Shares of Target Corp. (TGT, Financial) jumped more than 5% after reporting second-quarter earnings per share of $1.47 on $17.55 billion in revenue, reflecting a 6.9% year-over-year increase. The company beat earnings estimates by 7 cents and revenue expectations by $240 million.
"We laid out a clear strategy at the beginning of 2017, and throughout this year we've been accelerating the pace of execution," Chairman and CEO Brian Cornell said. "We're on track to deliver a strong back half and we've updated our full year guidance to reflect the strength of our business and the consumer economy. As we look ahead to 2019, we expect to achieve scale across the full slate of our initiatives - creating efficiencies and cost-savings, further strengthening our guest experience and positioning Target to continue gaining market share".
Traffic growth was 6.4%, which is the strongest growth since the company began reporting traffic more than 10 years ago. Comparable sales increased 6.5%, the best in 13 years. Comparable store sales grew 4.9% and comparable digital sales grew 41%.
The operating income margin was 6.4%, compared with 6.6% in 2017. The gross margin was 30.3%, compared with 30.4% a year ago.
Looking ahead to full-year 2018, the company expects earnings per share of $5.30 to $5.50, up from the previous range of $5.15 to $5.45.
Shares of Momo Inc. (MOMO, Financial) rose more than 9% after reporting second-quarter earnings per share of 66 cents on revenue of $494.27 million. The company beat earnings estimates by 5 cents and revenue expectations by $14.5 million.
The company's monthly active users came in at 108 million, up from 91.3 million in the prior-year quarter. Further, total paying users of the live video service and value-added service were 11.6 million, an improvement from 7.1 million a year ago.
Looking ahead to the third quarter, the company expects total net revenues in the range of $525 million to $540 million, representing a year-over-year increase of 51% to 55% and a quarter-over-quarter increase of 13% to 17%.
Shares of Myriad Genetics Inc. (MYGN, Financial) advanced more than 12% on fourth-quarter earnings per share of 38 cents. Revenue came in at $200.9 million, growing 0.7% year over year. The company beat earnings estimates by 5 cents and revenue expectations by $5.14 million.
The company expects revenue in the range of $200 million to $202 million for the fiscal first quarter of 2019 and full-year earnings between $1.70 and $1.75 per share, with revenue ranging from $880 million to $890 million.
Disclosure: The author holds no positions in any stocks mentioned.
