Apple managed to beat analysts’ estimates on both the top and bottom lines in the fiscal third quarter. Earnings per share came in at $1.40, exceeding the expected $1.35. Revenue also surpassed estimates, totaling $85.78 billion.
Unfortunately, Intel did not fare as well, with shares plummeting 17% in extended trading. The company announced plans to suspend its dividend in the fiscal fourth quarter and lay off 15% of its workforce due to worse-than-expected quarterly results.
Shares of Amazon dropped 5% as the e-commerce giant reported weaker-than-expected revenue for the second quarter. The company also issued a disappointing forecast for the third quarter, despite its cloud division revenue increasing by 19%.
In contrast, DoorDash saw its shares surge nearly 14% after reporting a revenue beat in the second quarter. With $2.63 billion in revenue, the company exceeded the estimated $2.54 billion. Management also raised the marketplace gross order value forecast for the third quarter.
The crypto exchange operator experienced a 5% increase in shares in extended trading, reporting revenue of $1.45 billion for the second quarter, slightly above estimates of $1.40 billion. This positive performance was reflected in the stock price.
Block, a fintech company, rallied over 7% on better-than-expected adjusted earnings in the second quarter. With adjusted earnings of 93 cents per share, surpassing the consensus of 84 cents per share, Block showcased its potential for growth.
Snap, the parent company of the instant messaging app, faced a significant drop of 17% in its shares. The company’s third-quarter adjusted earnings estimate fell short of expectations, leading to the decline in stock value.
Roku, a streaming device company, witnessed a more than 5% increase in shares after posting second-quarter results that exceeded expectations. With a narrower-than-expected quarterly loss and higher revenue, Roku demonstrated its ability to outperform estimates.
Clorox’s stock advanced by 4%, driven by strong fiscal full-year earnings guidance and better-than-expected fourth-quarter adjusted earnings. This positive performance indicated the company’s resilience and ability to deliver results.
On the other hand, Coterra Energy experienced a 1.8% decline in shares after posting disappointing second-quarter earnings results. The adjusted earnings fell below the consensus estimate, causing concern among investors.
GoDaddy’s shares rose by 6% after the web hosting company raised its revenue guidance for the full year. The positive outlook from GoDaddy provided confidence to investors, leading to an increase in stock value.
Unfortunately, Atlassian witnessed a more than 13% decline in shares due to a forward outlook that disappointed investors. Despite its current-quarter revenue guidance, falling short of expectations caused a negative reaction in the market.
Booking Holdings saw a 4% slump in shares following second-quarter gross bookings missing consensus estimates. While the company beat on the top and bottom lines for the period, the failure to meet booking expectations led to the decline in stock value.
The performance of these companies in extended trading reflects the varied outcomes of their financial results and guidance. While some companies managed to exceed expectations and provide positive forecasts, others fell short, leading to declines in stock value. Investors should carefully analyze the underlying factors driving these results to make informed decisions about their investment strategies.