Earnings live: Berkshire Hathaway profits rise as Buffett prepares to step down; Palantir results on deck

Berkshire Hathaway (BRK-B, BRK-A) stock rose more than 1% on Monday trading following the release of its third quarter earnings over the weekend. The profits of Warren Buffett ‘s company improved 17% thanks to a relatively mild hurricane season and more paper investment gains this year as Berkshire Hathaway (BRK-B, BRK-A) prepares for the legendary 95-year-old investor to relinquish the CEO title in January.

The AP reports:

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ON Semiconductor (ON) reported better-than-expected third quarter revenue and earnings on Monday, sending shares of the company about 4% higher in premarket trading.

For the third quarter, ON Semiconductor reported diluted earnings per share of $0.63 on revenue of $1.55 billion, compared to Wall Street estimates of earnings of $0.54 per share on revenue of $1.51 billion, according to S&P Global Market Intelligence.

Revenue and gross margins fell year over year. The chipmaker primarily manufactures semiconductors for industrial and automotive uses, and auto sales have slowed recently. However, on the earnings call, executives said AI-related revenue “approximately doubled” year over year in Q3.

“Our third quarter results exceeded expectations, underscoring the strength of our strategy and the resilience of our business model, ON CEO Hassane El-Khoury said in a statement, adding, “We’re seeing continued signs of stabilization across our core markets, as well as positive growth in AI.”

Listen to the earnings call here.

Beyond Meat (BYND) announced on Monday that it is rescheduling its third quarter earnings release for Nov. 11 after the market close. The company said it required additional time to quantify a “material” non-cash impairment charge.

Beyond Meat stock dropped 8% in premarket trading. The stock has been highly volatile as of late — it fell 25% in the past five days, but the stock also rose as much as 95% in one day in late October as it got swept into speculative meme trades.

Cipher Mining (CIFR) stock surged 17% in premarket trading on Monday after the company reported third quarter earnings that were in line with estimates and revenue below analysts’ expectations.

In Q3, Cipher reported $0.10 in earnings per share, compared to estimates of $0.11 per share. Revenue of $71.7 million fell short of estimates of $76.5 million, according to S&P Global Intelligence.

But alongside the results, Cipher announced a 15-year, $5.5 billion lease agreement with Amazon Web Services to deliver 300 megawatts of capacity for AI workloads in 2026.

Investing.com reports:

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AbbVie (ABBV) shares dropped 4% in midday trading on Friday after the pharmaceutical company reported higher operating expenses, as expected, and posted earnings and revenue that beat Wall Street’s expectations.

AbbVie also raised its full-year earnings guidance to a range of $10.61-$10.65 from $10.38-$10.58 previously.

Normalized earnings per share of $1.86 decreased from $3 per share a year ago but still topped analyst estimates of $1.78, according to S&P Global Market Intelligence. Revenue increased 9.1% to $15.7 billion during the quarter.

Demand for key immunology drugs remained resilient. Revenue from Skyrizi increased 46.8% and Rinvoq increased 35.3%.

However, the company’s blockbuster rheumatoid arthritis drug Humira continued to see declines, with revenue for that drug falling 55.4% compared to the third quarter of 2024. Humira lost its patent protection in 2023, and several copycat versions have entered the market since then.

Bloomberg reports:

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Reuters reports:

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The AP reports:

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Bloomberg News reports:

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On the company’s earnings call, Amazon (AMZN) CEO Andy Jassy said the company’s announcement that it would cut 14,000 corporate jobs was tied to overhiring, not artificial intelligence.

“The announcement we made a few days ago was not really financially driven, and it’s not even really AI driven — not right now, at least. It’s culture,” Jassy said (listen below). Later, he added: “We are committed to operating like the world’s largest startup, and that means removing layers.”

Amazon was perhaps the most high-profile company to announce layoffs in recent weeks, though it’s by no means alone. The staff reductions, occurring at the same time as rapid, large-scale AI investments by Big Tech, led many to speculate that the two were linked.

While the unemployment rate has ticked up and job gains have slowed, Federal Reserve Chair Jerome Powell noted that the cooling in the labor market has been “gradual.” Simultaneously, results from Big Tech companies in the last week highlight how AI spending continues to ramp up.

“You’re going to see us continue to be very aggressive in investing in capacity because we see the demand,” Jassy told investors on the earnings call.

Listen to the full earnings call here.

Apple stock (AAPL) turned higher, rising by about 3%, after CEO Tim Cook sounded bullish on the iPhone maker’s earnings call.

“We are incredibly excited about the strength we’re seeing across our products and services, and we expect the December quarter’s revenue to be the best ever for the company and the best ever for iPhone,” Cook told investors.

According to Cook, the iPhone 17 is facing supply constraints due to high demand.

Listen to Apple’s earnings call here.

Shares of strategy (MSTR), the company formerly known as Microstrategy, rose 3% after hours as the company’s earnings call began.

The company reported revenue of $128.7 million in the third quarter, a 10.9% increase year over year. Wall Street analysts were expecting revenue of $116.9 million. Diluted earnings per share of $8.42 beat estimates of $7.90 per share.

The company led by bitcoin (BTC-USD) bull Michael Saylor was an early pioneer in the corporate movement of buying bitcoin and holding it in reserve. That model came under scrutiny, as the company’s stock price was extremely volatile and fluctuated in tandem with crypto volatility.

As of Oct. 26, Strategy held 640,808 bitcoins at a total cost of $47.44 billion, or $74,032 per bitcoin. On Oct. 30, bitcoin traded at around $107,489 per token.

For the full year, Strategy expects diluted earnings per share of $80, well ahead of estimates for $42.29.

Apple (AAPL) fourth quarter earnings beat on the top and bottom lines, Yahoo Finance’s Dan Howley reports, but its iPhone sales fell just short of analysts’ expectations. The stock fell about 2% in extended trading.

Here’s what Apple reported for the fourth quarter, compared to consensus estimates compiled by Bloomberg:

Howley reports:

Read more here.

Coinbase (COIN), the largest US-based crypto exchange, reported a jump in third quarter profit on Thursday as volatility in the market, which often benefits cryptocurrencies, boosted trading volumes. The stock rose less than 1% in after-hours trading.

For the third quarter, Coinbase reported subscription and services revenue of 746.7 million. For the fourth quarter, the company expects this revenue to come in between $710 million and $790 million.

Reuters reports:

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Amazon (AMZN) stock jumped 10% in the initial reaction to earnings as investors cheered AWS momentum and the Big Tech giant’s earnings beat.

Here’s what Amazon reported compared to consensus estimates compiled by Bloomberg:

“We continue to see strong momentum and growth across Amazon as AI drives meaningful improvements in every corner of our business,” Amazon CEO Andy Jassy said in the release. “AWS is growing at a pace we haven’t seen since 2022, re-accelerating to 20.2% YoY.”

Read more about Amazon earnings here.

Here’s Yahoo Finance’s Daniel Howley on what to expect from Amazon earnings:

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Apple (AAPL) will release its fourth quarter earnings after the bell on Thursday, giving investors and analysts their first glimpse into how well the company’s latest iPhones are selling just days after its market cap touched the $4 trillion mark, Yahoo Finance’s Daniel Howley writes.

Read Dan’s preview of what to expect from Apple earnings after the bell on Wednesday:

Read more here.

Cigna (CI) stock plunged more than 12% on Thursday after the health services company reaffirmed its profit guidance for 2025 but warned that its pharmacy benefit manager (PBM) segment would face margin pressures.

Cigna CEO David Cordani said on the company’s earnings call that its partners operating in government programs like Medicaid and Medicare are facing “significant financial and affordability pressures.” Reduced government reimbursements and seniors utilizing more services through Medicare Advantage plans have created dual headwinds for health insurers this year.

“As a result of these factors, we expect margin pressure within our Pharmacy Benefit Services segment over the next two years,” Cordani said (PBMs manage prescription drug benefits for health insurance plans).

For the third quarter, the medical care ratio (MCR) for Cigna’s health insurance arm was 84.8%, slightly above analyst estimates and higher than its MCR of 82.8% a year ago. Cigna anticipates its MCR will be on the high end of its guidance range of 83.2% to 84.2% for the full year.

Cigna reported earnings per share of $6.98 in Q3, beating estimates of $6.24, according to S&P Global Market Intelligence. Revenue also came in ahead, with the company bringing in $69.7 billion for the quarter.