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Several major companies reported quarterly earnings this week, with 3M (NYSE: MMM), Bristol-Myers Squibb (NYSE: BMY), and Coursera Inc (NYSE: COUR) all seeing significant stock price movements following their announcements. As of the time of writing, all three stocks were trading actively on significantly higher-than-average volume.
3M (NYSE: MMM) Stocks See Largest Single-Day Gain in Over 36 Years
3M shares surged 19.02% to $123.05 as of 11:38 AM EDT, marking the company’s largest single-day gain in 36 years.
The industrial conglomerate reported second-quarter sales of $6.3 billion, down 0.5% year-over-year, but beat analyst expectations with adjusted earnings per share of $1.93, a 39% increase from the previous year. 3M’s GAAP operating income margin improved to 20.3%, while its adjusted operating income margin increased 4.4 percentage points to 21.6%.3M’s new CEO boosted the profit forecast, citing cost cuts and demand recovery as key factors. The company raised its full-year 2024 adjusted EPS guidance to $7.00-$7.30, up from the previous range of $6.80-$7.30.
Despite the negative earnings per share over the trailing twelve months, the firm maintained its adjusted total sales growth forecast of -0.25% to +1.75% and returned $786 million to shareholders through dividends and share repurchases in the second quarter.
Bristol-Myers Squibb (NYSE: BMY) Rises on Q2 Beat, Positive Phase 3 Trial Results
Bristol-Myers Squibb stock rose 8.66% to $49.19 as of 11:38 AM EDT, following better-than-expected second-quarter results. The pharmaceutical giant reported revenue of $12.2 billion, up 9% year-over-year, with non-GAAP EPS growing 18% to $2.07.
The company’s blood thinner Eliquis saw a 7% increase in revenue to $3.4 billion, while its growth portfolio revenue jumped 18% to $5.6 billion.BMY also announced positive Phase 3 trial results for cendakimab in treating eosinophilic esophagitis, a significant milestone for the company’s pipeline.
Despite a 19% drop in net income to $1.7 billion and a slight decrease in GAAP gross margin to 73%, the company raised its 2024 non-GAAP EPS guidance to $0.60-$0.90 and increased its revenue guidance to the upper end of the low single-digit range. The stock’s forward dividend yield stood at 4.54%, offering an attractive option for income-focused investors.
Coursera Inc (NYSE: COUR) Surges on AI-Related Growth
Coursera’s stock price soared 39.14% to $10.31 as of 11:38 AM EDT after reporting strong second-quarter results and AI-driven growth.
The online education platform saw revenue increase 11% year-over-year to $170.3 million and added nearly 7 million new registered learners. Consumer revenue grew 12% to $97.3 million, while Enterprise revenue increased 8% to $58.7 million. The company’s Degrees segment also showed strong growth, with revenue up 14% to $14.3 million and the number of Degrees Students increasing 19% to 22,600.Coursera surpassed 2 million enrollments in its generative AI courses and launched a record number of Professional Certificates with partners like Google Cloud, IBM (NYSE: IBM), and Meta (NASDAQ: META).
The company also introduced AI-powered innovations such as Coursera Coach and Course Builder, demonstrating its commitment to leveraging artificial intelligence in online education. Additionally, Coursera partnered with Microsoft on the Universal Access to Microsoft Skills Scholarship program.
Despite the significant stock price increase, Coursera’s market capitalization remained relatively small at $1.61 billion, reflecting the company’s growth potential in the expanding online education market.More By This Author:Colgate-Palmolive Exceeds Q2 Market Expectations With $0.91 EPS
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