Despite a long weekend on Wall Street, the market is off to a bumpy start, with futures lower as investors digest earnings as well as higher interest rates.
Home Depot was one of the most significant earnings reports Tuesday morning.
DON'T MISS: Home Depot Stock Tumbles After Q4 Sales Miss, Muted Profit Outlook
Home Depot reported earnings, beating analyst expectations on earnings per share. The company reported earnings of $3.30, versus $3.28.
However, the company missed on revenue expectations for the first time since 2019. It reported $35.83 billion in revenue. Analysts were looking for $35.97 billion.
"Fiscal 2022 was another record year for The Home Depot as our team continued to successfully execute in a challenging and dynamic environment," said CEO Ted Decker. "Our ability to deliver growth on top of the $40 billion of sales growth achieved over the prior two-year period, while navigating persistent inflation, ongoing global supply chain disruptions, and a tight labor market, is a testament to investments we have made in the business, as well as our associates' relentless focus on our customers."
Similarly to Home Depot, Walmart also sees muted 2023 growth. The company said that its earnings came in at $1.71, beating expectations of $1.51 a share.
"We’re excited about our momentum. The team delivered a strong quarter to finish the year, and as our results in the last two quarters show, they acted quickly and aggressively to address the inventory and cost challenges we faced last year," said CEO Doug McMillon. "We built momentum in the third quarter and that continues. We are well-positioned to start this fiscal year."
