These Earnings Support Our View on Six Portfolio Names
Here's what we learned from the latest results from Inter Parfums and GlobalFoundries.
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After taking a close look earlier at the earnings-related implications from two portfolio positions, let's dig into two names outside the portfolio that also inform our investment outlook — GlobalFoundries GFS and Inter Parfums IPAR.
GlobalFoundries
During its earnings conference call, chip fab company GlobalFoundries GFS said its smart mobile device revenue rose 12% sequentially in the June quarter and its communications, infrastructure, and data center (CID) segment grew 28% sequentially.
Global’s comments that it sees the recovery in the smartphone market supports our thesis on Apple AAPL, Qualcomm QCOM, and Universal Display OLED, while those for its CID segment do the same for our holdings in Nvidia NVDA and Marvell Technology MRVL.
Inter Parfums
While we wait for the transcript of Inter Parfums’ IPAR June-quarter earnings call, we see revenue for this fragrance company rose 11% year over year. More importantly, its H2 2024 guidance, which calls for its top line to grow 18% compared to H1 2024, points to the seasonal ramp unfolding once again.
We’ll have more details to share once we’ve digested the transcript, but based on what we’ve seen so far is positive for Coty COTY. The next known catalyst we’ll be following will be quarterly results from e.l.f. Beauty ELF after Thursday’s market close.
At the time of publication, TheStreet Pro portfolio was long AAPL, QCOM, OLED, NVDA, MRVL and COTY.
