Here are some of my key takeaways from a selection of today's major earnings reports:
🎧 Spotify: Interim CFO Ben Kung said that "historical price increases have had minimal impacts on growth" — notable just three weeks after a report that the company is planning to increase prices later this year. (+11.4% at close)
🏡 Pulte: The homebuilder's profit-per-home is jumping as it capitalizes on a nationwide housing shortage. The company's "home sale gross margin" was 29.6% in the first quarter, up 0.5 points from a year earlier. (+4.6%)
📦 UPS: The shipping giant's revenue fell 5.3% in the first quarter, compared with a year earlier, but cost cuts helped offset the decline. (+2.4%)
🛻 GM: The automaker raised its 2024 profit outlook as it benefits from renewed interest in traditional gas-powered trucks. (+4.4%)
🥣 PepsiCo: The drink-and-snack company's Quaker Foods unit suffered a sharp drop in revenue and earnings after a recall due to possible salmonella contamination. (-2.9%)
