In extended trading, Apple saw its shares inch higher after beating analysts’ estimates on both the top and bottom lines. With fiscal third-quarter earnings of $1.40 per share, surpassing the expected $1.35, and revenue totaling $85.78 billion, Apple proved to be a winner in this round of trading.
On the other end of the spectrum, Intel’s stock sank a staggering 17% after announcing that it would suspend its dividend in the upcoming fiscal fourth quarter. The chip company also revealed plans to lay off 15% of its workforce, coinciding with worse-than-expected quarterly results and disappointing guidance for the current quarter.
Amazon Sees Drop in Stock Value
Amazon experienced a 5% drop in its share value during extended trading as the e-commerce giant reported weaker-than-expected revenue for the second quarter. The company’s forecast for the third quarter also fell short, resulting in a dip in stock performance. However, the revenue in its cloud division did manage to beat analysts’ estimates by 19%.
DoorDash Surges with Revenue Beat
DoorDash, the online food ordering company, saw a nearly 14% surge in its stock value after reporting a revenue beat in the second quarter. With $2.63 billion in revenue compared to the estimated $2.54 billion, DoorDash also raised its marketplace gross order value forecast for the third quarter.
Both Block and Coinbase saw positive results in extended trading. Block rallied more than 7% after reporting better-than-expected earnings in the second quarter, with adjusted earnings of 93 cents per share exceeding the consensus call of 84 cents per share. Meanwhile, Coinbase experienced a 5% increase with second-quarter revenue coming in slightly above estimates at $1.45 billion.
Snap Faces Stock Drop After Disappointing Forecast
The parent company of the instant messaging app, Snap, faced a 17% drop in stock value after announcing a third-quarter adjusted earnings forecast that fell short of analyst estimates. With revenue for the latest quarter missing forecasts, Snap’s performance disappointed investors.
Roku Surprises with Exceeding Expectations
A bright spot in extended trading was Roku, which saw shares jump more than 5% after posting second-quarter results that exceeded expectations. The streaming device company reported a narrower-than-expected quarterly loss and revenue that topped consensus estimates.
Clorox and GoDaddy Beat Expectations
Clorox and GoDaddy both outperformed in extended trading. Clorox’s stock advanced 4% after issuing fiscal full-year earnings guidance that exceeded analysts’ estimates. GoDaddy saw a 6% increase in shares after raising its revenue guidance for the full year, surpassing expectations.
Atlassian and Booking Holdings Experience Declines
Not all companies fared well in extended trading. Atlassian sank more than 13% after disappointing investors with its forward outlook. The software company’s revenue guidance for the current quarter came in below analyst expectations. Similarly, Booking Holdings slumped 4% after missing consensus estimates on gross bookings for the second quarter, despite beating on the top and bottom lines for the period.
Extended trading can be a rollercoaster ride for investors, with some companies emerging as winners while others face stock declines. It is essential for investors to carefully evaluate each company’s performance and outlook before making investment decisions in this volatile market.