Netflix, the popular streaming giant, has exceeded Wall Street’s expectations in its third-quarter profits. The company reported earnings of $3.73 per share on $8.54 billion in revenue, surpassing analysts’ estimates of $3.49 per share and $8.54 billion in revenue. Additionally, Netflix experienced strong subscriber growth, adding 8.76 million subscribers in the quarter compared to the expected 5.49 million.
Despite missing expectations in both revenue and earnings for the third quarter, Tesla’s stock saw a 1.4% increase. The electric vehicle maker reported adjusted earnings of 66 cents per share on $23.35 billion in revenue. Analysts had predicted earnings of 73 cents per share and $24.10 billion in revenue. Tesla also noted a decline in margins compared to the same period last year.
Zions Bancorporation, a regional bank, faced a 4% drop in shares after reporting an earnings miss. The bank’s earnings per share for the third quarter came in at $1.13, falling below analysts’ expectations of $1.15 per share. Net interest income also decreased by 12% from the previous year, totaling $585 million.
On a positive note, Las Vegas Sands, the casino and resort stock, experienced a 5% increase in shares following a third-quarter revenue beat. The company reported $2.8 billion in revenue, surpassing analysts’ estimates of $2.73 billion. Adjusted earnings were in line with expectations, at 55 cents per share.
However, Lam Research, a semiconductor stock, saw a 3% decline in shares despite beating expectations in its fiscal first-quarter results. The company reported adjusted earnings of $6.85 per share on $3.48 billion in revenue. Analysts had predicted earnings of $6.12 per share and revenue of $3.41 billion.
Overall, Netflix’s impressive performance in the third quarter and Tesla’s resilience despite missing expectations are notable highlights in the after-hours trading. While Zions Bancorporation experienced a setback, Las Vegas Sands and Lam Research demonstrated positive outcomes in their respective sectors. Investors will be closely monitoring these developments in the coming days.
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