In the after-hours market trading session, several stocks experienced significant movements based on their quarterly results. While some companies witnessed surges, others faced declines, setting the tone for market sentiment.
Shares of Meta Platforms soared nearly 6% after the company reported stronger-than-expected quarterly results. The social media giant also issued optimistic sales guidance for the third quarter, further boosting investor confidence.
Chipotle Mexican Grill: Sales Fall Short, Stock Tumbles
The popular burrito chain’s stock tumbled 9% in extended trading as sales fell short of Wall Street expectations. Chipotle reported adjusted earnings of $12.65 a share on $2.51 billion in revenue, missing analysts’ estimates.
Imax shares added 5% after the entertainment technology company reported adjusted earnings of 26 cents per share, beating analysts’ expectations. The company’s revenue also surpassed estimates, contributing to its positive performance.
Lam Research: Semiconductor Firm Soars on Strong Quarter
Shares of Lam Research received a more than 2% boost as the company posted strong quarterly results, including adjusted earnings of $5.98 per share, exceeding estimates by 91 cents per share. Additionally, Lam’s revenue of $3.21 billion beat expectations.
ServiceNow dropped 3% despite reporting a beat on both the top and bottom lines for the second quarter. The cloud computing company’s adjusted earnings per share of $2.37 on revenue of $2.15 billion exceeded analysts’ estimates.
eBay: Weak Guidance Leads to Stock Slide
The e-commerce stock slid about 5% after eBay issued weak guidance for the current quarter. The company’s projected adjusted earnings per share of 96 cents to $1.01 fell short of analysts’ expectations.
Shares of Sunnova Energy slid more than 7% after the solar company reported weaker-than-expected financial results for the second quarter, including a wider-than-anticipated loss per share.
Align Technology: Orthodontics Company Sees Shares Rise
Align Technology witnessed its shares pop 12% in the after-hour market after reporting adjusted earnings of $2.22 per share for the second quarter, exceeding estimates. The company’s revenue for the quarter also topped expectations, and revenue guidance for the year was above analyst forecasts.
Shares of the toymaker Mattel remained flat following the announcement of the departure of Richard Dickson, chief operating officer, who is set to become CEO of Gap. Additionally, Mattel reported second-quarter adjusted earnings of 10 cents a share on revenue of $1.09 billion, with mixed results.
Seagate Technology: Revenue Falls Short, Stock Declines
Seagate Technology shares fell 2% in extended trading as the data storage company’s revenue for the fourth fiscal quarter came in below analysts’ expectations.
The aerospace and defense stock fell more than 2% despite reporting earnings that surpassed expectations. L3Harris reported adjusted earnings of $2.97 a share on $4.69 billion in revenue and increased earnings and revenue guidance. Aerojet Rocketdyne shares, on the other hand, added over 1% following news that the Federal Trade Commission will not block its acquisition by L3Harris.
After-Hour Market Overview: S&P 500 and Nasdaq Edge Lower
The S&P 500 and Nasdaq saw a slight decline in the after-hours market as investors assessed mixed earnings reports from tech giants Microsoft and Alphabet. The market’s focus was on the upcoming Federal Reserve rate hike that could result in the highest borrowing costs since the global financial crisis. Microsoft eased 4.0% despite beating estimates for quarterly revenue and profit due to its ambitious spending plan, while Alphabet gained 6.1% after its second-quarter profit exceeded expectations. The NYSE FANG+ index, housing megacap growth names, dropped 1.1%, following a substantial rally this year based on optimism over AI and Fed rate expectations.
