Procter & Gamble under pressure after mixed quarterly results

Procter & Gamble (PG.US) stock is trading 1.0% lower after the consumer goods giant posted mixed quarterly results in Q2 2023.

Company earned $1.59, which came in line with expectations,
Net income dropped to $3.93 billion, or $1.59 a share YoY, from $4.22 billion, or $1.66 a share.
Revenue dropped 1% YoY to $20.77 billion, slightly above analysts’ estimates of $20.73 billion. It was the first year-over-year decline since Q2 2017.
Organic sales jumped 5% as higher than expected price increases of 10%, offset a 6% decline in shipment volumes.
For the current year, P&G lifted its revenue outlook to down 1% to flat from down 3% to down 1% and affirmed EPS growth outlook of flat to up 4%, which may mean the expected higher sales will not provide enough boost to the bottom line.

Highlights of Procter & Gamble recent earnings report. Source: AlphaStreet

Procter & Gamble (PG.US) stock fell over 3.0% in pre-market, however buyers launched a recovery move after the US open. Price bounced off major support at $142.35 which is marked with 38.2% Fibonacci retracement of the last upward wave. As long as price sits above, another upward impulse towards recent highs may be launched, however, buyers need to deal with the 200 SMA (red line), which acts as the first line of resistance. Source: xStation5

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