Welcome to the business world! Here’s the latest on the companies making waves in postmarket trading.
First up, let’s talk about Microsoft. The tech giant slipped 1% after releasing its quarterly results. Despite this, they still posted earnings of $2.93 per share on $62.02 billion in revenue, surpassing the expectations of analysts. Notably, revenue from their cloud services rose by a whopping 30% compared to the previous year.
Next, we have Tesla. Shares of the electric vehicle company fell nearly 2% as a Delaware judge agreed to void CEO Elon Musk’s $56 billion compensation package. This comes after a lawsuit filed by a Tesla shareholder.
Moving on to Electronic Arts, the stock declined 3.3% after its fiscal third-quarter revenue was below estimates, coming in at $2.37 billion.
Alphabet also had some news to share, with their shares falling around 5.8% on the company’s fourth-quarter results. Although Google ad revenue was slightly below analysts’ expectations, Alphabet still managed to beat expectations on both top and bottom lines.
Now let’s talk about Mondelez. The snack company slipped more than 3% after reporting higher-than-expected adjusted earnings and revenue that was in line with analysts’ forecasts. However, organic growth and volume in some key markets came in lower than expected.
Shifting gears to Starbucks, the coffee chain advanced 3% in extended trading, with their CEO noting the company’s brand strength despite facing some “headwinds”. Starbucks’ fiscal first-quarter adjusted earnings came in slightly below analysts’ expectations.
In the world of chipmakers, Advanced Micro Devices lost 4% following its fourth-quarter earnings. Although adjusted earnings were in line with estimates, revenue guidance for the first quarter was lower than expected.
On a more positive note, Stryker, the medical tech company, jumped 4% after reporting earnings and revenue that surpassed analysts’ expectations. The company also issued a rosy guidance for the full year.
Next, let’s discuss Skyworks Solutions. The chip supplier rallied 3% on the back of its fiscal first-quarter results, with CEO Liam Griffin noting signs of recovery in the Android smartphone market.
And finally, Powell Industries, the maker of electrical infrastructure equipment, surged almost 13% after posting impressive fiscal first-quarter earnings and a significant increase in revenue from the previous year.
So there you have it – the latest market updates on some of the most influential companies. Stay tuned for more updates as these stories continue to unfold.
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