by C3.ai posted third quarter revenue of $66.7 million, versus estimates of $64.2 million. Adjusted loss per share came in at 6 cents, less than the expected loss of 22 cents.
The AI software company, with clients including 3M, Bank of America and Shell, has benefited from the recent artificial intelligence craze. Year-to-date, C3 is up 90%, a reversal from last year’s performance when stocks were hit hard.
“General business sentiment seems to be improving. This is a dramatic change from what we experienced in mid-2022,” said Thomas Siebel, CEO of C3.ai, in the company’s quarterly release.
Costco’s earnings per share for the second quarter came in at 3.30 versus 3.20 expected by Wall Street.
Total bulk retailer revenue for the last quarter was $55.27 billion, falling short of analyst expectations of $55.58 billion. Total comp sales including gasoline increased 5.2%, in line with expectations.
Costco saw its membership balloon during the pandemic. Price-conscious shoppers have also helped drive traffic over the past year. Analysts expect an increase in dues sometime this year, as the last increase was in 2017.
“It’s a small part of their turnover. But you must remember that the contribution for walking is almost 100% of the margin. All that benefit flows to the bottom line. Most of Costco’s operating profit comes from their membership fees,” said CFRA analyst Arun Sundaram. CFRA has a Hold rating on the stock because of Costco’s valuation, the analyst said.
“Essentially, Costco is a solid story,” Sundaram said. “The shares are a bit pricey, so we advise investors to wait and maybe wait for a pullback before buying shares.”
Nordstrom’s revenue for the last quarter was $4.32 billion, slightly less than Wall Street estimates of $4.37 billion. The department store chain’s adjusted earnings per share of 74 cents came in line with expectations.
“We took decisive action to properly size our inventory as we entered the new year, positioning ourselves for greater flexibility amid continued macroeconomic uncertainty. We also made the difficult decision to expand operations in our Canadian operations,” said Erik Nordstrom, CEO of Nordström.
The company entered the Canadian market in 2014. “Despite our best efforts, we do not see a realistic path to profitability for the Canadian business,” said Nordstrom.
Nordstrom, like other department stores, was hit hard during the pandemic. The company has struggled to lift its lower-priced Rack stores, which underperformed last year, relative to more expensive stores.
Dell Technologies (DELL)
Dell shares rose after a top and bottom line beat for the computer maker’s last quarter. Dell’s adjusted earnings per share of $41.80 beat analyst estimates of $1.64.
The company posted adjusted net sales of $25.04 billion versus estimates of $25.04 billion.
Dell has also announced some changes to the C-suite. Corporate controller Yvonne McGill will become chief financial officer as of the third quarter of fiscal 2024. McGill replaces CFO Tom Sweet, who is expected to retire.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter @ines_ferre
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