Look ahead to FTSE 350, other companies reporting and economic events from 5 – 9 May 2025

• Markets look to Novo Nordisk for reassurance on full-year outlook.
• AI platform adoption in focus for Palantir
• Competition is intense for Disney
• Wetherspoons feels the strain
• Tariffs could pose a risk to Shopify’s success
• Next strong start of the year, but will UK retail hold up?

Palantir, Q1 Results, Monday 5 May
Matt Britzman, senior equity analyst, Hargreaves Lansdown 
“Palantir has become a key name in the AI investment space, but its high valuation means there’s immense pressure to deliver impressive growth. In the past three months, the stock’s been twice as volatile as the broader market, so investors have had to strap in. Next week’s first-quarter results need to show continued strength, with revenue growth of 36% and a significantly bigger jump in profits expected.

Markets will be closely watching progress in Palantir’s consumer division and the adoption of its Artificial Intelligence Platform (AIP). Success in these areas is vital for expanding beyond government contracts and tapping into the vast enterprise market. This is an exciting business, but the valuation can only be justified with an unprecedented level of growth over the medium term – results will likely need to exceed expectations to keep the bears at bay.”

Novo Nordisk, Q1 Results, Wednesday 7 May
Derren Nathan, head of equity analysis, Hargreaves Lansdown 
“Novo Nordisk’s full-year guidance will be under intense scrutiny in next week’s first-quarter results. In February, the company said it expected sales growth of 16-24%. There’s likely to be a particular focus on the weight loss jab, Wegovy. And while analysts still see plenty of opportunities to go for in the anti-obesity market, Novo’s market share is coming under pressure. There have also been some disappointments on what use cases US public healthcare providers are prepared to fund. Competition is heating up to bring differentiated products to market in the space, too.

With that in mind, investors will also be looking out for updates from Novo’s research pipeline. An oral formulation of the active ingredient in Wegovy, additional approvals for existing therapies, as well as next-generation medicines are all still in play.”

Disney, Q2 Results, Wednesday 7 May  
Susannah Streeter, head of money and markets, Hargreaves Lansdown 
“Investors are highly sensitive to the performance of Disney+ given that its seen as crucial to the future of the House of Mouse, as its broader media business is heavily exposed to traditional TV, which is in decline. So, once again, subscriber numbers will be closely watched. More cautious American consumers could see a soft set of subscriber growth forecasts emerge again, which would be a disappointment.

Competition in the industry is intense, and the costs of production are huge, to keep churning out quality content and keep eyes on screen. Disney+ has shown it can give rivals a run for their money, especially with its deep back catalogue to lean on. It can also cross-pollinate hits into its parks, entertainment, and cruise business, which is still Disney’s largest profit driver. But this part of the business is more likely to see peaks and troughs and could also be hit by falling consumer sentiment in the United States.”

JD Wetherspoon, Q3 Results, Wednesday 7 May
Susannah Streeter, head of money and markets, Hargreaves Lansdown 
“Faced with higher costs, ‘Spoons has been feeling the strain. Although it had a resilient first half of the financial year in terms of revenues, underlying operating profits dipped back and that’s even before the higher payroll costs come into effect. Boss, Tim Martin, is famously vociferous about the struggles in the pub sector, and he’s already flagged that the wage and National Insurance increases which came into play in April would hit hard. The expectation is that it will mean costs will rise by around £60 million annually, or around £1,500 per pub on average per week. Although revenues have been rising, it’s going to be a struggle to offset these higher costs with increased sales going forward.

Amid the clouded outlook, investors will be keen for fresh guidance about what the coming months will bring. The chain’s value credentials will hold it in good stead if the economy deteriorates, and the pivot of its estate away from underperforming pubs to areas of high footfall, like transport hubs, also offers resilience. But the outlook ahead is still likely to be glass half empty rather than glass half full.”

Shopify, Q1 Results, Thursday 8 May  
Susannah Streeter, head of money and markets, Hargreaves Lansdown 
“Shopify’s recent run of success risks becoming unstuck amid the tariff turmoil, just as the e-commerce platform is increasing investment to expand to reach new customers. Shopify has become an e-commerce powerhouse by offering easy-to-build and maintain transactional websites via its platform. It’s been a winning formula for companies large and small, and Shopify is providing the backbone for their growth. But despite posting an impressive 31% rise in fourth quarter revenue, helped by a 25% surge in orders processed, its guidance for the coming months disappointed investors. This was partly because its projected free cash flow, the amount left over after essential capital spending, came in lower than expected.

Investments are being made to expand the solutions for customers to drive future growth which seems sensible. But there are also concerns brewing about how susceptible the small and medium-sized businesses it supports could be to a US downturn. Many are importers and re-sellers, which could also be hit by tariffs. Investors will be keen to establish if Shopify has started to see any impact, and how it could weather a potential storm ahead.’’

Next, Q1 Trading Statement, Thursday 8 May
Aarin Chiekrie, equity analyst, Hargreaves Lansdown 
“Next saw strong growth in the early weeks of the year, primarily driven by rising online and overseas sales. However, its retail stores continue to face challenges in the tough UK market, and investors are eager to see if there are any signs of revival in this segment.

The company’s performance is expected to be stronger in the first half of the year, with sales estimates for this period being revised upwards to 6.5% from the previous 3.5%. As the year progresses, Next expects growth in the UK to slow due to rising employer taxes and their subsequent impact on consumer confidence and employment.

Next has gained a bit of a reputation for beating expectations, after a series of strong results saw multiple profit upgrades last year. Investors are hoping to see this trend continue in next week’s first-quarter update.”

Among those currently scheduled to release results next week:

*Events on which HL will be updating investors