Alphabet, the tech giant, experienced a 1% slip in extended trading despite reporting a beat on both top and bottom lines in the second quarter. The company earned $1.89 per share on $84.74 billion in revenue, surpassing consensus estimates. However, the revenue at its YouTube advertising segment missed forecasts.
Shares of electric vehicle maker Tesla declined by 4.7% after second-quarter earnings came in below consensus estimates. Tesla reported adjusted earnings per share at 52 cents, falling short compared to the 62 cents per share estimated by analysts. Despite this, the company posted $25.5 billion in quarterly revenue, slightly above the $24.77 billion estimated by the Street.
Visa saw its shares slip by more than 2% following a revenue miss in its fiscal third quarter. The company reported $8.9 billion in revenue, slightly below the $8.92 billion forecast by analysts. Payments volume, however, rose 7% in the quarter.
Shares of Seagate rallied more than 6% as the company posted an earnings and revenue beat in the fiscal fourth quarter. Seagate earned $1.05 per share, excluding items, on $1.89 billion in revenue, outperforming analyst estimates. The company credited an improving cloud environment for its stronger performance.
Shares of credit card issuer Capital One Financial fell around 1% after its second-quarter profit declined from a year ago due to the bank setting aside more money to offset potential credit losses. Although revenue rose 5% to $9.51 billion, it fell below analyst expectations.
Chipmaker Texas Instruments experienced a 5% rally after reporting better-than-expected earnings. The company recorded $1.22 in earnings per share versus the consensus estimate of $1.17 per share. Its revenue of $3.82 billion aligned with forecasts.
Toymaker Mattel advanced more than 1% after announcing its second-quarter results. Its adjusted earnings per share of 19 cents exceeded analysts’ estimates, while revenue slightly missed forecasts. The company reiterated its full-year guidance and emphasized gross margin expansion.
Shares of the nation’s largest egg producer, Cal-Maine Foods, fell by 1% as the avian flu outbreak continued to impact its performance. Earnings of $2.32 per share in the fiscal fourth quarter were higher than the previous year but fell short of analyst predictions. Sales also missed estimates.
Despite weaker-than-expected second-quarter results, Enphase Energy saw its stock rise by 5%. The company posted earnings of 43 cents per share, below consensus estimates, and revenue fell short of analyst forecasts. However, shares rose on better-than-expected margins and a strong third-quarter revenue forecast.
Insurance company Chubb gained nearly 1% in extended trading, showing resilience amid market volatility.
The extended trading session saw a mix of reactions from various companies following the release of their earnings reports. While some companies exceeded expectations and saw their stock prices rally, others faced declines due to missed estimates or external factors impacting their performance. Overall, the stock market continues to be unpredictable, highlighting the importance of thorough research and analysis before making investment decisions.
Leave a Reply