News & Analysis

Costco tops EPS but falls short on revenue

8 March 2024 By Klavs Valters


Broadcom Inc. (NASDAQ: AVGO) wasn’t the only company releasing the latest earnings report on Thursday.

World’s second largest supermarket chain Costco Wholesale Corporation (NASDAQ: COST) also announced their results after the closing bell on Wall Street.

Costco reported revenue of $57.33 billion vs. $59.111 billion expected. Revenue rose by 5.7% year-over-year.

Earnings per share (EPS) was reported at $3.92, which was above Wall Street estimate of $3.64 per share. EPS increased by 18.78% vs. the same period the year prior.

Company overview

  • Founded: September 15, 1983
  • Headquarters: Issaquah, Washington, United States
  • Number of employees: 316,000 (2023)
  • Industry: Retail
  • Key people: Hamilton E. James (Chairman), W. Craig Jelinek (President and CEO)

Stock reaction

Broadcome was up by 1.60% before the earnings call, trading at $785.59 a share. Shares rose to a new all-time high of $787.08 during the session.

The stock was down by around 4% post market after the latest results were announced.

Stock performance

  • 5 day: +4.99%
  • 1 month: +7.85%
  • 3 months: +27.83%
  • Year-to-date: +18.32%
  • 1 year: +62.87%

Costco stock price targets

  • Oppenheimer: $805
  • Telsey Advisory Group: $785
  • Wells Fargo & Company: $675
  • The Goldman Sachs Group: $749
  • Loop Capital: $755
  • Tigress Financial: $745
  • Northcoast Research: $620
  • Raymond James: $670
  • UBS Group: $725
  • BMO Capital Markets: $700
  • DA Davidson: $600
  • Stifel Nicolaus: $675
  • Citigroup: $630
  • Evercore ISI: $650
  • JP Morgan Chase & Co.: $605

Costco Wholesale Corporation is the 26th largest company in the world with a market cap of $346.60 billion, according to CompaniesMarketCap.

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  • Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
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  • Extended trading hours on popular US stocks means extended opportunities

Sources: Costco Wholesale Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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