Microsoft experienced a 6% drop in shares following disappointing results from its cloud business in the fiscal fourth quarter. Despite beating estimates on both lines, the negative cloud business news overshadowed any positive outcomes.
Advanced Micro Devices, on the other hand, saw a 5% jump in shares as second-quarter results exceeded expectations. The chipmaker reported adjusted earnings of 69 cents per share and revenue of $5.84 billion, surpassing analyst predictions.
Arista Networks
Arista Networks added nearly 3% in after-hours trading after beating Wall Street expectations on both revenue and earnings in the second quarter. With adjusted earnings of $2.10 per share and revenue of $1.69 billion, Arista outperformed analyst forecasts.
Shares of Pinterest plummeted by 15% after issuing disappointing guidance for third-quarter revenue. The image-sharing service fell short of analysts’ expectations, despite exceeding estimates in the second quarter with adjusted earnings of 29 cents per share and revenue of $854 million.
Starbucks
While Starbucks saw a 2% increase in shares, the company reported in-line earnings and quarterly revenue that failed to meet analysts’ expectations due to weakened demand. Adjusted earnings of 93 cents per share and revenue of $9.11 billion fell short of forecasts.
Skyworks Solutions
Skyworks Solutions experienced a 2% drop in shares after reporting adjusted earnings of $1.21 per share and revenue of $906 million in the fiscal third quarter. While the earnings were in line with expectations, revenue exceeded the consensus forecast.
Caesars Entertainment
Despite a decline in year-over-year revenue, shares of Caesars Entertainment rose by 3% in after-hours trading. The gaming and hospitality company reported $2.8 billion in revenue for the second quarter, compared to $2.9 billion a year ago.
Informatica’s stock slid 2% following underwhelming revenue for the second quarter. With revenue of $401 million, falling under analyst expectations, the business cloud company posted adjusted earnings per share of 23 cents, 1 cent above the Street’s forecast.
First Solar
First Solar’s stock advanced by 1% after the company’s second-quarter earnings surpassed expectations. The solar company reported earnings of $3.25 per share and revenue of $1.01 billion, outperforming analyst predictions.
Western Union’s stock dipped nearly 8% after posting mixed second-quarter results. While adjusted earnings of 44 cents per share fell below expectations, revenue of $1.07 billion exceeded the consensus estimate.
Live Nation Entertainment
The Ticketmaster parent company, Live Nation Entertainment, saw a 3% drop in after-hours trading. Second-quarter earnings of $1.03 per share were less than the consensus estimate, although revenue was in line with expectations at $6.02 billion.
Mondelez International
Mondelez International, the maker of Sour Patch Kids, slipped 2% after reporting second-quarter revenue of $8.34 billion, slightly below analyst forecasts. However, the company raised its dividend by 11%.
The after-hours market report reflects a mixture of positive and negative outcomes for various companies. While some, like Advanced Micro Devices and Arista Networks, exceeded expectations, others, such as Microsoft and Pinterest, fell short. It is essential for investors to carefully analyze these results and consider the broader market context before making any investment decisions based on after-hours trading performance.