Earnings Roundup: Alphabet, Tesla, and Seagate Exceed Expectations, Visa and Capital One Financial Miss Targets in Extended Trading
ICARO Media Group
Headline: Alphabet, Tesla, and Seagate Beat Earnings Expectations, while Visa and Capital One Financial Miss Revenue Targets in Extended Trading
In extended trading, several prominent companies made headlines as they released their second-quarter earnings reports. Here is a roundup of the key highlights:
Alphabet, the tech giant, reported earnings per share of $1.89 on revenue of $84.74 billion, surpassing consensus estimates. However, despite the beat, Alphabet's stock slipped 1% due to YouTube advertising segment missing revenue forecasts.
Tesla, the electric vehicle maker, fell 4.7% after reporting adjusted earnings per share of 52 cents, below the 62 cents estimated by analysts. On the positive side, the company posted quarterly revenue of $25.5 billion, slightly exceeding expectations.
Visa shares slid more than 2% as the company's fiscal third-quarter revenue of $8.9 billion fell short of the forecasted $8.92 billion. Nevertheless, Visa experienced a 7% increase in payments volume during the quarter.
On the other hand, Seagate, a data storage solutions provider, experienced a positive upswing with its shares rallying over 6%. The company reported earnings per share of $1.05 on revenue of $1.89 billion, surpassing analysts' estimates. Seagate attributed its stronger performance to an improving cloud environment.
Capital One Financial, a credit card issuer, saw its stock decline around 1% due to a second-quarter profit dip. Although the company's revenue rose 5% to $9.51 billion, it fell short of analysts' expectations.
Texas Instruments, the chipmaker, experienced a 5% surge in its stock as it reported better-than-expected earnings. The company recorded $1.22 in earnings per share, in line with forecasts, and revenue of $3.82 billion.
Mattel, the toymaker, saw a modest gain of over 1% as it announced its second-quarter results. Mattel reported adjusted earnings per share of 19 cents, exceeding analysts' estimates. However, its revenue of $1.08 billion slightly missed expectations.
Cal-Maine Foods, the largest egg producer in the United States, faced pressure from the ongoing avian flu outbreak, causing its stock to decline 1%. While earnings per share of $2.32 were higher than the previous year, they were below analysts' predictions. Moreover, the company's sales of $640.8 million fell short of the estimated $652.3 million.
Enphase Energy, a solar energy company, witnessed a 5% increase in its stock price, despite weaker-than-expected second-quarter results. The company reported earnings of 43 cents per share, lower than consensus estimates, and revenue of $304 million, missing forecasts. However, the stock rose due to better-than-expected margins and an optimistic third-quarter revenue forecast of between $370 million and $410 million.
Chubb, an insurance company, saw its stock rise nearly 1% after beating earnings expectations. Chubb reported adjusted earnings per share of $5.38 in the second quarter, surpassing the consensus estimate of $5.14.
Despite the mixed results, market reactions varied as investors assessed the overall performance and outlook of these companies.