Live Earnings Updates: All Eyes on Musk and Meta as Q3 Profits Rise

It’s big tech’s time in the earnings spotlight, with Meta (META), SpaceX (SPCX) and Tesla (TSLA) reporting this week.

SpaceX and Netflix (NFLX) kick things off after the bell Tuesday. On Wednesday we will see results from Tesla and Meta, providing an early read on the state of the Magnificent Seven and the AI business.

Wall Street estimates the S&P 500’s earnings growth rate will be 29.6%, according to FactSet data. If this rate continues, it would mark the third consecutive quarter of profit growth above 25%.

A broader set of companies, including General Motors (GM), IBM (IBM), United Airlines (UAL), and Procter & Gamble (PG), also report earnings this week.

LIVE 3 updates

GE Aerospace exceeds expectations
GE Aerospace (GE) reported third-quarter profit of $2.29 billion on Tuesday. AP Reports:
On a per-share basis, the Evendale, Ohio-based company reported profit of $2.20. Earnings, adjusted for one-time gains and costs, came to $2.25 per share.
The results exceeded Wall Street’s expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was $2.02 per share.
The industrial conglomerate recorded revenue of $14.12 billion during the period. Its adjusted revenue was $13.29 billion, also beating Street forecasts. Four analysts surveyed by Zacks expected $12.65 billion.
GE expects annual earnings of between $8 and $8.10 per share.
SpaceX Profit Preview: AI Spending and Annual Recurring Revenue Now Become the Main Issue
SpaceX (SPCX) will report its highly anticipated third-quarter results after the bell on Tuesday, only its second report as a public company. The report comes as the stock has rallied in recent weeks.
After losing nearly 30% following its $150 IPO during its first weeks as a public company, SpaceX stock recovered in the third quarter and is now trading around its debut price.
As for the quarter itself, SpaceX is expected to report third-quarter revenue of $12.7 billion, according to the Bloomberg consensus, up sequentially from the second quarter’s $7.8 billion. SpaceX is expected to report adjusted EPS of $0.15, with adjusted EBITDA of $6.59 billion.

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GM Surpasses Third Quarter Results, Tightens Earnings Outlook, Unveils New $20 Billion Buyback
GM (GM) reported third-quarter results before the bell that beat estimates, tightened its full-year profit outlook instead of raising it, but instead launched its shareholders with a new $20 billion share buyback program.
For the quarter, GM reported third-quarter revenue of $50.0 billion, up 2.9% from a year ago and above the Bloomberg consensus of $48.52 billion. GM reported adjusted EPS of $3.70 versus an estimated $3.57, with adjusted EBIT of $4.1 billion, ahead of the $4.02 billion expected and up nearly 22%.
But the big update was to the tips. For the full year, GM now expects:
Adjusted EBIT of $14.5 billion to $15.5 billion (previously $14.0 billion to $16.0 billion)
Adjusted EPS from $12.75 to $13.75 (previously $12.00 to $14.00)
Auto sector adjusted free cash flow of $11.5 billion to $12.5 billion (previously $9.5 billion to $11.5 billion)

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