After-hours stock movers: Alphabet, Tesla, Visa and others
Check out the companies making headlines in extended trading.
Despite a beat on both top and bottom lines in the second quarter, Alphabet slipped 1% in earnings per share. The company earned $1.89 per share on $84.74 billion in revenue, which was below consensus estimates of $1.84 per share on $84.19 billion in revenue. Additionally, revenue at its Youtube advertising segment missed forecasts.
Tesla's shares dropped 4.7% after their second-quarter earnings fell short of analysts' expectations. The company reported adjusted earnings per share of 52 cents, while analysts surveyed by LSEG had predicted 62 cents per share. However, Tesla's quarterly revenue of $25.5 billion was slightly higher than the $24.77 billion estimated by the Street.
After reporting a revenue miss in its fiscal third quarter, Visa's shares dropped more than 2%. Despite this, payments volume increased by 7% in the quarter.
In the fiscal fourth quarter, Seagate's shares surged over 6% after the company posted earnings and revenue that exceeded analysts' expectations. Seagate reported earnings of $1.05 per share, excluding items, on revenue of $1.89 billion. Analysts surveyed by LSEG had predicted earnings of 75 cents per share on revenue of $1.87 billion. Seagate attributed its stronger performance to an improving cloud environment.
The credit-card issuer's shares dropped by 1% after its second-quarter profit decreased from the previous year, despite a 5% increase in revenue to $9.51 billion from the same period last year. However, this revenue was lower than the analysts surveyed by LSEG had anticipated.
Texas Instruments' earnings per share of $1.22 exceeded the consensus estimate of $1.17 per share, and its revenue of $3.82 billion matched forecasts. As a result, the chipmaker's stock price increased by 5%.
The toymaker's adjusted earnings per share of 19 cents exceeded analysts' expectations of 17 cents per share, despite revenue of $1.08 billion missing forecasts of $1.1 billion. Mattel maintained its full-year guidance and emphasized its gross margin expansion.
The avian flu outbreak has caused a 1% decline in shares of the country's largest egg producer, despite higher earnings of $2.32 per share in the fiscal fourth-quarter, which was still below the predicted $2.41 per share by analysts, according to FactSet. Additionally, sales of $640.8 million were lower than the estimated $652.3 million.
Despite weaker-than-expected second-quarter results, Enphase's solar energy stock added 5%. The company posted earnings of 43 cents per share, which was 5 cents below consensus estimates, according to LSEG. Revenue of $304 million also fell short of the $310 million analyst forecast. However, shares rose on better-than-expected margins and Enphase's third-quarter forecast of between $370 million and $410 million in revenue, which was above the $404 million analyst estimate.
In the second quarter, the insurance company's adjusted earnings per share were $5.38, surpassing the consensus estimate of $5.14 per share, according to FactSet.
— CNBC's Christina Cheddar Berk contributed reporting
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