Q4 results: What you need to know about the latest company results

This month, many tech companies are going to be releasing their Q4 2023 revenue results with some insight into their expectations for the next quarter.

Here are the company results we are tracking today – February 7, 2024.

Alibaba's revenue grew just 5% year-over-year

• On Wednesday, Chinese tech giant Alibaba released financial results for its fiscal third quarter, ending December 2023, showing revenues growing just 5% YoY to reach 260.35 billion Chinese yuan ($36.6 billion).
• Growth in the company’s China e-commerce business and cloud computing division remained slow, as net income in the December quarter fell 69% year-on-year to 14.4 billion Chinese yuan.
• The company attributed the results to "mark-to-market changes" to its equity investments and a decrease in income from operations due to impairments related to its video streaming service Youku and supermarket chain Sun Art.

Freshworks' revenues grew 20% in 2023

• The customer relationship management (CRM)-software provider has reported a total revenue of $160 million for the fourth quarter ending December 31, 2023, up 20% compared to the same period in the previous financial year.
• Net loss for the fourth quarter stood at $28 million, down from $55.4 million for the same period in 2022.
• On a full-year basis, the company reported consolidated revenues of $596.4 million in 2023, up 20% from the previous fiscal.

Snap's sixth straight quarter of single-digit revenue growth

• Despite its revenue rising about 5% year over year to $1.36 billion from $1.3 billion a year earlier, Snap reported six straight quarters of single-digit growth or sales declines.
• The company cited that the Middle East conflict led to a “headwind” in growth, and now plans to reduce its workforce by 10%, which would affect around 528 employees globally.
• On a brighter note, its daily active users reached 414 million and expect it to reach 420 million in Q1 2024.

Cognizant's revenue decline

• This Nasdaq-listed information technology (IT) and professional services firm posted a 7% increase in net profit year-on-year (YoY) for the fourth quarter ending December 2023 at $558 million.
• But, revenue declined 1.7% YoY to $4.76 billion for the fourth quarter ending December 2023, an eight-quarter low, owing to continued weakness in demand and limited tech spending by clients.
• For the full year 2023, Cognizant posted a 0.4% YoY decline in revenue to $19.4 billion.

Palantir's double-digit revenue growth

• Palantir, which is known for its defence and intelligence work with the U.S. government, grew its revenue in the fourth quarter by 20% to $608.4 million from $508.6 million a year earlier.
• The company reported a net income of $93.4 million, or 4 cents per share, compared with $30.9 million, or 1 cent per share, in the year-ago quarter. Palantir said it expects to report between $612 million and $616 million in revenue during its first quarter and forecast revenue for the full year of $2.65 billion to $2.67 billion.
• According to the company, its U.S. commercial revenue grew 70% year over year, while its U.S. commercial customer count increased 55% from 143 customers to 221 customers.

Roblox's highest ever quarterly revenue

• The video game developer reported that its quarterly revenues hit $1.13 billion — the company’s highest ever, with full-year revenue reaching $3.52 billion.
• The company reported an average daily active users, or DAUs, of 71.5 million for the quarter, up 22% compared with the year-ago period, while average revenue per daily active user increased 3% to $15.75.
• Its shares were up 12% in Wednesday morning trading.

Uber's year of “sustainable, profitable growth."

• Uber's revenue for Q4 was up 15% from the same quarter last year, while it reported net income of $1.4 billion, or 66 cents per share, compared with $595 million, or 29 cents per share, in the same quarter last year.
• According to the company's CEO Dara Khosrowshahi, 2023 was a year of “sustainable, profitable growth for Uber."
• Uber’s monthly active platform consumers reached 150 million during the fourth quarter, up 15% year over year from 131 million. There were 2.6 billion trips completed on the platform during the period, up 24% year over year.
• For the first quarter of 2024, Uber said it expects to report gross bookings between $37 billion and $38.5 billion.

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