Latest news for Focusrite (OTC:FOCIF) Stock

Focusrite PLC is a music and audio products company supplying hardware and software products used by professional and amateur musicians. The company's operating segment includes Focusrite, Novation, ADAM Audio, Martin Audio, Sequential, and Sonox. It generates maximum revenue from the Focusrite segment. Focusrite segment includes sales of Focusrite and Focusrite Pro branded products. Geographically, majority of its revenue is generated from North America.

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Stocks That Hit 52-Week Highs On Thursday

Focusrite PLC

GE Vernov (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) reported quarterly sales of $8.200 billion which missed the analyst consensus estimate of $8.259 billion by 0.71 percent.

Earnings

Earnings Misses

GE Vernov Q2 Sales $8.2B Miss $8.259B Estimate

GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) shares are trading lower today. The company revealed that EVA Air, following its recent&nbsp;order for four Boeing 787-10 Dreamliners, has also ordered <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39924815/eva-orders-genx-engines-to-power-boeing-787-fleet-expansion" rel="noreferrer noopener">GEnx engines for their new aircraft</a>.
Introduced in 2011, the GEnx engine family has amassed over 56 million flight hours and is GE Aerospace&#8217;s fastest-selling high-thrust engine with nearly 3,000 units in service or backlog.
GE Aerospace announced that American Airlines Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) had finalized an order for 180 CF34-8E engines and spares to <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39905619/american-airlines-orders-180-cf34-engines-to-power-new-embraer-175-fleet" rel="noreferrer noopener">power its 90 new Embraer 175 regional jets</a>.
With over 7,500 CF34 engines in use by 900+ operators worldwide, the CF34-8E has logged over 40 million flight hours and 29 million cycles since 2004. The CF34 family, including -3, -8, and -10 models, powers over 2,500 regional aircraft.
GE Aerospace has delivered nearly 11,000 CF34 engines, boasting a 99.97% dispatch reliability rate over the past year and compatibility with approved SAF fuel blends.
Yesterday, GE Aerospace reported&nbsp;second-quarter 2024 adjusted revenue growth of 4% year-over-year to $8.22 billion, missing the <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39906980/ge-aerospace-reports-mixed-q2-results-raises-full-year-profit-and-cash-flow-guidance" rel="noreferrer noopener">consensus of $8.462 billion</a>.
The company witnessed total orders growth of 18% Y/Y to $11.2 billion, with Commercial Engines &amp; Services +38% and Defense &amp; Propulsion Technologies -25%.
Also, this week, GE Aerospace teamed up with Oak Ridge to enhance supercomputing for next-gen <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39880146/ge-aerospace-invests-in-supercomputing-talent-plans-to-hire-900-engineers" rel="noreferrer noopener">aircraft engine tech like Open Fan</a>.
The company plans to hire over 900 engineers in 2024 to drive innovation and support both current engine programs and future flight technologies.
Investors can gain exposure to the stock via IShares U.S. Aerospace &amp; Defense ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITA#BATS">ITA</a>)&nbsp;and TCW Transform Systems ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NETZ#NYSE">NETZ</a>).
Price Action: GE shares are trading lower by 0.18% at $171.69 premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Engine No. 1 ETF Trust Engine No. 1 Transform Climate ETF

NETZ

GE Aerospace Wins Orders From EVA Air And American Airlines: Details

Canaccord Genuity analyst Joseph Vafi maintains Iris Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IREN#NASDAQ">IREN</a>) with a Buy and raises the price target from $12 to $15.

Price Target

Analyst Ratings

IREN

Canaccord Genuity Maintains Buy on Iris Energy, Raises Price Target to $15

Needham analyst John Todaro maintains Riot Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) with a Buy and lowers the price target from $15 to $13.

RIOT

Needham Maintains Buy on Riot Platforms, Lowers Price Target to $13

Guidance

TMHC

Taylor Morrison Expects Q3 Home Closings To Be Approximately 3,200, Home Closings Gross Margin To Be Around 24%

WIIM

MSGE

Madison Square Garden shares are trading higher after Goldman Sachs upgraded the stock from Neutral to Buy and raised its price target from $41 to $45.

HC Wainwright &amp; Co. analyst Yi Chen reiterates Anixa Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANIX#NASDAQ">ANIX</a>) with a Buy and maintains $7 price target.

Reiteration

ANIX

HC Wainwright & Co. Reiterates Buy on Anixa Biosciences, Maintains $7 Price Target

DA Davidson analyst Linda Bolton Weiser maintains Estee Lauder Cos (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>) with a Buy and maintains $191 price target.

DA Davidson Maintains Buy on Estee Lauder Cos, Maintains $191 Price Target

Goldman Sachs analyst Mark Delaney maintains Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) with a Neutral and lowers the price target from $248 to $230.

TSLA

Goldman Sachs Maintains Neutral on Tesla, Lowers Price Target to $230

Taylor Morrison Home Now Expects To Deliver 12,600 - 12,800 Homes This Year (Prior View 12,500) At Home Closings Gross Margin Around 24% (Prior View 23.5% - 24.0%)

RIVN

Rivian shares are trading lower after a report indicating the company will face a trial in a Tesla trade secrets theft case.

Vertiv Holdings shares are trading higher after the company reported better-than-expected Q2 EPS and sales. Additionally, the company raised its FY24 guidance.

2024 Outlook1
Otis is revising its full year outlook:
&nbsp;
<ul>
<li>Net sales of $14.3 billion to $14.5 billion</li>
<li>Organic sales up 1% to 3%
<ul>
<li>Organic New Equipment sales down mid-single digits</li>
<li>Organic Service sales up 6% to 7%</li>
</ul>
</li>
<li>Adjusted operating profit of $2.40 billion to $2.45 billion, up $160 million to $190 million at constant currency; up $135 million to $175 million at actual currency</li>
<li>Adjusted EPS of $3.85 to $3.90, up 9% to 10%; adjusted effective tax rate of approximately 25.25%</li>
<li>Adjusted free cash flow of approximately $1.5 billion to $1.6 billion</li>
</ul>

OTIS

Otis Worldwide Revises FY2024 Adj EPS Guidance from $3.83-3.90 To $3.85-$3.90 vs $3.87 Est; Lowers FY2024 Sales Guidance from $14.50B-$14.80B To $14.30B-$14.50B vs $14.62B Est

HC Wainwright &amp; Co. analyst Matthew Caufield reiterates Eyenovia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EYEN#NASDAQ">EYEN</a>) with a Buy and maintains $12 price target.

EYEN

HC Wainwright & Co. Reiterates Buy on Eyenovia, Maintains $12 Price Target

GERN

Geron shares are trading lower after the company announced the departure of CCO Anil Kapur.

Taylor Morrison Home (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMHC#NYSE">TMHC</a>) reported quarterly earnings of $1.97 per share which beat the analyst consensus estimate of $1.90 by 3.68 percent. This is a 7.08 percent decrease over earnings of $2.12 per share from the same period last year. The company reported quarterly sales of $1.991 billion which beat the analyst consensus estimate of $1.839 billion by 8.24 percent. This is a 3.40 percent decrease over sales of $2.061 billion the same period last year.

Earnings Beats

Taylor Morrison Home Q2 2024 Adj EPS $1.97 Beats $1.90 Estimate, Sales $1.991B Beat $1.839B Estimate

GOOG

GOOGL

Alphabet shares are trading lower following Q2 earnings.

Perfect Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PERF#NYSE">PERF</a>) announced financial results for the three months ended June 30, 2024, the second quarter.
Total revenue was $13.9 million, compared to $12.7 million year ago, an increase of 9.6%. The increase was primarily due to growth in the revenue of AI- and AR-cloud solutions and mobile app subscriptions.
Gross profit was $11.0 million compared with $10.2 million in the year-ago quarter, an increase of 7.8%.
Despite the increase in gross profit, the gross margin slightly decreased to 79.3% for the second quarter, from 80.6% last year, primarily due to the increase in third-party payment processing fees paid to digital distribution partners such as Google and Apple related to the growth in its mobile app subscription revenue.
Net income was $0.8 million for Q2 compared to a net loss of $0.2 million. Adjusted net income was $1.3 million compared to adjusted net income of $0.9 million in 2023, an increase of 43.8%.
Operating cash flow was $2.0 million in the second quarter of 2024, compared to $2.6 million a decrease of 24.6%.
As of June 30, 2024, Perfect Corp held $120.8 million in cash and cash equivalents, compared to $122.0 million as of March 31, 2024.
Perfect Corp had 151 key customers as of June 30, 2024, compared with 152 as of March 31, 2024. The slight decrease in the number of key customers primarily resulted from specific brand clients&#8217; non-renewal of customer contracts due to financial pressure, among other factors.
As of June 30, 2024, Perfect Corp&#8217;s cumulative customer base included 686 brand clients, with over 774,000 digital stock-keeping units for makeup, haircare, skincare, eyewear, and jewelry products, compared to 666 brand clients and over 745,000 digital SKUs as of March 31, 2024.
Perfect Corp&#8217;s YouCam mobile beauty app active subscribers grew by 18.3% year-over-year, reaching a record high of over 919,000 active subscribers at the end of the second quarter of 2024.
Perfect Corp expects such legacy non-recurring revenue to become increasingly insignificant as it continues strengthening its market leadership in providing AI—and AR-based SaaS subscription solutions for brands and customers.
Based on the growth momentum in enterprise SaaS solution demands and YouCam mobile app subscriptions during the first half of 2024, Perfect Corp reiterates its expectation that the year-over-year growth rate of total revenue in 2024 would range from 12% to 16% compared to 2023.
Price Action: PERF shares closed higher by 1.85% at $2.20 at Tuesday.

Market-Moving Exclusives

Exclusives

PERF

EXCLUSIVE: Perfect Corp's Q2 Revenue Jumps 9.6%, YouCam App Subscribers Hit Record High

Perfect's YouCam Mobile Beauty App Active Subscribers Grew By 18.3% Year-over-year, Reaching Over 919,000 Active Subscribers At The End Of The Second Quarter

Perfect Q2 Sales $13.900M Miss $14.842M Estimate, Adj. Net Income $1.3M; Co. Had Had 151 Key Customers As Of June 30, 2024 vs 152 Key Customers As Of March 31, 2024.

Focusrite: Wait For Sure Signs Of Growth

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SONO

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Latest news for Focusrite (OTC:FOCIF) Stock

Thursday, February 13, 2020