Earnings This Week: Salesforce, Xpeng and easyJet

An office of traders with multiple trading screens
Josh Warner
By :  ,  Market Analyst

Earnings calendar: Nov 28 – Dec 2

The earnings calendar quietens down this week as we approach the end of earnings season and enter December.

The US calendar is headlined by CRM software giant Salesforce, grocer Kroger, discount retailer Dollar General, semiconductor stock Marvell Technology and luxury goods group PVH.

A number of Asian companies listed in the US will also be providing updates, including ecommerce platform Pinduoduo, video sharing site Bilibili and electric carmaker Xpeng.

In the UK, we will have results out from airline easyJet, security software maker GB Group, fintech firm Wise and Shaftesbury, which owns a portfolio of real estate across London’s West End.

Monday November 28

Pinduoduo Q3

Tuesday November 29

Intuit Q1

Bank of Nova Scotia Q4

NetApp Q2

Wise H1

Bilibili Q3

easyJet FY

Shaftesbury FY

GB Group H1

Workday Q3

Wednesday November 30

Salesforce Q3

Royal Bank of Canada Q4

Splunk Q3

Xpeng Q3

Five Below Q3


Pennon H1

Thursday December 1

Toronto Dominion Bank Q4

Bank of Montreal Q4

Dollar General Q3

Kroger Q3

Ulta Beauty Q3

Zscaler Q1

Big Lots Q1

Marvell Q3



Pinduoduo saw a recovery in consumer sentiment in the second quarter, when it delivered a sharp acceleration in revenue growth and saw earnings more than double. This trend is expected to continue in the third. Analysts forecast revenue will rise 44% from last year to RMB30,903 million as weaker demand for merchandise is expected to be more than offset by strong growth from its online marketplace and transaction services. Adjusted net income is expected to more than double to RMB7,087 million thanks to much better margins. Notably, Pinduoduo saw cashflow more than double year-on-year in the last quarter but these gains could narrow in 2023 as it continues to spend big on marketing and investment, including on its new ecommcerce Temu platform in the US. It is worth noting that Pinduoduo shares, like many Chinese ADRs, are proving highly sensitive to the Covid-19 situation in China.



Low-cost airline easyJet has already provided a glimpse into what to expect from its full year results this week, having confirmed that Ebitdar will be in the region of £665 million and £685 million while headline Ebit will be between £525 million to £545 million. That will mark a star improvement from the losses seen in 2021 and driven by revenue almost quadrupling amid the recovery in demand since the pandemic and higher prices. Still, easyJet will remain in the red at the bottom-line, partly because of operational issues and elevated levels of cancellations which improved in the fourth quarter. The airline has said it expects capacity to be some 30% higher in 2023 than 2022, although this will still only equal around 83% of what it was operating before the pandemic hit. Markets currently believe easyJet can return to profit in 2023 even as revenue growth moderates thanks to tougher comparatives, although the second half is expected to be much stronger than the first.



Shaftesbury, which owns properties across the likes of Soho, Chinatown and Fitzrovia, will deliver a strong improvement in results when it reports this week after celebrating its first summer of trading unencumbered by Covid-19 restrictions, leading to a resurgence in visitor numbers from both home and abroad. Occupancy levels are back at pre-pandemic levels and most of its tenants are generating more in sales now than back in 2019. Its portfolio valuation dipped during in the second half given the weaker market thanks to rising interest rates and the uncertain economic outlook. Net property income is forecast to rise 29% from last year to £83.7 million. EPRA earnings of £36.2 million are expected to rise from £13.3 million. The dividend continues to recover too, and the annual payout is expected to be some 40% higher than last year, having seen the interim dividend doubled. However, the final payout could be at risk considering it is in the process of merging with Capital & Counties, which should be completed in the first quarter of 2023.



Salesforce will be one of the most keenly-watched updates this week as it is regarded as a bellwether for how business spending is faring. Wall Street forecasts revenue will be up 14% from last year in the third quarter at $7.29 billion and that adjusted EPS will fall 4% to $1.22. That would be the fifth consecutive quarter of lower earnings but the mildest decline yet, suggesting we are past the trough considering EPS is expected to start growing at a rapid pace in the fourth quarter. Remaining performance obligations, representing the amount of work secured but yet to be completed, is forecast to fall from the previous quarter as businesses start to become more selective with spending. Salesforce has itself been curtailing expenditure and this should lead to improved margins. Some analysts believe more cost-saving measures could be introduced as Salesforce takes a prudent approach to early signs of a slowdown and attempts to revive its bottom-line. We have seen brokers cut their target price on the stock by around 9% in the last three months amid the challenging outlook.



We already know that Xpeng delivered 29,570 vehicles in the third quarter, up some 15% from last year. Since then, we saw a notable drop in monthly output in October amid softer demand for its cheaper models targeted at customers that have proven more price-sensitive following hikes made across the industry this year. The company launched the new G9 sedan in September and pricier models are set to start making up a bigger proportion of its sales mix going forward, which should prove beneficial in the current environment. Xpeng has said it has everything in place for a ‘steady production ramp-up beginning in November’ of the G9. Analysts forecasts that revenue will be up 12% year-on-year at RMB6,388 million. Its adjusted loss per share is expected to widen to $1.69 from $0.88. Its gross margin remains under pressure amid elevated costs in the inflationary environment and analysts are looking for 12.3% in the third quarter, which would be the highest posted in a year as its newer premium models start to take off.



Kroger has outperformed the market this year and is up over 3% since the start of 2022. Food sales have continued to grow as consumers continue to buy despite higher prices and this has not only allowed Kroger to grow revenue but also protect profitability far better than the wider retail space. In fact, when most have been forced to cut guidance on several occasions this year, Kroger raised its outlook in the last quarter and is now aiming to grow annual adjusted EPS by as much as 10%. For the third quarter, Wall Street believes the company will report identical sales growth of 4.4% and adjusted operating income of $897.7 million, up 1.6% from last year. Adjusted EPS is estimated to rise 4.2% to $0.81. Kroger agreed to merge with rival Albertsons last month.



Marvell has proven far more insulated from the problems hitting the semiconductor industry this year than most, although this has not stopped its share price more than halving in 2022. It predominantly sells chips used in data centres, infrastructure and networks and demand is holding up here far better than the softer consumer electronics market that has forced many of the bigger players to cut forecasts this year. Wall Street forecasts that Marvell will report a 29% rise in revenue from last year to $1.56 billion – marking another new record for the company - and are looking for a slight improvement in gross margin to 51.4%. Adjusted EPS is forecast to rise 36% to $0.59. Marvell has suffered from supply chain disruption but has said this should continue to ease and lead to an acceleration in revenue growth from the fourth quarter onwards.


How to trade stocks

You can trade all of these stocks with City Index in just four easy steps:

  1. Open a City Index account, or log-in if you’re already a customer.
  2. Search for the stock you want to trade in our award-winning platform
  3. Choose your position and size, and your stop and limit levels
  4. Place the trade

Or you can try out your trading strategy risk-free by signing up for our Demo Trading Account.

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.

Economic Calendar