Earnings week ahead: Microsoft, Google, Meta, Boeing, Coca-Cola and more
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The earnings season is expected to peak in the last week of July, with a wide range of companies across various sectors reporting their financial results. The focus will be on big tech giants, but many other businesses, including consumer staples, industrial, and energy companies, will also be announcing their earnings.
Notably, Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL) and Meta Platforms (NASDAQ:META) will provide marquee results during the week. These megacaps will be joined by big names like Ford (NYSE:F), McDonald's (MCD), General Electric (GE), Coca-Cola (KO), Intel (INTC), Comcast Corporation (CMCSA), Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX).
Below is a rundown of major quarterly updates anticipated in the week of July 24 to 28:
Monday, July 24
NXP Semiconductor (NASDAQ:NXPI)
NXP Semiconductor (NXPI), a Dutch semiconductor manufacturer, will release Q2 results after the market closes on Monday. Following an encouraging first quarter, the business forecasts Q2 revenue of $3.1 billion to $3.3 billion, non-GAAP diluted EPS of $3.07 to $3.49, and gross profit of $1.741 to $1,891. Sell-side analysts predict a Y/Y increase in EPS for Q2.
Citigroup raised its price target on NXP Semiconductors to $216 from $175 and kept its neutral rating. Citi anticipates "upside to estimates from the MCU and auto end markets."

Consensus EPS Estimates: $3.28
Consensus Revenue Estimates: $3.21B
Earnings Insight: In each of the last 8 quarters, NXP has consistently outperformed EPS and revenue forecasts.

Also reporting:

AGNC Investment (AGNC), Snap (SNAP), Cleveland-Cliffs (CLF), Corning (GLW), U.S. Steel (X), Teradyne (TER), STMicroelectronics N.V. (STM), Domino's Pizza (DPZ) and more.
Tuesday, July 25
Alphabet (NASDAQ:GOOG) (GOOGL)
Alphabet (GOOG) (GOOGL) will be announcing its results during Tuesdayâs post-market session. The tech behemoth reported upbeat Q1 results and boosted its share buyback program with an additional $70 billion worth of shares.
The stock has consistently attracted a Buy rating from Wall Street and a Strong Buy recommendation from Seeking Alpha's Quant rating system.

Consensus EPS Estimates: $1.24
Consensus Revenue Estimates: $72.68B
Earnings Insight: Google has topped EPS expectations in 4 of the past 8 quarters, beating revenue estimates in 5 of those reports.

Microsoft (MSFT)
Joining Alphabet on Tuesday, Microsoft (MSFT) is also set to report its Q4 performance after the closing bell. Like with Google's parent company, investors will be looking closely at the software giant's commentary on its AI and cloud businesses. 
The company anticipates 'relatively flat' commercial bookings in Q4 after a favorable Q3 report. The IT titan also anticipates a 2% sales growth reduction from FX, Intelligent Cloud revenue between $23.6 billion and $23.9 billion, More Personal Computing revenue between $13.35 billion and $13.7 billion, and Productivity and Business Processes revenue between $17.9 billion and $18.2 billion.
Recently, Amazon (AMZN), Google (GOOG), Meta Platforms (META) and Microsoft (MSFT) were among the companies that made voluntary commitments to the White House to implement certain measures for the safe use of AI.
The U.S. Federal Trade Commission is likely to put on hold its ongoing trial regarding Microsoft's (MSFT) proposed $69B acquisition of Activision Blizzard (ATVI), potentially allowing settlement discussions to move forward. Microsoft (MSFT) and Activision (ATVI) have extended the merger agreement to October 18 from July 18.

Consensus EPS Estimates: $2.55
Consensus Revenue Estimates: $55.48B
Earnings Insight: Microsoft has outperformed EPS forecasts in 7 of the last 8 quarters, and revenue in 6 of those quarters.

Also reporting:

3M (MMM), General Electric (GE), Verizon (VZ), Boeing (NYSE:BA), Visa (V), General Motors (GM), Annaly Capital Management (NLY), Teladoc Health (TDOC), Dow (DOW), Texas Instruments (TXN), Lam Research Corporation (LRCX), Biogen (BIIB), Spotify (SPOT), Kimberly-Clark (KMB) and more.
Wednesday, July 26
Meta Platforms (META)
Facebook parent Meta Platforms (META) is scheduled to announce its second-quarter results after the close on Wednesday. The firm is expected to emphasize the development of its advertising business and provide an update on its AI initiatives.
After three straight quarters of revenue reductions, the social media behemoth experienced positive revenue growth in the most recent quarter. The company anticipated Q2 total revenue in the range of $29.5 billion to $32 billion.
Shares are up more than 250% from their 52-week lows and have increased by about 140% so far in 2023.
"The problem for any current or prospective Meta shareholder is that, while the business appears to be in the early stages of a turnaround, its shares look to have fully completed their recovery," says SA author Jamie Galvin, who is taking a cautious approach to the stock with a hold rating.

Consensus EPS Estimates: $2.88
Consensus Revenue Estimates: $31.03B
Earnings Insight: Meta has topped EPS expectations in 4 of the past 8 quarters, beating revenue estimates in 5 of those reports.

Also reporting:

AT&T (T), Coca-Cola (KO), Tilray Brands (TLRY), Southwest Airlines (LUV), QuantumScape (QS), Honeywell (HON), ServiceNow (NOW), Valero Energy (VLO), eBay (EBAY), Chipotle Mexican Grill (CMG), Union Pacific (UNP), General Dynamics (GD) and more.
Thursday, July 27
Ford Motor (F) is due to release its Q2 earnings results after the bell on Thursday, with investors likely to focus on data for the firm's F-150 series. In its last report, the company kept its FY2023 outlook unchanged despite a Q1 beat.
The stock has been cautiously viewed by market participants to the extent that it gets a Hold rating from the sell side analysts as well as the SA Quant rating system. The company has a Dividend Safety Score of F, indicating a high risk of a dividend cut.
Recently, the company slashed the cost of the base model of its well-liked electric F-150 Lightning trucks by about 17%, making the vehicle more affordable. Prices were reduced due to advances in scale and battery raw material costs.

Consensus EPS Estimates: $0.53
Consensus Revenue Estimates: $41.07B
Earnings Insight: The Detroit automaker has missed EPS expectations three times in the past two years, coming up short of revenue estimates twice in that span.


McDonaldâs (MCD)
McDonald's (MCD), the second-largest restaurant chain by total locations, will report its Q3 earnings before the market opens on Thursday. 
With a bullish stance on the stock, UBS thinks MCD is well-positioned for more share gains on the strength of its key competitive advantages, worldwide sales momentum, and potential profit growth. MCD is rated a Buy by UBS with a $330 price target.

Consensus EPS Estimates: $2.79
Consensus Revenue Estimates: $6.29B
Earnings Insight: McDonaldâs has missed EPS consensus only once in the past two years, while missing revenue estimates twice.

Also reporting: 
Comcast (CMCSA), Intel (INTC), AbbVie (ABBV), Bristol-Myers Squibb (BMY), Mastercard (MA), Roku (ROKU), Harley-Davidson (HOG), Mondelez International (MDLZ), First Solar (FSLR), Crocs (CROX), International Paper (IP) and more.
Friday, July 28
Procter & Gamble (NYSE:PG) will lead a set of consumer staples earnings releases on Friday. The slate also includes Colgate Palmolive (CL) and Church & Dwight (CHD).

Consensus EPS Estimates: $1.32
Consensus Revenue Estimates: $19.95B
Earnings Insight: The company has beaten EPS estimates in seven of the past 8 quarters and revenue estimates in all of those reports.

The hectic earnings week concludes with multiple energy companies. Both Chevron (CVX) and Exxon Mobil (XOM) are slated to report Q2 earnings results during premarket hours on Friday.

Also reporting: W. P. Carey (WPC), AstraZeneca PLC (AZN), T. Rowe Price Group (TROW), Franklin Resources (BEN), Charter Communications (CHTR), Hartford Financial (HIG) and more.