Earnings Week ahead: Broadcom, Best Buy, CrowdStrike, Okta, Chewy, lululemon and more
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Best Buy (NYSE:BBY) represents one of the biggest names reporting in a generally thin slate of earnings releases due out next week. A pair of notable cybersecurity players will join the electronics retailer as well, with Okta (OKTA) and CrowdStrike (CRWD) both set to report.
The list of quarterly updates will also include Chewy (CHWY), Pinduoduo (PDD) and lululemon athletica (LULU). Below is a curated list of key earnings reports to watch in the week of August 29 to September 2:
Monday, August 29
Pinduoduo (PDD)
Chinese e-commerce platform Pinduoduo (PDD) is due to report earnings prior to the market open on Monday. Shares of the Shanghai-based tech giant have risen sharply alongside many Chinese tech names in recent weeks.
The stock has surged 100% from its March low,
which it reached as COVID lockdowns in China hurt demand. New stimulus from the Chinese government was a major driver of gains headed into the upcoming earnings report, sparking a double-digit advance for the stock on Thursday. Meanwhile, the company is also planning an entry into the US market in the near future, according to Bloomberg.


Consensus EPS Estimates: $0.41

Consensus Revenue Estimates: $3.44B

Earnings Insight: Pinduoduo has beaten EPS estimates in 8 straight quarters, rising above revenue expectations in 5 of those reports.

Also reporting: HEICO Corporation (HEI), Catalent (CTLT), and The Green Organic Dutchman (OTCQX:TGODF)
Tuesday, August 30
Chewy (CHWY)
Online pet supplies retailer Chewy (CHWY) is set to post its second quarter earnings result after the market close on Tuesday. Shares of the Florida-based firm have fallen over 50% in the past year, dropping from its pandemic peak in early 2021, when lockdowns pushed consumers towards online shopping options and the company benefited from COVID-inspired surge of pet adoption.
Still, even as shares remain sharply lower for the year, they have rebounded significantly from June lows, nearly doubling from the 52-week nadir of $22.22. Shortly before the earnings release, Chewy (CHWY) announced that it will expand its insurance and wellness business nationwide by late 2022.


Consensus EPS Estimates: $-0.12

Consensus Revenue Estimates: $2.45B

Earnings Insight: Chewy has beaten EPS estimates in
5 of the past 8 quarters, surpassing revenue expectations in 6 of those reports.

CrowdStrike (CRWD)
Cybersecurity firm CrowdStrike (CRWD) will post its second quarter earnings after the bell on Tuesday. The report will follow a positive quarterly update from rival Palo Alto Networks (PANW). Ahead of its earnings release, CRWD was rumored to be in talks with an unnamed Israeli firm for a $2B deal, per Israeli newspaper Globes.
With gains in recent months, shares of the cybersecurity player have risen, climbing into the green for 2022 as a whole. However, the stock remains about 30% below its 2021 peak. Meanwhile, analyst Graham Neary called CRWD âmaterially overvaluedâ despite the correction earlier this year.


Consensus EPS Estimates: $0.27

Consensus Revenue Estimates: $516.44M

Earnings Insight: CrowdStrike has beaten both EPS and revenue estimates in 8 straight quarters

Best Buy (BBY)
Best Buy (BBY) is due to report its second quarter earnings prior to the market open on Tuesday. Shares of the retailer fell sharply at the close of July as it provided disappointing guidance for the quarter
and slashed its full year forecast due to high inflation and weakening demand.
That, in turn, aroused caution from analysts, who immediately revised estimates downward, per Seeking Alpha data. Additionally, the retailer moved to trim its headcount, part of an effort to cut costs in the face of rising expenses. Despite the bad news, shares have rebounded slightly in the past month alongside a broader uptick in consumer discretionary names.
Ahead of the earnings report, analyst Bela Lakos said that macro headwinds for the stock are temporary but it still faces downside risk due to near-term uncertainty. Still, Lakos highlighted support BBY will get from its attractive valuation and stable dividend.


Consensus EPS Estimates: $1.29

Consensus Revenue Estimates: $10.24B

Earnings Insight: Best Buy has beaten EPS estimates in 8 straight quarters, missing revenue expectations only twice in that span.

Also reporting:  ChargePoint (CHPT), Hewlett Packard Enterprise (HPE), PVH Corp. (PVH), and Baidu (BIDU)
Wednesday, August 31
Okta (OKTA)
Following a report earlier in the week from CrowdStrike, Okta (OKTA) will become another notable name in cybersecurity space to announce its results, with its quarterly update due out after the close on Wednesday.
Shares of the San Francisco-based cloud security firm saw a volatile session following its last earnings report, which came out in June. After rising nearly 11% in the day prior to the June report, the stock jumped in the wake of financial figures, only to give back a large chunk of those gains by the close. OKTA has remained essentially flat since that report on June 3.
Shortly before earnings day, D.A. Davidson analyst Rudy Kessinger cut his rating on the company to Neutral due to concerns about issues such as rising competition and increasing sales turnover. "[We have] heard that the integration has caused a great deal of confusion and frustration with current and prospective clients, with customers getting bounced around between different sales reps," Kessinger said.


Consensus EPS Estimates: $ -0.30

Consensus Revenue Estimates: $430.66M

Earnings Insight: Okta (OKTA) has beaten EPS and revenue estimates in 8 straight quarters.

Express Inc. (EXPR)
Prior to Wednesdayâs market open, Express Inc. (EXPR) will offer its second quarter earnings report. Shares of the retailer have fallen nearly 70% in the past year, with a 55% decline coming in just the past six months. That said, shares have ripped about 20% higher since the start of August as the company has received retail-trader attention, leading to it being listed among meme stock names.


Consensus EPS Estimates: $0.09

Consensus Revenue Estimates: $479.62M

Earnings Insight: Express has beaten EPS estimates in 6 of the past 8 quarters, marking the same success rate in terms of revenue.

Also Reporting: Five Below (FIVE), Nutanix (NTNX), Chicoâs (CHS), and Designer Brands (DBI)
Thursday, September 1
Broadcom (AVGO)
The Hock Tan-led semiconductor company is set to report its earnings after the bell on Thursday. Despite an August rebound, shares of the San Jose-based chip company have underperformed the S&P 500 so far this year. The performance has come amid cyclical concerns hitting the semiconductor industry.
Nonetheless, a consensus of Wall Street analysts has a Strong Buy opinion ahead of the print. Indeed, Citi went as far as to call a bottom for the semiconductor sector in early August, citing Micronâs (MU) latest report. Elsewhere, AVGO is expected to update its planned acquisition of VMWare.


Consensus EPS Estimates: $9.55

Consensus Revenue Estimates: $8.41B

Earnings Insight: Broadcom (AVGO) has exceeded EPS and revenue estimates in 8 straight quarters.

Lululemon Athletica (LULU)
Athletic apparel maker lululemon athletica (LULU) is due to report its fiscal second quarter earnings after the bell on Thursday. Shares have traded in a wide range in the past year, hitting a high of $485.82 and a low of $251.51. LULU has also dealt with a unionization push ahead of the earnings report.
About a month prior to earnings, the stock was named a top retail pick by KeyBanc, which called the company a âbest-in-class example of effective omnichannel execution.â This sentiment was echoed by analyst Aamir Jaffer, who described LULU âa wonderful business at a fair price.â Jefferies, by contrast, advised clients to sell the stock in July as it forecast a continued fall in post-pandemic demand.


Consensus EPS Estimates: $1.85

Consensus Revenue Estimates: $1.77B

Earnings Insight: Lululemon has exceeded EPS estimates in 8 consecutive quarters, missing revenue expectations only once in that span.

Also reporting: Campbell Soup Co. (CPB), Brady Corp. (BRC), Duluth Holdings (DLTH), Ciena Corporation (CIEN), and PagerDuty (PD)
Friday, September 2

A sparse day for earnings to close the week includes a confirmed report in pre-market hours from Global Blue Group (GB). Meanwhile, Korn Ferry (KFY) and G-III Apparel Group (GIII) are forecast to report, according to Seeking Alphaâs earnings calendar data. However, those two companies have yet to confirm.