In extended trading, Apple saw its share price inch higher after beating analysts’ estimates on both the top and bottom lines. The company reported fiscal third-quarter earnings of $1.40 per share, surpassing the expected $1.35 per share. Revenue also exceeded expectations, coming in at $85.78 billion. This positive performance from Apple can be attributed to the strong sales of its iPhone products, as well as continued growth in its services segment.
On the other hand, Intel’s stock plummeted by 17% in extended trading following the announcement of disappointing quarterly results. The company revealed plans to suspend its dividend in the fiscal fourth quarter and lay off 15% of its workforce. This news, along with the lower-than-expected guidance for the current quarter, contributed to the significant drop in Intel’s share price.
Amazon
Amazon also experienced a decline in its share price, dropping 5% after reporting weaker-than-expected revenue for the second quarter. The e-commerce giant issued a disappointing forecast for the third quarter, which impacted investor sentiment. However, Amazon’s cloud division did see a 19% increase in revenue in the second quarter, which managed to beat analysts’ estimates.
In contrast, DoorDash outperformed expectations with a nearly 14% surge in its share price. The online food ordering company reported a revenue beat in the second quarter, surpassing analyst estimates. DoorDash also raised its marketplace gross order value forecast for the third quarter, providing further optimism for investors.
Shares of the crypto exchange operator, Coinbase, rose nearly 5% in extended trading after reporting revenue slightly above estimates. The company’s strong performance in the second quarter demonstrates continued interest in cryptocurrency trading and investment, which bodes well for its future growth prospects.
Block, a fintech company, rallied more than 7% on better-than-expected adjusted earnings in the second quarter. The company reported adjusted earnings of 93 cents per share, exceeding consensus calls from analysts. However, the revenue of $6.16 billion fell short of analysts’ estimates, indicating potential challenges in revenue generation for Block.
The parent company of the instant messaging app, Snap, faced a 17% decline in its share price after issuing weak guidance for third-quarter adjusted earnings. Snap’s revenue for the latest quarter also missed analysts’ forecasts, leading to a significant sell-off in the stock. This poor performance reflects concerns about the company’s ability to sustain growth in the highly competitive social media landscape.
Roku, a streaming device company, saw its share price jump more than 5% after reporting second-quarter results that exceeded expectations. The company posted a narrower-than-expected quarterly loss and generated higher revenue than anticipated, demonstrating strong demand for its streaming services. Roku’s positive performance highlights the increasing popularity of streaming platforms in the media industry.
Clorox’s stock advanced by 4% after the company issued fiscal full-year earnings guidance that surpassed analysts’ estimates. The company’s strong performance in the fiscal fourth quarter, with adjusted earnings per share of $1.82, indicates effective cost management and revenue growth. Clorox’s ability to outperform expectations reflects its resilience and competitive positioning in the market.
Shares of Coterra Energy dipped 1.8% after the company reported disappointing earnings results for the second quarter. The adjusted earnings per share fell below the consensus estimate, signaling challenges in profitability and operational efficiency for Coterra Energy. This underperformance may raise concerns among investors about the company’s long-term growth prospects.
GoDaddy’s shares surged 6% after the web hosting company raised its revenue guidance for the full year. The upward revision in revenue forecast reflects GoDaddy’s confidence in its business outlook and growth potential. This positive development can boost investor confidence in the company’s ability to deliver strong financial performance in the coming quarters.
The software company, Atlassian, saw its stock price plummet more than 13% after disappointing investors with a weak forward outlook. The company’s revenue guidance for the current quarter fell below analyst expectations, signaling potential challenges in revenue generation and business growth. Atlassian’s poor performance underscores the importance of maintaining strong investor relations and transparent communication about future prospects.
Booking Holdings, an online travel reservation company, slumped 4% after missing consensus estimates for gross bookings in the second quarter. While the company beat on the top and bottom lines for the period, the lower-than-expected gross bookings raise concerns about the company’s ability to drive revenue growth and market share. Booking Holdings may need to reassess its marketing and customer acquisition strategies to improve its performance in the competitive travel industry.
The performance of companies in extended trading can vary significantly based on their quarterly results, revenue forecasts, and growth prospects. While some companies like Apple and DoorDash exceeded expectations and saw significant stock price gains, others like Intel and Snap faced challenges and experienced share price declines. Investors should carefully evaluate the financial health and strategic direction of each company to make informed decisions about their investment portfolios.