Microsoft, Alphabet, Visa, Snap, Texas Instruments, CoStar Group, and Stride were the companies grabbing attention in extended trading.
Shares of Microsoft surged by over 3% after the tech giant reported its fiscal first-quarter results, surpassing analysts’ expectations. The company’s earnings per share stood at $2.99 on $56.52 billion in revenue, outperforming forecasts of EPS at $2.65 on $54.50 billion in revenue. Microsoft attributed its increased profit to slower operating expense growth and better-than-expected revenue from its Azure cloud segment.
On the other hand, Alphabet, the parent company of Google and YouTube, experienced a 5% drop in share prices despite beating analysts’ estimates in the third quarter. While revenue growth reached 11%, a surge from the previous quarter, revenue from Google Cloud fell short at $8.41 billion, well below consensus estimates of $8.64 billion.
Meanwhile, Visa, the global payments company, witnessed a 1.7% increase in shares after posting better-than-expected earnings and revenue in the fiscal fourth quarter. Visa also announced a 16% increase in dividends and authorized a $25 billion share buyback.
Snap, the parent company of Snapchat, saw a slight increase in share prices following its third-quarter results. Posting earnings of 2 cents per share on revenue of $1.19 billion, Snap exceeded analysts’ estimates of a loss of 4 cents per share on revenue of $1.11 billion. CEO Evan Spiegel emphasized the return to sales growth during the quarter. However, the initial surge of shares, reaching as high as 20% in postmarket trading, reversed as investors processed news of some advertisers pausing spending due to the Israel-Hamas war.
Shares of Texas Instruments, the semiconductor designer and manufacturer, declined by 4.4% after releasing a mixed earnings report. The company reported earnings of $1.85 per share, surpassing analysts’ estimates of $1.82. However, revenue slightly missed estimates, amounting to $4.53 billion compared to the consensus among analysts of $4.58 billion.
CoStar Group, the commercial real estate company, experienced a 9% drop in shares as its fourth-quarter earnings and revenue guidance fell below analysts’ expectations. In the third quarter, CoStar’s revenue of $625 million failed to meet the consensus estimate of $625 million, while adjusted earnings per share of 30 cents aligned with estimates.
In contrast, tech-based education company Stride rallied by nearly 12% after reporting stronger-than-expected results in its fiscal first quarter. Stride reported earnings per share of 11 cents, surpassing analysts’ estimate of a loss of 37 cents per share. Revenue also exceeded estimates, reaching $480.2 million, compared to analysts’ projections of $425.2 million. The boost in revenue was fueled by enrollment strength in Stride’s General Education and Career Learning segments.
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