Companies worldwide are lowering full-year sales and profit guidance as higher interest rates and weakness in China's economy hurt global consumer sentiment, taking the shine off earnings growth in the latest quarter. A number of high-profile companies have underwhelmed investors, including McDonald's, automakers Nissan and Tesla, and consumer giants Nestle and Unilever. "A very mixed season so far in terms of results," said Brian Mulberry, client portfolio manager at Zacks Investment Management.
Microsoft will report its fiscal Q4 earnings after the bell on Tuesday as investors and analysts look to see how much the company is making and spending on AI.
Electronics manufacturing services company Sanmina (NASDAQ:SANM) fell short of analysts' expectations in Q2 CY2024, with revenue down 16.6% year on year to $1.84 billion. Next quarter's revenue guidance of $1.95 billion also underwhelmed, coming in 3.9% below analysts' estimates. It made a GAAP profit of $0.91 per share, down from its profit of $1.28 per share in the same quarter last year.
