Tech Companies Experience Mixed Results in Extended Trading
ICARO Media Group
In extended trading, several technology companies made headlines with varying outcomes. While some companies exceeded expectations and saw their shares rise, others faced disappointing results that led to a decline in stock prices.
Apple, the iPhone maker, announced its fiscal third-quarter earnings. The company beat analysts' estimates by reporting earnings of $1.40 per share, surpassing the projected $1.35 per share. Apple also exceeded revenue expectations, with reported revenue of $85.78 billion. However, despite these positive figures, their shares slipped nearly 2%.
Intel, the chip stock, saw a significant drop of 17% in extended trading. The company revealed worse-than-expected quarterly results and announced plans to lay off 15% of its workforce. Additionally, Intel decided to suspend its dividend in the fiscal fourth quarter. Disappointing guidance for the current quarter further contributed to the decline in stock prices.
E-commerce giant Amazon also experienced a decline, with shares dropping 5% in extended trading. Although the company's cloud division reported a 19% increase in revenue, exceeding expectations, Amazon's overall Q2 revenue fell short of projections. Additionally, the company issued a disappointing forecast for the third quarter, which led to the decrease in stock value.
On a positive note, DoorDash, the online food ordering company, saw shares surge nearly 14% after reporting revenue that beat expectations. DoorDash recorded $2.63 billion in revenue for the second quarter, surpassing the estimated $2.54 billion. The management also raised the marketplace gross order value forecast for the third quarter, further boosting investor confidence.
Crypto exchange operator Coinbase experienced a rise of nearly 5% in extended trading. The company's second-quarter revenue, amounting to $1.45 billion, slightly exceeded estimates. The positive performance demonstrated resilience in the crypto market.
Fintech company Block witnessed a rally of more than 7% after reporting better-than-expected adjusted earnings in the second quarter. Although Block's revenue of $6.16 billion missed analysts' estimates, the strong adjusted earnings of 93 cents per share, above consensus calls, boosted investor sentiment.
Snap, the parent company of the instant messaging app, faced a significant drop of 17% due to disappointing earnings results. Snap's third-quarter adjusted earnings fell short of analysts' estimates, resulting in a forecast range that did not meet expectations. Additionally, revenue for the latest quarter missed the Street's forecasts, contributing to the decline in stock prices.
Roku, the streaming device company, experienced a jump of over 5% after posting second-quarter results that exceeded expectations. With a narrower-than-expected quarterly loss of 24 cents per share, Roku outperformed analysts' predictions. The reported revenue of $968 million also topped the consensus estimate, reflecting a strong performance.
Cleaning and household products company Clorox saw its stock advance 4%. Clorox issued fiscal full-year earnings guidance that exceeded analysts' estimates. Fiscal fourth-quarter adjusted earnings of $1.82 per share outperformed consensus estimates of $1.56 per share, adding to investor optimism.
Coterra Energy faced a decline of 1.8% after reporting disappointing second-quarter earnings results. The company's adjusted earnings of 37 cents per share fell below the estimated earnings per share by FactSet.
Web hosting company GoDaddy saw shares rise by 6% after raising its revenue guidance for the full year. With a full-year revenue guidance range between $4.525 billion and $4.565 billion, GoDaddy exceeded analysts' expectations.
The performance of these tech companies in extended trading highlights the volatility and challenges facing the industry. While some companies exceeded expectations and garnered investor confidence, others faced challenges and experienced declines in stock prices.