Earnings season heats up, what you need to know

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DOCN – Up over 20% in pre-market after earnings beat

SQ – Up over 16% in pre after strong earnings and share buyback

DKNG – Up over 6% after earnings beat and strong forward guidance

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DOCN – Up over 20% in pre-market after earnings beat

DigitalOcean Holdings (DOCN) through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses.

In the after-hours yesterday, the company reported Q3 EPS of $0.44 vs $0.38 expected. Sales were $177.06 million vs $173.32 million expected.

DOCN guided full year 2023 EPS of $1.52-$1.54 vs $1.46 expected with revenue of $690 million vs $683.35 million.

The stock traded up over 20% in pre-market post the earnings release.

The $25 level was resistance in the after-hours and now becomes a potential area of support.

Above it, the first major target to the upside is the pre-market high of $25.99. Beyond that, $27, $29 and $31 come into play.

Below $25, there is potential support at $24, $22.50 and a gap to fill at $21.23.

SQ – Up over 16% in pre after strong earnings and guidance

Block Inc (SQ) together with its subsidiaries, creates tools that enables sellers to accept card payments and provides reporting and analytics, and next-day settlement.

In the after-hours yesterday, SQ reported Q3 EPS of $0.55 vs $0.47 expected. Revenue for the quarter came in at $5.62 billion vs $5.42 billion expected. SQ also authorized a $1 billion share buyback.

The stock is up over 16% in pre-market post the earnings report.

The $50.50 level has acted as support in the after-hours.

Above it, targets to the upside are $52, $52.90 and then the after-hours high at $53.45. Beyond that $54, $55 and $56 come into play.

Below $50.50, there is potential support at $49.80, $46, and a gap to fill $43.98.

DKNG – Up over 6% after earnings beat and strong forward guidance

DraftKings Inc (DKNG) operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries.

Yesterday in the after-hours DKNG reported Q3 EPS of -$0.61 vs -$0.69 expected. Revenue came in at $790million vs $699.14million expected. DraftKings guided FY 2024 revenue of $4.5-$4.8billion vs $4.29billion expected.

The stock traded up over 6% in pre-market post the earnings report.

The $30.78 level has acted as support in the after-hours and pre-market and will be an important area to watch.

Above it, targets to the upside are $31.15, $31.30, $31.50, and then the after-hours high of $31.75. Beyond that, $32, $32.50 and $33.23 come into play.

Below $30.78, there is potential support at $30.50, $30 and a gap fill at $28.98.

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