Alphabet, the tech giant, saw its stock slip 1% despite beating expectations on both top and bottom lines in the second quarter. With earnings of $1.89 per share on $84.74 billion in revenue, the company outperformed consensus estimates. However, revenue from its YouTube advertising segment fell short of expectations.
Shares of electric vehicle maker Tesla declined 4.7% after reporting second-quarter earnings that missed analysts’ consensus estimates. The company posted adjusted earnings per share of 52 cents, lower than the expected 62 cents. Despite this, Tesla’s $25.5 billion in quarterly revenue was slightly higher than the Street’s estimate.
Visa shares slipped more than 2% after the company reported a revenue miss in its fiscal third quarter. With $8.9 billion in revenue, slightly below the forecasted $8.92 billion, analysts were disappointed with the results. However, payments volume rose 7% in the quarter.
Seagate saw its shares rally more than 6% after posting an earnings and revenue beat in the fiscal fourth quarter. Earning $1.05 per share on $1.89 billion in revenue, the company exceeded analysts’ expectations. The improving cloud environment was cited as a reason for Seagate’s strong performance.
Shares of credit card issuer Capital One Financial fell about 1% after reporting second-quarter profit that was lower than the previous year. The bank set aside more money to offset potential credit losses, leading to a 5% increase in revenue to $9.51 billion. However, this figure fell short of analysts’ expectations.
Chipmaker Texas Instruments rallied 5% after reporting better-than-expected earnings. With $1.22 in earnings per share versus the estimated $1.17 per share, the company also met revenue forecasts of $3.82 billion. Investors were pleased with the solid performance.
Toymaker Mattel advanced more than 1% after announcing its second-quarter results. With adjusted earnings per share of 19 cents, higher than analysts’ estimates, the company fell slightly short on revenue at $1.08 billion. Mattel reiterated its full-year guidance and emphasized its gross margin expansion.
Shares of the nation’s largest egg producer, Cal-Maine Foods, fell 1% due to the ongoing avian flu outbreak affecting its performance. Earnings of $2.32 per share in the fiscal fourth quarter were below analysts’ predictions, as were sales at $640.8 million compared to the $652.3 million estimate.
Despite weaker-than-expected second-quarter results, Enphase Energy saw its stock rise 5%. The company posted earnings of 43 cents per share, falling below consensus estimates, but impressed investors with better-than-expected margins. The third-quarter revenue forecast of between $370 million and $410 million also boosted confidence.
The insurance company Chubb gained nearly 1% despite the mixed results from other companies in extended trading. Investors remained optimistic about Chubb’s future prospects, leading to a modest increase in share price.
Overall, the stock market saw a mix of winners and losers in extended trading as companies reported their quarterly results. While some stocks rallied on strong earnings and revenue beats, others faced challenges that resulted in declines. Investors will continue to monitor market trends and company performances as they make investment decisions.
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