Earnings Watch: PC makers HP Inc. and Dell report this week, along with Salesforce, Macy's and Dollar General.
Best Buy Co.BBY Chief Executive Corie Barry said last week she expected the downtrend in tech-product demand to bottom out soon, with a rebound in the second half of the year. Executives for chip maker Nvidia Corp. NVDAsaid their logjam of products that could not find buyers after a pandemic surge had finally been depleted.
Those companies will report amid the tech industry’s mass move toward artificial intelligence — or at least a move toward talking about it a lot — to retain investor enthusiasm after a drop in digital demand following the pandemic led to waves of layoffs. FactSet Senior Earnings Analyst John Butters, in a report on Friday, said that between March 15 and May 25, 110 S&P 500 SPX companies mentioned the term “AI” during their earnings calls — the highest since at least 2010.
“I think as we look ahead, we start to feel like you see the turn in the business as you head out the back half of this year and into next year,” she added. For Salesforce, the broader backdrop is not exactly “roses and rainbows,” Wedbush analysts said in a research note on Thursday. But they noted “a number of larger more transformational suite-wide deals inked during the quarter” at the workplace software company, which owns communication platform Slack and helps different workplace departments more easily track customer data.
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