Earnings Recap - March 22, 2026 (EOD)

 ## Today's Earnings Scorecard Earnings season continued with a mixed bag of results that influenced individual stocks but failed to lift the broader market, which closed lower. The S&P 500 fell 1.70%, the Nasdaq 100 dropped 0.99%, and the Dow Jones declined 1.12%. Notably, semiconductor and tech-related names faced pressure despite some positive earnings beats, reflecting ongoing investor caution amid geopolitical tensions and macroeconomic uncertainties. ## Earnings Winners **$MS** - +3.37% - Goldman Sachs reported better-than-expected earnings, driven by strong trading revenue and investment banking fees. The firm raised its full-year outlook, citing robust deal activity and market volatility benefiting trading operations. **$APP** - +0.70% - AppLovin posted solid revenue growth beating estimates, fueled by increased mobile advertising demand. The company maintained its guidance, emphasizing continued expansion in user acquisition and monetization. **$DIS** - +0.91% - Disney exceeded EPS and revenue expectations, supported by strong streaming subscriber growth and theme park recovery. Management maintained guidance, highlighting steady content investment and cost discipline. **$C** - +0.45% - Citigroup delivered a modest beat on earnings and revenue, benefiting from higher interest rates and improved credit quality. The bank maintained its outlook, signaling cautious optimism on loan growth. **$BRK.B** - +0.25% - Berkshire Hathaway posted steady earnings with strength in insurance and industrial segments. The company maintained its conservative guidance amid ongoing market volatility. ## Earnings Losers **$INTC** - -4.18% - Intel missed earnings estimates as revenue declined due to weaker PC demand and inventory adjustments. The company cited ongoing challenges in its manufacturing transition and increased competition as key headwinds. **$MU** - -4.22% - Micron Technology disappointed with a revenue miss despite a strong earnings beat. The company highlighted supply chain constraints and cautious customer spending in memory markets as issues impacting near-term growth. **$ORCL** - -3.36% - Oracle fell after missing revenue expectations and issuing cautious guidance. The company pointed to slower cloud growth and increased competition as factors weighing on results. **$PANW** - -3.67% - Palo Alto Networks missed EPS estimates and lowered guidance, citing increased competition and slower enterprise spending on cybersecurity solutions. **$CVNA** - -3.25% - Carvana reported a revenue miss and warned of ongoing margin pressure due to higher logistics and financing costs, leading to a sharp decline in shares. **$GILD** - -2.48% - Gilead Sciences missed earnings estimates, impacted by lower antiviral sales and increased R&D expenses. The company flagged pipeline delays as a concern. **$AVGO** - -2.11% - Broadcom's shares declined after a slight earnings beat but cautious commentary on demand softness in semiconductor end markets. **$NVDA** - -2.05% - Nvidia missed revenue expectations despite strong AI demand, with management noting supply chain disruptions and cautious enterprise spending. ## After-Hours Earnings **$BYND** - Results not yet released - Shares traded down 2.22% in regular session ahead of earnings, reflecting investor concerns over margin pressures and competitive dynamics in plant-based foods. **$RIVN** - Results not yet released - Shares fell 6.95% today amid broader EV sector weakness and cautious sentiment ahead of earnings. **$RUM** - Results not yet released - Rumble shares declined 1.70% ahead of earnings, with investors awaiting clarity on monetization and user growth. ## Earnings Themes Today - Revenue trends showed divergence, with financials and consumer discretionary names generally beating expectations, while semiconductor and tech hardware companies struggled with demand softness and supply chain issues. - Margin commentary was mixed; several companies cited margin pressure from inflation, logistics, and competitive pricing, particularly in technology and retail sectors. - Guidance tone skewed cautious overall, with many firms maintaining or lowering outlooks amid geopolitical risks, macroeconomic uncertainty, and evolving consumer behavior. Financials and select tech firms remained optimistic about deal flow and AI-driven growth opportunities. ## Tomorrow's Earnings Watch - **$AAPL** - After market close - Focus on iPhone sales and services revenue growth amid record Mac launches and AI integration. - **$AMZN** - After market close - Key metrics include cloud revenue growth and profitability outlook amid AI investments. - **$META** - After market close - Watch for advertising revenue trends and AI-related product updates. - **$NFLX** - After market close - Subscriber growth and ad-supported tier performance will be critical. - **$UBER** - Before market open - Autonomous vehicle partnerships and delivery segment growth to watch. ## Key Takeaway Today's earnings underscored a market grappling with mixed signals: while financials and consumer discretionary companies showed resilience and modest optimism, the semiconductor and tech hardware sectors highlighted ongoing headwinds from demand softness and supply chain challenges. The cautious guidance and margin pressures reflect broader macroeconomic and geopolitical uncertainties, including rising oil prices and Middle East tensions, which continue to weigh on investor sentiment. As earnings season progresses, the market will closely monitor how companies navigate these challenges while positioning for growth in AI and digital transformation.