Investors anticipate positive Q3 earnings from tech giants CDNS, UBER, and ONTO

From Nasdaq: 2024-10-21 07:12:00

The third-quarter 2024 earnings season is underway, with several corporate giants set to report. Three technology companies with strong potential to beat earnings expectations are Cadence Design Systems Inc. (CDNS), Uber Technologies Inc. (UBER), and Onto Innovation Inc. (ONTO). Investors are anticipating positive results from these companies, with CDNS showing promising signs of growth in hardware sales and design activity.

Cadence Design Systems Inc. is expected to report its earnings on October 28, boasting an Earnings ESP of +0.69%. The company has forecasted a revenue and earnings growth rate of 13.2% and 14.2% for the current year, with analysts projecting a short-term price upside of 21.2% from the last closing price of $258.52.

Uber Technologies Inc. is set to release its earnings on October 31, anticipating an adjusted EBITDA between $1.58 billion and $1.68 billion for the third quarter of 2024. With an Earnings ESP of +50.0%, Uber has expected revenue and earnings growth rates of 16.5% and 24.1% for the current year, with a potential short-term price upside of 11.2%.

Onto Innovation Inc. is preparing to report its earnings on October 31, with an Earnings ESP of +2.74%. The company expects revenues in the $245-$255 million range for the third quarter, driven by strong investments in advanced packaging. Analysts project a short-term price upside of 23.7% based on the last closing price of $209.59. These technology giants are poised for growth and potential price appreciation in the coming months.



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