Apple managed to beat analysts’ estimates on both the top and bottom lines in the fiscal third quarter. The iPhone maker reported earnings of $1.40 per share, exceeding the expected $1.35 per share. Revenue also surpassed expectations, coming in at $85.78 billion. This positive performance resulted in a slight increase in the company’s stock price during extended trading.
Intel: A Tough Quarter
On the flip side, Intel faced a challenging quarter with its stock plummeting 17%. The chip stock announced plans to suspend its dividend in the fiscal fourth quarter and lay off 15% of its workforce. The disappointing quarterly results and grim guidance for the current quarter added to the negative sentiment surrounding Intel’s stock.
Amazon: Mixed Results
Amazon experienced a 5% drop in its stock price after reporting weaker-than-expected revenue for the second quarter. The e-commerce giant also issued a disappointing forecast for the third quarter. However, the cloud division saw a 19% increase in revenue, which managed to beat analysts’ estimates, providing a silver lining amidst the mixed results.
In contrast, DoorDash saw a significant surge of nearly 14% in its stock price after reporting a revenue beat in the second quarter. The online food ordering company posted $2.63 billion in revenue, surpassing the estimated $2.54 billion. Additionally, management raised the marketplace gross order value forecast for the upcoming third quarter, instilling confidence in investors.
Coinbase: Riding the Crypto Wave
The crypto exchange operator, Coinbase, experienced a 5% increase in its stock price during extended trading. Revenue in the second quarter slightly exceeded estimates, reaching $1.45 billion. This positive performance reflects the growing interest in cryptocurrencies and their trading platforms.
Block: Exceeding Expectations
Block, a fintech company, rallied more than 7% after reporting better-than-expected adjusted earnings in the second quarter. The company’s adjusted earnings of 93 cents per share surpassed consensus calls of 84 cents per share. However, Block fell short on revenue, missing analysts’ estimates, which tempered some of the stock’s gains.
Snap, the parent company of the instant messaging app, faced a 17% drop in its stock price. The company’s third-quarter adjusted earnings forecast fell below expectations, contributing to the negative sentiment surrounding Snap’s stock. Revenue for the latest quarter also missed forecasts, adding to the downward spiral.
On a positive note, Roku’s stock jumped over 5% after posting second-quarter results that exceeded expectations. The streaming device company reported a narrower-than-expected quarterly loss of 24 cents per share, outperforming the anticipated loss of 43 cents per share. Additionally, revenue topped the consensus estimate, further fueling the stock’s rise.
Clorox’s stock advanced 4% after issuing fiscal full-year earnings guidance that surpassed analysts’ estimates. The company reported strong fiscal fourth-quarter adjusted earnings, coming in at $1.82 per share compared to the expected $1.56 per share. This positive outlook contributed to the stock’s upward movement.
Unfortunately, Coterra Energy experienced a 1.8% dip in its stock price after posting disappointing earnings results. The company reported adjusted second-quarter earnings below the consensus estimate, further dampening investor confidence in Coterra Energy’s stock.
GoDaddy’s stock saw a 6% increase after the web hosting company raised its revenue guidance for the full year. The company’s full-year revenue guidance exceeded analyst expectations, signaling optimism about future growth potential.
Atlassian: Disappointing Forward Outlook
Atlassian faced a more than 13% decline in its stock price after the company’s forward outlook failed to meet investor expectations. The software company guided revenue for the current quarter below analyst estimates, leading to a sharp drop in the stock price.
Booking Holdings: Missed Expectations
Booking Holdings, the online travel reservation company, slumped 4% in extended trading. Gross bookings for the second quarter fell short of consensus estimates, although the company managed to beat on the top and bottom lines for the period. This mixed performance led to a decline in Booking Holdings’ stock price.
Overall, the extended trading session saw a mix of winners and losers among the stocks of various companies. While some firms managed to exceed expectations and boost investor confidence, others faced challenges and experienced stock price declines. The market remains volatile, influenced by a combination of company-specific performances and broader economic trends.
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