IMAX and Tanger have exceeded analyst expectations with their latest financial results, despite a challenging economic landscape. IMAX reported earnings of 27 cents per share on $93 million in revenue for the latest quarter. Although slightly below the consensus estimate of 28 cents per share and $103 million in revenue, the results indicate a steady performance. Tanger, an outlet mall operator, surpassed Wall Street forecasts for the fourth quarter, leading to a stock surge of more than 2%. Meanwhile, Carvana faced a significant decline, with its shares sliding nearly 12%.
The U.S. defense sector faces uncertainty as the Pentagon has been ordered to prepare plans for an 8% annual budget cut over the next five years. This decision could impact various defense contractors, including Palantir, whose stock fell an additional 1% following CEO Alex Karp's new stock trading plan.
BioMarin Pharmaceutical outperformed expectations in its fourth quarter, earning 64 cents per share on $747 million in revenue. This result exceeded analysts' predictions of 53 cents per share and $712 million in revenue. The company's strong performance highlights its resilience amid market fluctuations.
Klaviyo, a software company, posted impressive fourth-quarter results, with a 6% stock surge following earnings that exceeded expectations. The company reported adjusted earnings of 7 cents per share on $270 million in revenue, surpassing the projected 6 cents per share and $257 million in revenue by analysts surveyed by LSEG.
In contrast, Carvana's financial performance raised concerns as the online marketplace for used cars experienced a nearly 12% drop in its shares. The company's gross profit per unit for retail sales was reported at $6,671 in the fourth quarter, falling short of the FactSet consensus estimate of $6,851.
Tanger also delivered solid financial results with earnings of 23 cents per share on $141 million in revenue. This performance exceeded analyst expectations of 20 cents per share on $129 million in revenue, contributing to Tanger's positive market trajectory.