As usual, earnings season brought with it its fair share of surprises and volatility. But three stories, in particular, are worth a closer look. Tesla (NASDAQ:TSLA), Apple (NASDAQ:AAPL), and Walt Disney (NYSE:DIS) have all seen their stocks soar this season as their quarterly performances surpassed expectations.
Here's a look at these companies' latest results -- and why investors have been bullish on their stocks.
Shares of electric-car company Tesla have skyrocketed in the weeks since the company's third-quarter earnings report. The stock has risen more than 38% since the quarterly update was posted on Oct. 23, helped by a 29% gain in the two days following the release.
Investors were impressed with the company's non-GAAP (adjusted) earnings per share of $1.86. This was much better than analysts' average forecast for a loss per share of $0.42.
With management once again reiterating in the quarterly update that its business has scaled to the point of being self-funding, the market's confidence in the company's growth story is improving.
Tech company Apple not only beat analyst expectations for its fiscal fourth quarter, but also provided better-than-expected guidance for its important holiday period.
The strong results were helped by an acceleration in the growth rates of the company's two fastest-growing segments: services, and wearables, home, and accessories. Revenue in these two segments jumped 18% and 54%, respectively, year over year.
Highlighting management's optimism for its business, the midpoint of Apple's revenue guidance range for its first quarter of fiscal 2020 implied 4% revenue growth. This would mark an acceleration from 2% growth in the fourth quarter of fiscal 2019.
Apple stock is up more than 8% since its earnings report late last month.
Shares of Disney also popped following the company's earnings report earlier this month. The market was impressed with the company's better-than-expected adjusted earnings per share of $1.07. On average, analysts had forecast earnings per share of $0.95 for the period.
But the stock got another boost more recently when Disney announced that its new streaming service, Disney+, garnered over 10 million subscribers by Nov. 13 -- one day after its launch. The new service's momentum bodes well for Disney's ongoing efforts to beef up its direct-to-consumer positioning and become less reliant on traditional television.
Shares of Disney are up more than 10% since the company reported its fiscal fourth-quarter results on Nov. 7.