Coinbase, Palo Alto Networks, Caesars, Toll Brothers

Coinbase (COIN)

Shares of Coinbase Global soared after the crypto exchange’s fourth-quarter revenue of $629.1 million beat Wall Street’s expectations of $581.1 million.

The bar has been set relatively low for Coinbase amid a sharp drop in trading volume over the last quarter following a decline in crypto prices, the collapse of and increased regulatory scrutiny.

“Coinbase and Crypto have shown broad resilience in 2022 despite major systemic shocks,” the company’s shareholder letter reads. “Idiosyncratic events in 2022 have exacerbated already weak macro conditions.”

Coinbase cut about 20% of its workforce in January. The company expects expenses to fall by more than 30% given the reduced headcount.

Coinbase shares, which have lost about two-thirds of their value over the past year, have rebounded sharply since early 2023, up about 80%. The surge comes amid a resurgence in the price of Bitcoin (BTC-USD), which is currently hovering above $24,800 per token.

Palo Alto Networks (PANW)

Palo Alto Networks’ total revenue for the second fiscal quarter of 2023 increased 26% year over year to $1.7 billion. Shares of the cybersecurity company rallied after the close of business.

“We continue to see our teams perform well amid macroeconomic challenges and help customers consolidate their security architectures,” said Nikesh Arora, chairman and CEO of Palo Alto Networks, in the company’s press release.

Shares of the Palo Alto-based company are up about 20% year-to-date on a general rise in tech stocks. Cybersecurity companies have held up relatively well compared to the rest of the tech stocks over the past year as demand for network security grows amid rising geopolitical tensions.

Caesar’s entertainment (CZR)

Caesars Entertainment posted net sales of $2.8 billion in the fourth quarter, in line with Wall Street expectations.

The gaming company’s results were positively impacted by a continued consumer shift towards spending on services and experiences rather than goods.

“Our fourth quarter again delivered strong operating results as both our Las Vegas and regional segments each set new records for fourth-quarter Adjusted EBITDA,” said Tom Reeg, CEO of Caesars Entertainment, in the company’s press release.

Great brothers (TOL)

Toll Brothers posted earnings per share of $1.70 for the first quarter, compared to $1.24 for the same period last year. The home builder also gave an upbeat forecast after the real estate market started to slow down last year.

A Toll Brothers housing development is shown in Carlsbad, California, the United States, 21 May 2018. REUTERS/Mike Blake

A Toll Brothers housing development is shown in Carlsbad, California, the United States, 21 May 2018. REUTERS/Mike Blake

“Since the beginning of the calendar year, we have seen a significant increase in demand above normal seasonality as buyer confidence appears to be improving,” Douglas Yearley, Jr., chairman and CEO of Toll Brothers said in the company’s press release.

Toll Brothers reiterated its full-year 2023 guidance for an adjusted gross margin of 27% and earnings per share of between $8.00 and $9.00.

Ines is Senior Business Reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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