Tesla, Alphabet, Intel, Lloyds and JD Wetherspoon

Two “Magnificant 7” companies are among the big tech names due to report in the coming week, as the latest earnings season gets into full swing.

Tesla's (TSLA) earnings will be in the spotlight, as the electric vehicle (EV) company's shares have continued to come under pressure with sales falling amid backlash against CEO Elon Musk.

Google-parent Alphabet (GOOG, GOOGL) is the other “Magnificent 7” company due to report in the week ahead, with competition in search and growth in its cloud business expected to be in focus.

Another tech name due to report is Intel (INTC), which comes amid reports that the chipmaker is making further layoffs, as recently appointed CEO Lip-Bu Tan seeks to turn the company around.

On the London market, investors will be looking at the latest results from Lloyds (LLOY.L), as the first of the major UK-listed banks to report this earnings season.

Investors will be keeping an eye on JD Wetherspoon's (JDW.L) latest trading update, to see if the pub chain operator has continued to benefit from sunny weather in the UK.

Here's more on what to look out for:

Shares in Tesla (TSLA) are down 21% year-to-date, despite recovering some ground as Musk stepped back US president Donald Trump's Department of Government Efficiency (DOGE) and said he planned to put more time back into the EV company.

Musk's public feud with Trump, following his departure from Washington, has continued to weigh on Tesla (TSLA) shares.

Meanwhile, sales of Tesla (TSLA) vehicles have continued to fall, amid backlash against the CEO, with the company facing increasing competition from rival EV makers.

In figures released early in July, Tesla (TSLA) delivered 384,122 vehicles globally in the second quarter, a drop of 13.5% for the same period last year.

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Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: “The core auto business is in a challenging spot; Chinese competitors, often backed by government cash, are causing a tough market to be even tougher.

“In the US, there’ll likely be a pull forward in demand as buyers look to get in ahead of EV incentive cuts. But the reality is, Tesla’s (TSLA) nearly $1tn (£743bn) market cap cannot be justified by simply selling a few more cars.”

“The next chapter is firmly about automation,” he added. “The robotaxi rollout is stage one, but the real goldmine will come if Tesla (TSLA) can ramp up production of its cybercab next year. In the near term, any positive commentary on robotaxi safety metrics or increasing fleet size will likely be good enough to offset any weakness in the core business.”

Tesla's (TSLA) first quarter earnings missed analyst expectations, with the company posting revenue of $19.34bn (£14.4bn), versus a Bloomberg consensus estimate of $21.37bn. Adjusted earnings of $0.27 per share, also fell short of the $0.43 expected on Wall Street.

OpenAI has said it will use Google's (GOOG, GOOGL) cloud infrastructure for its ChatGPT AI assistant, CNBC reported on Wednesday.

This comes a week after Reuters reported that OpenAI was set to release an AI-powered web browser that would challenge Alphabet's (GOOG) Google Chrome.

Hargreaves Lansdown's Britzman said that going into Alphabet's (GOOG) second quarter results next week there's “still a raging debate about the future of Google search” amid increasing competition.

“Markets are expecting a slight slowdown in services growth, which includes Google advertising and other subscription revenue, to around 8.5%,” he said.

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“Cloud growth is the other key driver for Alphabet (GOOG), with Google Cloud looking much more competitive for AI workloads than it was in previous cloud wars,” Britzman said. “Top-line cloud growth of 26% is expected, and investors will have one eye on margins as AI investment into both cloud infrastructure and its Gemini language models continues at pace.”

He added: “Alphabet (GOOG) has a quality lineup of businesses, but its long-standing crown as the entry point to the internet is under pressure, and that’s put the valuation under strain.”

Alphabet's (GOOG) first quarter results, released in April, beat expectations, with revenue of $90.2bn versus Bloomberg consensus estimates of $89.1bn. Earnings per share (EPS) of $2.81 also best forecasts of $2.01.

Google Services revenue rose 10% to $77.3bn, which Alphabet (GOOG) said reflected strong performance across Google Search & other, Google subscriptions, platforms, and devices, and YouTube ads. Meanwhile, Google cloud revenues were up 28% in the first quarter to $12.3bn.

Alphabet (GOOG) shares rose after the release of its first quarter results, though the stock is trading 3% in the red year-to-date.

Shares in Intel (INTC) surged last week after it was reported that the chipmaker was planning to make more layoffs.

Bloomberg reported that Intel (INTC) was cutting more than 500 positions in Oregon, as part of plans that would ultimately impact 20% of the company's staff.

A spokesperson for Intel (INTC) said: “As we announced earlier this year, we are taking steps to become a leaner, faster and more efficient company. Removing organisational complexity and empowering our engineers will enable us to better serve the needs of our customers and strengthen our execution.

“We are making these decisions based on careful consideration of what’s needed to position our business for the future, and we will treat people with care and respect as we complete this important work.”

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This comes as CEO Lip-Bu Tan, who was appointed in March, seeks to turn around the chipmaker's performance.

During his first public comments as CEO at Intel Vision 2025, Tan laid out his plans for the company while acknowledging the weight of the task ahead of him.

“For quite a long time, we fell behind on innovation. As a result, we have been too slow to adapt and to meet your needs. You deserve better, and we need to improve. And we will,” Tan said during the event.

For the first quarter, Intel (INTC) posted revenue of $12.7bn, which was ahead of expectations of $12.3bn, according to Bloomberg consensus estimates. Adjusted earnings per share of $0.13 also bested estimates of $0.01.

However, Intel's (INTC) outlook for the second quarter disappointed against expectations, with the company guiding to revenue of between $11.2bn and $12.4bn, compared to Wall Street forecasts of $12.8bn.

Despite reporting falls in profits this year, shares in London-listed Lloyds (LLOY.L) are up 41% year-to-date, with the bank maintaining its outlook for 2025.

In the first quarter, profits before tax fell 7% year-on-year to £1.52bn ($2.04bn), according to the first quarter results published on Thursday, which was below consensus estimates of £1.53bn provided by the bank.

Net interest income (NII) — the gap between what it pays out to savers and receives from borrowers in interest — was up 5% on the first quarter last year at £3.2bn. This was also just shy of analyst expectations of £3.26bn.

Lloyds (LLOY.L) also warned that it set aside £100m of provisions amid uncertainty over US tariffs.

Despite this uncertainty, Lloyds (LLOY.L) reaffirmed its guidance for the year, saying it expected to generate underlying net interest income of approximately £13.5bn in 2025.

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Hargreaves Lansdown's Britzman said: “It’s an important month for Lloyds (LLOY.L), not just because of next week's half-year results, but also because the Supreme Court is expected to make a judgment on the motor finance case.

“Lloyds (LLOY.L) has already taken £1.15bn in provisions and analysts expect another c.£800m over 2025, with some pencilling in another tranche next week. Lloyds (LLOY.L) has around a 14% share of the motor finance market, making it more exposed than most of its peers, so investors will be keeping a close eye on how this develops.”

He added: “In terms of financials, Lloyd’s (LLOY.L) giant retail banking exposure already gives it a cost advantage over peers, and investors are expecting to see more actions taken to drive cost efficiencies. Structural hedge repricing should continue to be a tailwind, too, even if rates continue to come down over the rest of the year. Strong underlying performance is expected and, if coupled with a favourable outcome from the motor finance investigation, the valuation looks relatively attractive.”

Pub chain operator JD Wetherspoon (JDW.L) reported a rise in sales in the third quarter, with sunny weather in the UK boosting trade.

JD Wetherspoon (JDW.L) posted a 5.6% increase in like-for-like sales in the third quarter, compared to the same period last year. Total sales rose by 5% in the quarter, which the company said were slightly less than like-for-like sales as a result of a small number of pub disposals.

Tim Martin, chairman of JD Wetherspoon (JDW.L), said: “Bearing in mind that recent trading has been helped by favourable weather, the company anticipates a reasonable outcome for the financial year, notwithstanding previously reported wage and tax increases of approximately £1.2m per week.”

Martin had already warned of the impact of higher labour costs as a result of increases to employer national insurance contributions and the national minimum wage, which were announced in the autumn budget and came into effect in April.

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JD Wetherspoon (JDW.L) is due to release its fourth quarter trading statement on Wednesday 23 July, giving investors a glimpse into what to expect from the company's preliminary full-year results, due out on 3 October.

In a note on Monday, Deutsche Bank (DBK.DE) analyst Tim Barrett raised his target price on JD Wetherspoon (JDW.L) from 450p to 490p but kept a “sell” rating on the stock.

“The pub companies are an obvious beneficiary of an unprecedented spell of dry, hot weather such as that enjoyed by the UK in June/July,” he said. “JDW's estate does not feature rural beer gardens (like Fuller's) but the positive footfall driver is likely to be universal, including on the high street.”

As a result, Barrett said his team raised its assumption on full-year like-for-like sales by 50 basis points to 6.5% and its profit before tax forecast from £71m to £77m.

“However, looking ahead we expect growth to slow: margin compression and the absence of buybacks limits EPS growth to 5% in FY26,” he added.

Monday 21 July

Verizon Communications Inc. (VZ)

NXP Semiconductors N.V. (NXPI)

Ryanair Holdings plc (RYA.IR)

Domino's Pizza, Inc. (DPZ)

First United Corporation (FUNC)

PNB Housing Finance Limited (PNBHOUSING.NS)

MONY Group (MONY.L)

Oxford Nanopore Technologies (ONT.L)

Tuesday 22 July

Compass Group (CPG.L)

Kier Group (KIE.L)

ME Group International (MEGP.L)

Mitie Group (MTO.L)

Petershill Partners (PHLL.L)

SAP SE (SAP.DE)

HD Hyundai Electric Co., Ltd. (267260.KS)

Dixon Technologies (India) Limited (DIXON.NS)

Colgate-Palmolive (India) Limited (COLPAL.NS)

JSW Infrastructure (JSWINFRA.NS)

The Coca-Cola Company (KO)

Philip Morris International Inc. (PM)

RTX Corporation (RTX)

Texas Instruments Incorporated (TXN)

Chubb Limited (CB)

Capital One Financial Corporation (COF)

Northrop Grumman Corporation (NOC)

General Motors Company (GM)

MSCI (MSCI)

Baker Hughes Company (BKR)

Equifax (EFX)

Mercantile Bank Corporation (MBWM)

First Bank (FRBA)

Wednesday 23 July

Breedon Group (BREE.L)

Hochschild Mining (HOC.L)

Informa (INF.L)

Infosys Limited (INFY)

Tata Consumer Products (TATACONSUM.NS)

Bajaj Housing Finance Limited (BAJAJHFL.NS)

T-Mobile US, Inc. (TMUS)

International Business Machines Corporation (IBM)

ServiceNow, Inc. (NOW)

AT&T Inc. (T)

CME Group Inc. (CME)

Moody's Corporation (MCO)

Hilton Worldwide Holdings Inc. (HLT)

Raymond James Financial, Inc. (RJF)

Reliance, Inc. (RELINFRA.NS)

Stifel Financial Corp. (SFB)

Hasbro, Inc. (HAS)

Oatly Group AB (OTLY)

Mattel, Inc. (MAT)

Thursday 24 July

Airtel Africa (AAF.L)

AJ Bell (AJB.L)

Anglo American (AAL.L)

BT Group (BT-A.L)

Centrica (CNA.L)

CVS Group (CVSG.L)

Howden Joinery Group (HWDN.L)

IG Group (IGG.L)

ITV (ITV.L)

Primary Health Properties (PHP.L)

Reckitt Benckiser (RKT.L)

RELX (REL.L)

Vodafone (VOD.L)

Wizz Air (WIZZ.L)

Bajaj Finance Limited (BAJFINANCE.NS)

Hyundai Motor Company (005380.KS)

Kia Corporation (000270.KS)

Canon Inc. (7751.T)

Mitsubishi Motors Corporation (7211.T)

Blackstone Inc. (BX)

Honeywell International Inc. (HON)

TotalEnergies SE (TTE.L)

Newmont Corporation (NEM)

Deutsche Bank (DBK.DE)

Nasdaq (NDAQ)

Keurig Dr Pepper (KDP)

STMicroelectronics (STM)

Nokia Oyj (NOK)

Deckers Outdoor Corporation (DECK)

American Airlines Group Inc. (AAL)

IMAX Corporation (IMAX)

Friday 25 July

Jupiter Fund Management (JUP.L)

NatWest (NWG.L)

Rightmove (RMV.L)

SK Innovation Co., Ltd. (096770.KS)

Metro Brands Limited (METROBRAND.NS)

Aon (AON)

Phillips 66 (PSX)

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