is 4.13%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Peering Into Avery Dennison's Recent Short Interest

Bernstein analyst Alexia Howard maintains Mondelez International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>) with a Outperform and lowers the price target from $90 to $88.

MDLZ

Bernstein Maintains Outperform on Mondelez International, Lowers Price Target to $88

Bernstein analyst Alexia Howard maintains Hershey (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>) with a Outperform and lowers the price target from $237 to $230.

Bernstein Maintains Outperform on Hershey, Lowers Price Target to $230

Bernstein analyst Bob Brackett maintains Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) with a Outperform and lowers the price target from $139 to $138.

Bernstein Maintains Outperform on Exxon Mobil, Lowers Price Target to $138

Bernstein analyst Bob Brackett maintains Devon Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>) with a Market Perform and lowers the price target from $48 to $43.

Bernstein Maintains Market Perform on Devon Energy, Lowers Price Target to $43

Bernstein analyst Bob Brackett maintains Kosmos Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KOS#NYSE">KOS</a>) with a Market Perform and lowers the price target from $7 to $5.

Bernstein Maintains Market Perform on Kosmos Energy, Lowers Price Target to $5

On Wednesday, Johnson &amp; Johnson (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jnj#NYSE">JNJ</a>) reported its second quarter results that reflected a strong momentum of its medtech and innovative medicine divisions. Although one-time charges prevented topline growth from reaching the bottom line, Johnson and Johnson showed it continues to advance its drug pipeline for a new medical era, with significant clinical milestones being attained throughout the quarter.&nbsp;
<h3>Second Quarter Highlights</h3>
For the June quarter, Johnson &amp; Johnson reported topline growth of 4.3% YoY as sales grew to $22.45 billion, surpassing the FactSet consensus of $22.33 billion.&nbsp;Regionally,&nbsp;U.S. sales grew 7.8% YoY, bringing in $12.5 billion, while&nbsp;international sales remained flat at $9.8 billion.&nbsp;
Fueled by cancer drug Darzalex among other growth drivers, the innovative medicine segment recorded sales growth of 5.5%, bringing in revenue of&nbsp;$14.49 billion, also topping FactSet consensus of $14.12 billion.
The medtech division grew 2.2% to $7.96 billion, coming short of Fact Set&rsquo;s consensus of $8.17 billion
As for Johnson &amp; Johnson&rsquo;s best-selling drugs, psoriasis treatment Stelara recorded growth of 3.1% to $2.89 billion, surpassing FactSet consensus of $2.85 billion, while cancer treatment Darzalex recorded 18.4% growth with sales rising to to $2.878 billion, also slighly below the expected $2.885 billion.
On the other hand,&nbsp;infectious disease drugs recorded a 13.9% drop with sales amounting to $965 million, while COVID-19 vaccine sales plummeted even more, falling 40% to $172 million.
Due to one-time charges, net earnings fell almost 13% to $4.6 billion, with earnings per share dropping nearly 6% to $1.93. But adjusted for one-time items, EPS actually rose by 10.2% to $2.82.
Slightly altered&nbsp;full year guidance
J&amp;J raised the midpoint of its full-year guidance for operational sales from a $88.9 billion to $89.4 billion, fueled by the completion of&nbsp;the $13.1 billion acquisition&nbsp;of its newest medtech conquest, Shockwave Medical.&nbsp;&nbsp;But, due to the costs of this strategic acquisitions, it also lowered its full-year adjusted operational EPS guidance that are now expected in a range from $10 to $10.10.
The second quarter performance reflects focus on medical innovation.
Throughout the quarter, the health care bellwether&nbsp;was&nbsp;busy with M&amp;A. Besides completing the Shockwave deal, it scooped up bispecific antibodies biotech&nbsp;Proteologix&nbsp;for $850 million in cash. Johnson and Johnson also spent $1.25 billion to&nbsp;&nbsp;get Numab Therapeutics&rsquo; experimental bispecific antibody that targets atopic dermatitis.&nbsp;&nbsp;In addition, J&amp; J also had a few activities of the regulatory front during the quarter.&nbsp;Carvykti was greenlit by the Food and Drug Administration for second-line use in adults with relapsed refractory multiple myeloma, which J&amp;J developed with Legend Biotech&rsquo;s. J&amp;J also submitted an application to treat moderately to severely active Crohn&rsquo;s disease with Tremfya.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Johnson And Johnson Continues To Focus On Medical Innovation

Bernstein analyst Bob Brackett maintains APA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APA#NASDAQ">APA</a>) with a Market Perform and lowers the price target from $37 to $30.

Bernstein Maintains Market Perform on APA, Lowers Price Target to $30

BofA Securities analyst Brad Sills maintains Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) with a Buy and<a target="_blank" href="https://www.benzinga.com/quote/MSFT/analyst-ratings" rel="noreferrer noopener"> raises the price target from&nbsp;$480&nbsp;to&nbsp;$510.</a>
Microsoft will publish the fiscal year 2024 fourth-quarter financial results after the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39803401/microsoft-announces-quarterly-earnings-release-date" rel="noreferrer noopener">close of the market on&nbsp;Tuesday, July 30, 2024.</a>
Sills sees 1% upside to the fourth quarter revenue estimate of $64.0 billion, stemming from sustained Azure strength, Office E3/E5 premium mix, early Microsoft Copilot traction and a <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">normalizing PC/Windows buying environment.</a>
In addition, the analyst projects a neutral currency impact on growth, <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consistent with guidance</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/07/39817792/missed-out-on-nvidia-michael-saylor-says-get-on-the-bitcoin-standard-for-even-better-retur" rel="noreferrer noopener">Missed Out On Nvidia? Michael Saylor Says &#8216;Get On The Bitcoin Standard&#8217; For Even Better Returns</a>
In addition, Sills sees a $100 million upside to the PBP segment revenue estimate for $20 billion (+9% y/y) from a modest Commercial Office upside on a conservative outlook for 14% growth.
The analyst writes that office upside is likely to come from ASP growth (6% y/y, consistent with third-quarter), given partner commentary on sustained strength in the premium E5 cycle and early traction with Copilot upsell deals.
In an upside case, the Office business could be on track to achieve 20% growth by the first quarter of FY26.
Overall, the analyst forecasts a reiterated outlook for double-digit revenue growth and margin to be down 100bps on ramping capex, driving the cost of sales higher.
Price Action: MSFT shares are trading lower by 1.5% to $442.77 at last check Wednesday.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39813339/blackberry-launches-ai-powered-cylancemdr-pro-cybersecurity-for-businesses-details" target="_blank" rel="noreferrer noopener">BlackBerry Launches AI-Powered CylanceMDR Pro Cybersecurity For Businesses: Details</a></li>
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Reiteration

MSFT

What's In Store For Microsoft In Q4? Analyst Sees Azure Strength, Double-Digit Revenue Growth Outlook

Bernstein analyst Bob Brackett maintains EOG Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) with a Market Perform and lowers the price target from $139 to $125.

Bernstein Maintains Market Perform on EOG Resources, Lowers Price Target to $125

Federal Reserve

Fed Beige Book Says Prices Increased At A Modest Pace Overall, With A Couple Districts Noting Only Slight Increases.

Fed Beige Book Says Expectations For The Future Of The Economy Were For Slower Growth Over The Next Six Months Due To Uncertainty Around The Upcoming Election, Domestic Policy, Geopolitical Conflict, And Inflation.

Palo Alto Networks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) has been analyzed by 23 analysts in the last three months, revealing a diverse range of perspectives from bullish to bearish.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">18</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">10</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $356.74, a high estimate of $385.00, and a low estimate of $285.00. Marking an increase of 1.97%, the current average surpasses the previous average price target of $349.86. 
<img src="https://www.benzinga.com/files/images/story/2024/1721239280_0.png" alt="price target chart" />
<h2>Deciphering Analyst Ratings: An In-Depth Analysis</h2>
The standing of Palo Alto Networks among financial experts becomes clear with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Michael Turits</td>
<td>Keybanc</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$380.00</td>
<td>$384.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$360.00</td>
<td>$340.00</td>
</tr>
<tr>
<td>Yi Fu Lee</td>
<td>Cantor Fitzgerald</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$350.00</td>
<td>$350.00</td>
</tr>
<tr>
<td>Rudy Kessinger</td>
<td>DA Davidson</td>
<td>Announces</td>
<td>Buy</td>
<td>$380.00</td>
<td>-</td>
</tr>
<tr>
<td>Hamza Fodderwala</td>
<td>Morgan Stanley</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$360.00</td>
<td>$360.00</td>
</tr>
<tr>
<td>Joseph Bonner</td>
<td>Argus Research</td>
<td>Raises</td>
<td>Buy</td>
<td>$348.00</td>
<td>$336.00</td>
</tr>
<tr>
<td>Matthew Hedberg</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$360.00</td>
<td>$360.00</td>
</tr>
<tr>
<td>Fatima Boolani</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$345.00</td>
<td>$335.00</td>
</tr>
<tr>
<td>Trevor Walsh</td>
<td>JMP Securities</td>
<td>Maintains</td>
<td>Market Outperform</td>
<td>$380.00</td>
<td>$380.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$375.00</td>
<td>$375.00</td>
</tr>
<tr>
<td>Alex Henderson</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$345.00</td>
<td>$345.00</td>
</tr>
<tr>
<td>Sarah Hindlian</td>
<td>Macquarie</td>
<td>Raises</td>
<td>Neutral</td>
<td>$285.00</td>
<td>$270.00</td>
</tr>
<tr>
<td>Hamza Fodderwala</td>
<td>Morgan Stanley</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$360.00</td>
<td>$360.00</td>
</tr>
<tr>
<td>Keith Bachman</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$334.00</td>
<td>$327.00</td>
</tr>
<tr>
<td>Ittai Kidron</td>
<td>Oppenheimer</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$330.00</td>
<td>$330.00</td>
</tr>
<tr>
<td>Matthew Hedberg</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$360.00</td>
<td>$365.00</td>
</tr>
<tr>
<td>Shyam Patil</td>
<td>Susquehanna</td>
<td>Raises</td>
<td>Positive</td>
<td>$340.00</td>
<td>$325.00</td>
</tr>
<tr>
<td>Peter Weed</td>
<td>Bernstein</td>
<td>Raises</td>
<td>Outperform</td>
<td>$364.00</td>
<td>$335.00</td>
</tr>
<tr>
<td>Brian Essex</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Overweight</td>
<td>$340.00</td>
<td>$330.00</td>
</tr>
<tr>
<td>Michael Turits</td>
<td>Keybanc</td>
<td>Raises</td>
<td>Overweight</td>
<td>$384.00</td>
<td>$355.00</td>
</tr>
<tr>
<td>Hamza Fodderwala</td>
<td>Morgan Stanley</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$360.00</td>
<td>-</td>
</tr>
<tr>
<td>Trevor Walsh</td>
<td>JMP Securities</td>
<td>Maintains</td>
<td>Market Outperform</td>
<td>$380.00</td>
<td>$380.00</td>
</tr>
<tr>
<td>Peter Levine</td>
<td>Evercore ISI Group</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$385.00</td>
<td>$405.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Palo Alto Networks. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Palo Alto Networks compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of Palo Alto Networks's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
Assessing these analyst evaluations alongside crucial financial indicators can provide a comprehensive overview of Palo Alto Networks's market position. Stay informed and make well-judged decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/PANW/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Palo Alto Networks analyst ratings.</a>
<h2>Unveiling the Story Behind Palo Alto Networks</h2>
Palo Alto Networks is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, and security operations. The California-based firm has more than 85,000 customers across the world, including more than three fourths of the Global 2000.
<h3>Palo Alto Networks: Financial Performance Dissected</h3>
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
Revenue Growth: Palo Alto Networks's revenue growth over a period of 3 months has been noteworthy. As of 30 April, 2024, the company achieved a revenue growth rate of approximately 15.33%. This indicates a substantial increase in the company's top-line earnings. When compared to others in the Information Technology sector, the company excelled with a growth rate higher than the average among peers.
Net Margin: Palo Alto Networks's net margin excels beyond industry benchmarks, reaching 14.05%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): Palo Alto Networks's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 6.32%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): Palo Alto Networks's financial strength is reflected in its exceptional ROA, which exceeds industry averages. With a remarkable ROA of 1.54%, the company showcases efficient use of assets and strong financial health.
Debt Management: Palo Alto Networks's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.34.
<h2>How Are Analyst Ratings Determined?</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

PANW

Expert Ratings For Palo Alto Networks

What Netflix Shows Us About The Streaming And Media Industry

Fidelity Disruptive Communications ETF declares quarterly distribution of $0.0260

BNGE

FCOM

GGME

NFLX

RSPC

Sea Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SE#NYSE">SE</a>)&nbsp;reported fiscal first-quarter 2024 revenue growth of 22.8% year-on-year to $3.73 billion, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b38810124/sea-limited-reports-first-quarter-2024-results" rel="noreferrer noopener">analyst consensus estimate of $3.56 billion</a>.&nbsp;



EPS loss of $(0.04), down from $0.15 Y/Y, missed the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $(0.02)</a>. The stock price gained after the results in the premarket session.



Digital Entertainment&nbsp;revenue decreased 15.1% year over year to $458.12 million, primarily due to lower recognition of accumulated deferred revenue due to lower bookings in previous quarters. Bookings improved to $512.1 million, up 10.8% year over year.&nbsp;



The segment&#8217;s adjusted EBITDA was $292.2 million, up 27% Y/Y.



Quarterly active users were 594.7 million, up 21% year over year. Average bookings per user were $0.86 versus $0.94 year over year.



E-commerce&nbsp;and other services revenue increased 32.9% Y/Y to $2.7 billion. Adjusted EBITDA for Shopee overall was $(21.7) million versus $207.7 million a year back.



Core marketplace revenue grew 47% year over year to $1.7 billion. Gross orders rose 56.8% year over year to $2.6 billion.&nbsp;GMV was $23.6 billion, increasing by 36.3% year over year.



Digital Financial Services&nbsp;revenue grew 21% Y/Y to $499.4 million.



Sea Ltd held $8.6 billion in cash and equivalents as of March 31, 2024.



&#8220;I am pleased to share that we are kicking off 2024 with a strong quarter.&nbsp;All&nbsp;our&nbsp;three businesses have delivered strong growth with an improved profit profile,&#8221; Chair and CEO Forrest Li said.&nbsp;On the e-commerce front, Mr Li said.



On digital financial services, Mr Li said, &#8220;SeaMoney has continued its strong growth momentum and profitability into 2024 while maintaining prudent risk management.&#8221; On digital entertainment, Mr Li said, &#8220;We are pleased to share that Garena is back to positive growth, led by Free Fire&#8217;s strong performance across markets.&#8221;&nbsp;



Outlook:&nbsp;Li said, &#8220;We have a clear roadmap for profitable growth. Our results in the first quarter have given us a strong start to 2024, and we are well&nbsp;on-track&nbsp;to deliver our&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">full-year guidance</a>.&#8221;&nbsp;



During fiscal fourth quarter 2023 results in March, Sea&nbsp;said it&nbsp;expects Shopee&#8217;s full-year&nbsp;GMV growth to be in the&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/03/37458258/sea-limited-beats-q4-revenue-expectations-eyes-positive-ebitda-for-shopee-in-second-half" rel="noreferrer noopener">high teens range</a>&nbsp;and its adjusted EBITDA to turn positive in the second half of this year.



Sea&nbsp;stock plunged 27% in the last 12 months. Investors can gain exposure to the stock via&nbsp;FMQQ&nbsp;The&nbsp;Next Frontier Internet &amp;&nbsp;Ecommerce&nbsp;ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMQQ#NYSE">FMQQ</a>)&nbsp;and&nbsp;Fidelity Disruptive Communications ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDCF#NASDAQ">FDCF</a>).



SE shares went up as much as 7% in the premarket session.



Price Action:&nbsp;SE shares traded lower by 1.29% at $63.67 at&nbsp;the last check Tuesday.

Sea Limited's CEO Celebrates Strong Q1 Across Segments, Highlights E-commerce and Digital Entertainment Growth

Snap Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) shares are skyrocketing in the<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">&nbsp;premarket session on Friday.</a>



Yesterday, the company&nbsp;reported its first-quarter financial results with quarterly earnings of 3 cents per share,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38445632/snap-shares-soar-on-better-than-expected-q1-results-daily-active-user-growth-q2-revenue-guidance" rel="noreferrer noopener">beating the analyst consensus estimate of a loss of 5 cents per share</a>.



Adjusted EBITDA was&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38443869/snap-inc-announces-first-quarter-2024-financial-results" rel="noreferrer noopener">$46 million, compared to $1 million in the prior year.</a>



While reporting quarterly results, Snap highlighted new tools, including new Creative Templates, the ability to post longer videos, and access to AI-powered AR Lens creation.



The company said it onboarded over 1,500 Snap Stars in the quarter, which has helped generate quarter-over-quarter growth in Story posts, Spotlight posts, and Stories time spent for Snap Stars globally.



Based on these strengths, quarterly sales clocked in at $1.195 billion, which beat the analyst consensus estimate of $1.12 billion by 6.74% and represents a 20.88% increase over sales&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">of $988.608 million from the same period last year.</a>



The company reported 422 million daily active users in the first quarter, an increase of 39 million, or 10%, year-over-year.



Snap sees second-quarter revenues between<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">&nbsp;$1.225 billion and $1.255 billion.&nbsp;</a>



&#8220;As we enter Q2, we anticipate continued growth of our global community, and as a result, our Q2 guidance&nbsp;is built&nbsp;on the assumption that DAU will be approximately 431 million in Q2,&#8221; the company said.&nbsp;



According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>,&nbsp;SNAP stock has gained over 15% in the past year.&nbsp;Investors can gain exposure to the stock via&nbsp;Global X Social Media ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOCL#NASDAQ">SOCL</a>) and&nbsp;Fidelity Disruptive Communications ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDCF#NASDAQ">FDCF</a>).



Price Action: SNAP shares are trading higher by 25.6% at $14.32 premarket at last check Friday.



Photo by Christopher Penler on Shutterstock

Snap Gains Over 25% - What's Going On?

Sea Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SE#NYSE">SE</a>) reported fourth-quarter fiscal 2023 revenue growth of 4.8% year-on-year to $3.62 billion, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/b37450319/sea-limited-reports-fourth-quarter-and-full-year-2023-results" rel="noreferrer noopener">consensus of $3.55 billion</a>.&nbsp;



EPS loss of $(0.19), down from $0.72 Y/Y, beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $(0.25)</a>. The stock price climbed after the results.



Digital Entertainment&nbsp;revenue decreased 46.2% Y/Y to $510.77 million, and bookings improved to $456.3 million, up 1.9% quarter-on-quarter. The segment&#8217;s adjusted EBITDA was $217.4 million, compared to $234.0 million in the previous quarter.



Quarterly active users were 528.7 million, compared to 544.1 million in the prior quarter. Average bookings per user were $0.86, which increased 4.8% quarter-on-quarter.



E-commerce&nbsp;and other services revenue increased 24.2% Y/Y to $2.77 billion. Adjusted EBITDA for Shopee overall was $(225.3) million versus $196.1 million a year back.



Core marketplace revenue grew 40.6% Y/Y. Gross orders rose 46.0% Y/Y and 13.4% quarter-on-quarter.&nbsp;



Digital Financial Services&nbsp;revenue grew 24.3% Y/Y to $472.4 million.



Sea Ltd held $8.5 billion in cash and equivalents as of December 31, 2023.



&#8220;I am happy to share that we have achieved our first full year of annual profit since our IPO,&#8221; said Forrest Li, Sea&#8217;s Chairman and Chief Executive Officer.&nbsp;



Outlook:&nbsp;Sea&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">expects Shopee&#8217;s full-year</a>&nbsp;GMV growth to be in the high teens range and its adjusted EBITDA to turn positive in the second half of this year.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04084726/newplot-8.png" alt="" class="wp-image-237589" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04084726/newplot-8.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04084726/newplot-8-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>



Investors can gain exposure to the stock via&nbsp;FMQQ The Next Frontier Internet &amp; Ecommerce ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMQQ#NYSE">FMQQ</a>), and&nbsp;Fidelity Disruptive Communications ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDCF#NASDAQ">FDCF</a>).



Price Action: SE shares traded higher by 7.23% at $54.74 on the last check Monday.



Photo via Shutterstock

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