Apple managed to exceed expectations in the fiscal third quarter, reporting earnings of $1.40 per share, surpassing the expected $1.35 per share. The company’s revenue of $85.78 billion also outperformed analysts’ estimates. Shares of the iPhone maker inched higher following the positive results.
On the contrary, Intel saw a sharp decline in its stock price after announcing plans to suspend its dividend in the fiscal fourth quarter. The chip stock plummeted 17% after reporting worse-than-expected quarterly results and revealing intentions to lay off 15% of its workforce. The company also shared an underwhelming guidance for the upcoming quarter.
Amazon faced a setback in extended trading as its shares dropped 5% due to weaker-than-expected revenue in the second quarter. The e-commerce giant also issued a disappointing forecast for the third quarter. Despite this, revenue in its cloud division managed to increase by 19% in the second quarter, surpassing analysts’ estimates.
In contrast to Amazon, DoorDash experienced a surge in its stock price, climbing nearly 14% after reporting a revenue beat in the second quarter. The online food ordering company posted $2.63 billion in revenue, exceeding analysts’ expectations. Management also raised the marketplace gross order value forecast for the third quarter, further enhancing investor confidence.
The crypto exchange operator, Coinbase, witnessed a 5% increase in its shares following revenue results slightly above estimates. On the other hand, the fintech company, Block, rallied over 7% after reporting better-than-expected adjusted earnings in the second quarter. Despite missing revenue estimates, the positive earnings performance uplifted investor sentiment.
Snap, the parent company of the instant messaging app, faced a significant decline of 17% after issuing a third-quarter adjusted earnings outlook below analyst estimates. Revenue for the latest quarter also missed expectations, leading to a negative market reaction.
Roku’s shares soared more than 5% following second-quarter results that surpassed expectations. The streaming device company reported a narrower-than-expected quarterly loss and revenue that topped consensus estimates, showcasing strong performance and boosting investor confidence.
In a positive turn of events, Clorox’s stock advanced 4% after issuing fiscal full-year earnings guidance above analysts’ estimates. The company’s fiscal fourth-quarter adjusted earnings also exceeded consensus estimates, indicating a strong financial performance.
GoDaddy witnessed a 6% increase in its shares after raising its revenue guidance for the full year. The web hosting company’s optimistic outlook reassured investors and led to a positive market reaction.
However, Atlassian faced a decline of more than 13% after disappointing investors with its forward revenue guidance. Similarly, Booking Holdings, the online travel reservation company, slumped 4% due to gross bookings coming in below consensus estimates. Despite beating on the top and bottom lines, the company’s performance fell short of market expectations.
The companies making headlines in extended trading experienced a mixed bag of results, with some exceeding expectations and others facing challenges and disappointing forecasts. The market reaction varied based on each company’s performance, highlighting the importance of consistent financial results and accurate guidance for investor confidence.