On Wall Street, the season of quarterly reports from the largest companies is still ongoing, and during Thursday's trading session, companies such as Visa, Levi's, Intel, and T-Mobile disclosed their results. In this article, we have compiled key issues from the released reports. Which company surprised the most?
On Thursday, among the most significant companies publishing their quarterly reports were entities like Visa, Levi's, Intel, and T-Mobile. The most notable among them was Intel Corporation, which announced that its revenues in the fourth quarter of the fiscal year 2023 recorded an annual growth of 10%, reaching a substantial USD 15.4 billion. However, for the entire year, Intel experienced a decrease in revenues by 14% year-on-year, totaling USD 54.2 billion.
According to the report, the company's net income in the fourth quarter was USD 2.7 billion, indicating a staggering 285% increase compared to the same quarter in 2022. Despite this impressive quarterly performance, net income for the entire 2023 dropped by 79% compared to the fiscal year 2022, reaching USD 1.7 billion. Meanwhile, diluted earnings per share (EPS) for the last quarter were USD 0.63 per share. Looking ahead, the forecast for fiscal year 2024 includes revenues in the first quarter ranging from USD 12.2 billion to USD 13.2 billion. The company also expects earnings per share (EPS) for Intel in the first quarter to be USD 0.25.
Moving on, T-Mobile US Inc. revealed that its diluted earnings per share increased by a substantial 41.5% to USD 1.67 per share in the last quarter of the fiscal year 2023. However, this figure fell short of market estimates. Nevertheless, the telecommunications giant reported revenues of USD 20.5 billion, indicating a moderate 1.0% annual growth.
The company's net income decreased by 6% to USD 2.01 billion. T-Mobile's full-year revenues were 1.3% lower than in 2022, amounting to USD 78.6 billion. Meanwhile, net income increased significantly by 221.1% to USD 8.3 billion by the end of 2023, with diluted earnings per share reaching USD 6.93, a remarkable 236.4% increase compared to the previous year.
Meanwhile, Visa reported that its revenues in the first quarter of the fiscal year 2024 amounted to USD 8.6 billion, growing by a solid 9% compared to the same quarter the previous year and slightly exceeding estimates. GAAP net income increased by 17% year-on-year, reaching a considerable USD 4.9 billion, and GAAP earnings per share increased by 20% to USD 2.39. Adjusted net income increased by 8% to USD 4.9 billion or USD 2.41 per share.
Finally, Levi Strauss and Co. announced that net revenues for the fourth quarter of the fiscal year 2023 were USD 1.6 billion, a modest 3% increase compared to the same quarter in 2022. However, during the three months ending on November 26, net income decreased by 16% to USD 127 million, and diluted earnings per share fell by USD 0.6 to USD 0.38.
The company also revealed an important strategic decision, stating that it would be laying off 10% to 15% of its employees worldwide in the first half of 2024 as part of a global initiative, including "restructuring charges of USD 110 to 120 million in the first quarter."
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