Earnings week ahead: Amazon, Apple, Meta, Alphabet, ExxonMobil, GM, AMD and more
Stephen Chernin

As January turns into February, the week is filled with earnings figures from some of the worldâs largest companies by market cap. Headlining the week, Meta Platforms (NASDAQ:META), Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL) and Amazon (NASDAQ:AMZN) are all set to report.
Those key reports will be joined by releases from major automakers Ford (F) and General Motors (GM), as well as from semiconductor sector stalwarts NXP Semiconductor (NXPI), Advanced Micro Devices (AMD) and Qualcomm (QCOM). The market will also receive updates from energy giants Exxon Mobil (XOM), ConocoPhillips (COP) and Marathon Petroleum (MPC).
Below is a curated list of reports due in the busiest earnings week of 2023 thus far:
Monday, January 30
NXP Semiconductor (NXPI)
Dutch semiconductor firm NXP Semiconductor (NXPI) is due to post fourth quarter results after the bell on Monday. Shares of the chip company have jumped to a double-digit gain thus far in 2023, rising in recent weeks alongside the broader semiconductor sector. 
Ahead of the results, UBS analyst Francois-Xavier Bouvignies raised his rating on NXP Semiconductor (NXPI), advising that the company's strong cash position should provide downside protection for investors. The analyst consensus rating remains a Buy, according to Seeking Alpha surveys.

Consensus EPS Estimates: $3.63
Consensus Revenue Estimates: $3.30B
Earnings Estimates: NXP Semiconductor has beaten EPS and revenue estimates in 8 consecutive quarters

Also reporting: Whirlpool (WHR), Koninklijke Philips (PHG) and Principal Financial (PFG)
Tuesday, January 31
Exxon Mobil (XOM)
Exxon Mobil (XOM), the second most valuable oil company in the world, is due to post its fourth quarter results in premarket hours on Tuesday. Shares of the energy giant have gained nearly 60% in the past year, sustaining momentum from 2022 into the start of 2023. 
Amid falling energy prices since the fall, revenue estimates have been cut 19 times in the 90 days ahead of earnings. 
Shortly before the earnings release, the Texas-based company announced its pursuit of a fifth oil production project in Guyana. The company also announced its intention to pursue an aggressive buyback plan, expanding the program to $50B. Following a similar strategy, Chevron (CVX), a key peer, announced a $75B share repurchase program.

Consensus EPS Estimates: $3.29
Consensus Revenue Estimates: $90.21B
Earnings Insight: Exxon has beaten EPS and revenue expectations in 7 of the past 8 quarters

Advanced Micro Devices (AMD)
Advanced Micro Devices (AMD) is set to post earnings after the bell on Tuesday. Shares of the California-based semiconductor company have risen sharply thus far in 2023, rebounding from about a 50% decline in 2022. While analysts remain broadly bullish, according to Seeking Alpha surveys, the stock has been downgraded multiple times shortly before the earnings release. Additionally, EPS and revenue expectations have been revised downward 28 and 29 times, respectively, in the 90 days ahead of the results.
âIn recent months we have been growing more wary of potential PC dynamics, both given the market outlook as well as exacerbated by Intel's semi-destructive behavior as of late as they use both price and capacity as a strategic weapon, continuing to overship even amid broader breakdowns in the industry," Bernstein analyst Stacy Rasgon wrote in a note to clients, moving the firmâs rating on AMD to Hold.
Intelâs (INTC) inauspicious earnings result and guidance in the week prior weighed on shares of AMD ahead of the print. 

Consensus EPS Estimates: $0.67
Consensus Revenue Estimates: $5.52B
Earnings Insight: AMD has beaten EPS and revenue in 7 of the past 8 quarters

General Motors (GM)
General Motors (GM) is due to post earnings results prior to the bell on Tuesday. The automaker was reported as the best-selling brand in the United States in 2022. However, overall auto sales were the worst in over a decade. Shares of the Michigan-based auto manufacturer have slipped over 30% in the past year, although they have seen a modest rebound to start 2023. 
Shortly before the print, the company earmarked over $900M for engine and EV development. The automaker is also reported to be walking away from a battery plant due for construction alongside LG, per the Wall Street Journal.

Consensus EPS Estimates: $1.68
Consensus Revenue Estimates: $40.73B
Earnings Insight: GM has beaten EPS estimates in 7 of the past 8 quarters, exceeding revenue expectations in 3 of those reports.

Also reporting: Pfizer (PFE), United Parcel Service (UPS) McDonald's (MCD), Mondelez (MDLZ), Sysco (SYY), Amgen (AMGN), Electronic Arts (EA), Snap Inc. (SNAP), Match Group (MTCH), Caterpillar (CAT), Spotify (SPOT) and Marathon Petroleum (MPC)
Wednesday, February 1
Altria (MO)
Tobacco giant Altria will report its quarterly results before the opening bell on Wednesday. During the fourth quarter, Juul Labs (JUUL), a key investment of Altria, settled scores of lawsuits for $1.2B. The company also expects to recognize a nearly $500M loss related to its investment in cannabis company Cronos. 
While the Wall Street consensus on the stock stands at a Hold, there are bullish voices on the Street. JR Research, for example, advised that the stockâs decline in the weeks ahead of earnings has provided an attractive entry point. JR Research raised their rating to Buy about a week prior to the print.

Consensus EPS Estimates: $1.16
Consensus Revenue Estimates: $5.15B
Earnings Insight: Altria has beaten EPS estimates 5 of the past 8 quarters, exceeding revenue estimates on only 3 of those quarters.

Also reporting: T-Mobile US (TMUS), Brinker International (EAT), GlaxoSmithKline (GSK), Humana Inc. (HUM), Pinterest (PINS) and Peloton Interactive (PTON)
Thursday, February 2
FAANG Spotlight
Apple (AAPL), Amazon (AMZN), and Alphabet (GOOGL) are each due to report on Thursday, following one day after a report from Meta Platforms (META) on Wednesday. Each of the megacap tech stocks were hit hard in 2022, outpacing the S&P decline by a wide margin. Indeed, the over 60% drop for Meta Platforms (META) more than tripled the slide for the broader market. However, the trend has reversed into 2023 as each name has jumped to a double-digit gain in the first month of the year.

Thus far, Amazon (AMZN), Meta Platforms (META), and Alphabet (GOOGL) have also announced significant layoffs and a renewed focus on profits. Amazon announced it would eliminate 18K roles, Alphabet reduced its headcount by 12K, and Meta Platforms (META) continues to work through 11K job cuts announced in late 2022. While Microsoft (MSFT) joined the big tech spree of staff cuts to start January, Apple (AAPL) has yet to announce any layoffs, perhaps owing to a less aggressive hiring strategy in recent years.
Apple (AAPL) has been hit by slowing smartphone demand. According to market intelligence provider IDC, 2022 smartphone shipments totaled 1.21B, which represents the lowest annual shipment total since 2013. 
"We have never seen shipments in the holiday quarter come in lower than the previous quarter,â the report read. âHowever, weakened demand and high inventory caused vendors to cut back drastically on shipments.â
Apple has also dealt with supply chain issues, especially related to its operations in China. For example, its âiPhone Cityâ in China shut down for an extended period in Q4 amid pandemic restrictions. Apple has announced plans to shift a significant chunk of production to India in coming years.
For Amazon, investors will focus on the firmâs AWS business. Microsoftâs (MSFT) cautious guidance on cloud growth offered some insight into enterprise spending. MKM Partners, for example, trimmed AWS growth forecasts in light of the report from Microsoft in the week ahead of Amazon earnings. 
Elsewhere, AMZN has stepped up investments outside of its cloud and ecommerce core business. This includes a deeper dive into healthcare via Amazon Pharmacy and investments in gaming. The company also expanded air cargo service into India.
Finally, antitrust and regulatory scrutiny loom large over Meta Platforms (META) and Alphabet (GOOG) (GOOGL) earnings. Shortly before its earnings report, the government accused Google of violating the antitrust laws and called for a breakup of the ad-tech business. The new suit is the second such regulatory action taken against the ad business in recent years.
Meanwhile, Meta has faced legal proceedings over its M&A in the virtual reality space. The company has consistently faced regulatory scrutiny in Europe over privacy and Marketplace concerns. Elsewhere, the social media giant welcomed Donald Trump back onto its platforms shortly before its earnings release. The former president has yet to utilize his newly reinstated accounts.
Starbucks (SBUX)
Starbucks (SBUX) is set to post its earnings report after the bell on Thursday. Shares of the Seattle-based coffee chain have surged in the six months ahead of earnings, marking an over 30% gain over that time. 
Ahead of the report, analysts at both BTIG and Bank of America advised that union overhangs on the stock are overblown. "While individual stores can technically vote to decertify their union one year after the initial vote, we believe this is unlikely,â BTIG advised clients. âWe also believe the union has little leverage with customers, as our proprietary survey indicates they are unlikely to abandon Starbucks or change their habits if a labor agreement is not reached."
Bank of America also indicated that a China reopening could benefit the company. The same dynamics also helped the stock gain a bullish rating from Wells Fargo in the week prior to the print. The consensus sell-side rating remains a Buy.

Consensus EPS Estimates: $0.77
Consensus Revenue Estimates: $8.77B
Earnings Insight: Starbucks has beaten EPS expectations in 6 of the past 8 quarters, exceeding revenue estimates in 5 of those reports

Ford (F)
Ford (F) is set to post earnings after the bell on Thursday. The automaker sold 1.86M autos in 2022, down from 1.91M sold in the prior year and behind its peer General Motors (GM). However, Ford retained the top spot in trucks sold. Ford also managed to double EV sales to nearly 62K for the year and saw the F-150 Lightning named Truck of the Year by Motor Trend. The automaker has consistently raised prices for its EV offerings in the past year.
To start 2023, the company has moved to cut costs by eliminating thousands of jobs in Europe. Management is also reportedly in talks to sell a major plant in Germany to Chinese automaker BYD Company.

Consensus EPS Estimates: $0.62
Consensus Revenue Estimates: $40.73B
Earnings Insight: Ford has beaten EPS estimates in 6 of the past 8 quarters, exceeding revenue expectations in 5 of those reports.

Also reporting: Eli Lilly (LLY), Merck (MRK), Shell (SHEL), Bristol-Myers Squibb (BMY), ConocoPhillips (COP), Qualcomm (QCOM), World Wrestling Entertainment (WWE), Harley-Davidson (HOG), Ferrari (RACE), Penn National Gaming (PENN), and Honeywell (HON)
Friday, February 3
Cigna (CI)
Cigna (CI) is expected to post earnings results prior to the bell on Friday. The insurance providerâs stock significantly outperformed in 2022, rising nearly 40% for the full year. Management reaffirmed its full-year outlook as recently as late November. In the 90 days ahead of earnings, EPS estimates have been revised downward 20 times, according to Seeking Alpha data. The consensus analyst rating on the stock remains a Buy.

Consensus EPS Estimates: $4.87
Consensus Revenue Estimates: $45.79B
Earnings Insight: Cigna Corporation has beaten revenue estimates in 8 consecutive quarters, missing EPS estimates once in that span.

Also reporting: Honda Motor (HMC), Regeneron Pharmaceuticals (REGN) and Sanofi (SNY)