May 10, 2022 (Financial News Media via COMTEX) -- Palm Beach, FL - May 10, 2022 – FinancialNewsMedia.com News Commentary – It is earnings season on Wall Street where companies across the board report results for the first quarter of 2022. Overall, 55% of the companies in the S&P 500 have reported actual results for Q1 2022 to date. Of these companies, 80% have reported actual EPS above estimates, which is above the five-year average of 77%. In aggregate, companies are reporting earnings that are 3.4% above estimates, which is below the five-year average of 8.9%. According to an article on FACTSET said that there are a higher-than-average number of companies beating estimates. The article said: which said: "At this point in time, the percentage of S&P 500 companies beating EPS estimates is above the five-year average, but the magnitude of these positive surprises is below the five-year average. As a result, the index is reporting higher earnings for the first quarter today relative to the end of last week and relative to the end of the quarter. However, the index is also reporting single-digit earnings growth for the first time since Q4 2020. The lower earnings growth rate for Q1 2022 relative to recent quarters can be attributed to both a difficult comparison to unusually high earnings growth in Q1 2021 and continuing macroeconomic headwinds." Active companies in the markets today with current earnings out include: EBET, Inc. /zigman2/quotes/226082549/composite EBET -2.44% , Uber Technologies, Inc. /zigman2/quotes/211348248/composite UBER -4.70% , Cloudflare, Inc. /zigman2/quotes/214109260/composite NET -4.62% , DoorDash Inc. /zigman2/quotes/222973991/composite DASH -4.82% , MGM Resorts International /zigman2/quotes/209932643/composite MGM -0.75% .
FACTSET continued: "Due to these positive EPS surprises, the index is reporting higher earnings for the first quarter today relative to the end of last week and relative to the end of the quarter. The blended (combines actual results for companies that have reported and estimated results for companies that have yet to report) earnings growth rate for the first quarter is 7.1% today, compared to an earnings growth rate of 6.5% last week and an earnings growth rate of 4.7% at the end of the first quarter (March 31). Positive earnings surprises reported by companies in multiple sectors (led by the Information Technology, Health Care, and Communication Services sectors), partially offset by a negative earnings surprise reported by a company in the Consumer Discretionary sector, were responsible for the improvement in the earnings growth rate over the past week. Positive earnings surprises reported by companies in the Information Technology, Financials, Communication Services, and Health Care sectors, again partially offset by a negative earnings surprise reported by a company in the Consumer Discretionary sector, have been the largest contributors to the increase in the earnings growth rate since the end of the first quarter (March 31)."
Esports Technologies /zigman2/quotes/226082549/composite EBET -2.44% - BREAKING NEWS – EBET, Inc. Announces Quarter-over-Quarter Revenue Increase of 166% – Posts Revenue of $19 Million for Second Quarter 2022 – EBET, Inc. , a leading global provider of advanced wagering products and technology, announced revenue for the quarter ended March 31, 2022 of approximately $19 million, up more than 166% quarter over quarter, and a gross profit of approximately $7 million. EBET ended the quarter with a cash position of $7.1 million. This revenue increase is due to the acquisition of the brands Karamba, Hopa, Griffon Casino, BetTarget, Dansk777 and Generation VIP on November 30, 2021. The acquisition included 1.25 million deposited customers.
EBET plans to continue to grow revenue through its iGaming, sportsbook and esports brands with a focus on the Gen Z and Millennial markets. This includes the rollout of its esports odds modeling and wagering product across high-value European markets, as well as expanding geographical reach and investment in intellectual property.
"We are very pleased with our business results for the second quarter, and it is a testament to our focus on creating the best experience for the Gen Z and Millennial wagering market," commented Aaron Speach, Chief Executive Officer of EBET. "We are delighted to see the strong customer response to our brands and the progress we are making in launching products and investing in proprietary technology."
Earnings Call and Additional Information – A webcast is set for today, May 10 at 5:00 PM EDT, to review details of second-quarter 2022 results as well as to offer forward-looking guidance. A link to the call will be available on EBET Inc.'s Investor Relations page at https://ebet.gg/investor-overview/ . CONTINUED...READ THIS AND MORE NEWS FOR EBET BY VISITING: https://ebet.gg/news/
In other recent earnings reports in the markets:
Uber Technologies, Inc. /zigman2/quotes/211348248/composite UBER -4.70% recently announced financial results for the quarter ended March 31, 2022. Financial Highlights for First Quarter 2022 Were: Gross Bookings grew 35% year-over-year (“YoY”) to $26.4 billion, or 39% on a constant currency basis, with Mobility Gross Bookings of $10.7 billion (+58% YoY) and Delivery Gross Bookings of $13.9 billion (+12% YoY). Trips during the quarter grew 18% YoY to 1.71 billion, or approximately 19 million trips per day on average; Revenue grew 136% YoY to $6.9 billion, or 141% on a constant currency basis, with Revenue growth significantly outpacing Gross Bookings growth primarily due to the acquisition of Transplace by Freight, a change in the business model for our UK Mobility business, and an easier comparison in Q1 2021 due to the accrual for historical claims in the UK; Net loss attributable to Uber Technologies, Inc. was $5.9 billion, which includes a $5.6 billion headwind (pre-tax) relating to Uber's equity investments, primarily due to aggregate unrealized losses related to the revaluation of Uber's Grab, Aurora, and Didi stakes.
Additionally, net loss includes $359 million in stock-based compensation expense; Adjusted EBITDA of $168 million, up $527 million YoY. Adjusted EBITDA margin as a percentage of Gross Bookings was 0.6%, up from (1.8)% in Q1 2021. This translates to 7.6% on a YoY incremental margin basis, as a percentage of Gross Bookings; Net cash provided by (used in) operating activities was $15 million, up $626 million YoY. Free cash flow, defined as net cash flows from operating activities less capital expenditures, was an outflow of $47 million, improving $635 million YoY; and Unrestricted cash and cash equivalents were $4.2 billion at the end of the first quarter.
Cloudflare, Inc. /zigman2/quotes/214109260/composite NET -4.62% recently announced financial results for its first quarter ended March 31, 2022. “Cloudflare had a terrific first quarter of 2022, beating expectations with revenue growth up 54% year-over-year and adding more than 14,000 new paying customers--a quarterly record,” said Matthew Prince, co-founder & CEO of Cloudflare. “Our largest customers continue to get larger, with those spending over $1M a year growing 72 percent year-over-year. The key to our success and customer expansion is innovating at an unrelenting pace, and continued interest in consolidating behind a single vendor that can power multiple network services at scale.”
First Quarter Fiscal 2022 Financial Highlights Were: Revenue: Total revenue of $212.2 million, representing an increase of 54% year-over-year; Gross Profit: GAAP gross profit was $165.1 million, or 77.8% gross margin, compared to $106.0 million, or 76.8%, in the first quarter of 2021. Non-GAAP gross profit was $166.9 million, or 78.7% gross margin, compared to $107.2 million, or 77.6%, in the first quarter of 2021; Operating Income (Loss): GAAP loss from operations was $40.0 million, or 18.9% of total revenue, compared to $31.3 million, or 22.6% of total revenue, in the first quarter of 2021. Non-GAAP income from operations was $4.9 million, or 2.3% of total revenue, compared to a loss from operations of $7.5 million, or 5.4% of total revenue, in the first quarter of 2021; Net Income (Loss): GAAP net loss was $41.4 million, compared to $40.0 million in the first quarter of 2021. GAAP net loss per basic and diluted share was $0.13, compared to $0.13 in the first quarter of 2021. Non-GAAP net income was $3.5 million, compared to non-GAAP net loss of $9.3 million in the first quarter of 2021. Non-GAAP net income per diluted share was $0.01, compared to non-GAAP net loss per share of $0.03 in the first quarter of 2021; Cash Flow: Net cash flow from operating activities was negative $35.5 million, compared to $23.5 million for the first quarter of 2021. Free cash flow was negative $64.4 million, or 30% of total revenue, compared to negative $2.2 million, or 2% of total revenue, in the first quarter of 2021; and Cash, cash equivalents, and available-for-sale securities were $1,725.2 million as of March 31, 2022.
DoorDash Inc. /zigman2/quotes/222973991/composite DASH -4.82% recently announced financial results for the quarter ended March 31, 2022. Please visit the DoorDash investor relations website at http://ir.doordash.com to view the financial results and letter to shareholders.
A live audio webcast of our earnings release call will be available at http://ir.doordash.com . The call begins Thursday, May 5 at 2:00 PM (PT) / 5:00 PM (ET). Announcements regarding our financial performance, including SEC filings, investor events, as well as press and earnings releases are also available at http://ir.doordash.com . Following the call, a replay will be available at the same website.
MGM Resorts International /zigman2/quotes/209932643/composite MGM -0.75% recently reported financial results for the quarter ended March 31, 2022. “We delivered a strong first quarter in our domestic operations driven by weekend demand and a better mix of business. Our midweek business is improving with each quarter and our group base is growing after a tough January. The results demonstrate the robust demand for our gaming entertainment offerings with the backdrop of increased sports and entertainment programming in the Las Vegas market,” said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. “We reached another milestone in the completion of our asset light strategy with the closing of the VICI transaction, allowing us to simplify our corporate structure and bolster our liquidity while deploying capital into growth projects with the highest shareholder return. We announced this morning the tender offer for 100% of the shares of LeoVegas which will allow us to expand into international online gaming with a world class management team, strong IT platform and growth prospects. We remain focused on achieving our vision to be the world’s premier gaming entertainment company.”
“Our strong liquidity position, coupled with our confidence in the long-term recovery of our core business, has allowed us to continue to focus on maximizing long-term shareholder value. To that end, we continued to repurchase our stock in the first quarter, reaching over $1.0 billionduring the first quarter of 2022 and we repaid $1.0 billion of notes in March,” said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts International. “We are disciplined in our approach to capital deployment and are focused on maintaining a strong balance sheet with adequate liquidity, while at the same time pursuing growth opportunities with the greatest return to shareholders.”
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