Amazon’s shares rose nearly 2% in extended trading after the company reported earnings of 98 cents per share on $143.31 billion in revenue. The tech giant beat both top and bottom-line estimates, with analysts forecasting earnings of 83 cents per share on $142.5 billion in revenue. Despite the positive results, Amazon’s second-quarter revenue forecast fell short of expectations. The advertising and Amazon Web Services segments also outperformed projections.
Starbucks Faces Setback
Starbucks’ shares tumbled almost 10% in extended trading following the coffee chain’s fiscal second-quarter miss on both the top and bottom lines. The company reported earnings of 68 cents per share on revenue of $8.56 billion, falling short of analysts’ expectations of 79 cents per share for earnings and $9.13 billion for revenue. Starbucks’ disappointing performance in the second quarter led to a significant decline in its stock value.
Advanced Micro Devices Struggles
Chip company Advanced Micro Devices experienced a more than 7% decline in its stock price as its gaming segment revenue for the first quarter plunged by 48% year-over-year to $922 million. Total revenue slightly exceeded expectations at $5.47 billion compared to the consensus estimate of $5.46 billion provided by LSEG. The company’s forecasted revenue for the current quarter aligns with analyst predictions of $5.70 billion.
Pinterest Surges on Strong Results
Shares of Pinterest surged nearly 19% after the company reported an earnings and revenue beat in the first quarter. Pinterest posted adjusted earnings of 20 cents per share, surpassing forecasts for 13 cents per share. The revenue growth for the quarter also accelerated, highlighting a positive outlook for the social media platform.
Super Micro Computer witnessed an 8% drop in its shares after reporting fiscal third-quarter revenue of $3.85 billion, missing the consensus estimate of $3.95 billion. Despite this revenue shortfall, the company managed to exceed adjusted per-share earnings expectations, posting $6.65 per share compared to the estimated $5.78 per share. Additionally, Super Micro Computer issued a promising fourth-quarter revenue guidance.
Natural gas producer Chesapeake Energy posted disappointing earnings of 56 cents per share, excluding items, causing little change in its stock price. The results fell short of the FactSet consensus estimate of 59 cents per share, indicating challenges for the energy company in the current market environment.
Caesars Entertainment Faces Losses
Casino stock Caesars Entertainment saw a 3% decline following disappointing first-quarter results. The company reported a wider-than-expected loss of 73 cents per share, while analysts had forecasted losses of 7 cents per share. Revenue also missed estimates, coming in at $2.74 billion versus consensus estimates of $2.84 billion.
Mondelez International Shares Slip
Snack company Mondelez International reported better-than-expected first-quarter results but saw a more than 1% decline in its shares. The company posted adjusted earnings of 95 cents per share on $9.29 billion in revenue, surpassing analysts’ estimates of 89 cents per share and $9.16 billion in revenue. However, Mondelez anticipated a net revenue growth reduction of around 1.5% due to currency translation effects.
Diamondback Energy Beats Estimates
Oil and gas company Diamondback Energy exceeded analysts’ expectations by reporting earnings of $4.50 per share, excluding items, for the first quarter. The company also outperformed revenue estimates, posting $2.23 billion compared to the expected $2.10 billion. Despite the positive results, Diamondback Energy’s shares declined by 1% after hours.
Clorox Faces Revenue Miss
Consumer goods company Clorox faced a 3% decline in its stock price after reporting revenue of $1.81 billion in the fiscal third quarter, falling short of estimates of $1.87 billion provided by LSEG. The revenue miss contributed to the overall negative sentiment surrounding Clorox’s performance.
The market recap of companies making headlines in extended trading showcases a diverse range of outcomes. While some companies like Amazon and Pinterest exceeded expectations, others like Starbucks and Super Micro Computer faced setbacks. The mixed results highlight the volatility and unpredictability of the current market environment. Investors need to carefully assess the performance of individual companies based on their financial reports and outlook to make informed decisions in the ever-changing stock market landscape.