Several companies made headlines before the bell, with notable gains in stock prices. Microsoft shares rose by 4% after reporting strong fiscal third-quarter results, driven by the success of its Azure business. Alphabet, another tech behemoth, saw a surge of over 11% after posting first-quarter results that exceeded expectations and announcing its first-ever dividend and a $70 billion buyback. Snap also experienced a surge of 22% after exceeding expectations in their first-quarter results, with revenue rising by 21% due to improvements in their advertising platform.
On the other hand, Intel saw shares drop by more than 8% as investors reacted to the chipmaker’s first-quarter financial results. While adjusted earnings per share beat estimates, sales fell short of expectations, leading to a weak forecast for the current quarter. Exxon Mobil and Chevron both saw dips in their stock prices after reporting mixed first-quarter results. Exxon Mobil’s earnings fell below the consensus estimate, while Chevron’s revenue missed expectations. AutoNation, however, saw a 1% increase in shares after surpassing earnings estimates, despite missing revenue expectations.
AbbVie and Colgate-Palmolive both experienced stock price increases after reporting strong first-quarter results. AbbVie’s adjusted earnings per share and revenue exceeded expectations, leading the company to raise its full-year earnings forecast. Colgate-Palmolive also beat expectations in their quarterly results, with adjusted earnings per share and revenue surpassing analyst estimates. Skechers saw a significant jump in shares of over 10% after reporting first-quarter results that beat expectations in both earnings and revenue.
DexCom, a maker of glucose monitoring systems, saw a 5% drop in shares despite beating quarterly expectations on both the top and bottom lines. Charter Communications also saw a 3.4% drop after their first-quarter earnings came in weaker than anticipated. Despite these fluctuations in stock prices, it is clear that some companies are exceeding expectations and experiencing growth, while others are facing challenges in meeting analyst estimates. Investors will be closely monitoring these companies as they navigate the current economic landscape and work towards sustainable growth.
