Alphabet reported first-quarter earnings of $1.89 per share, which exceeded analysts’ estimates of $1.51 per share. Revenues also beat expectations, coming in at $80.54 billion compared to an estimate of $78.59 billion. The company’s stock soared about 15% in extended trading. In addition, Alphabet announced its first ever dividend and a $70 billion buyback. Meanwhile, Microsoft saw shares climb 4.5% after posting fiscal third-quarter results that surpassed Wall Street’s expectations, leading to a positive reaction in extended trading.
Snap reported first-quarter results that beat analysts’ estimates, causing its shares to soar more than 27% in afterhours trading. Revenue increased by 21% to $1.19 billion, driven by improvements in the company’s advertising platform. On the other hand, Intel faced a slide of 8% in extended trading after missing expectations for first-quarter sales and providing a weak forecast for the current quarter. Despite this, the company reported earnings that beat Wall Street expectations. Dexcom, a manufacturer of glucose monitoring systems, also reported positive results, with beats on the top and bottom lines, but its stock fell 8% regardless.
Gilead Sciences saw its stock jump almost 3% following a better-than-expected quarterly report. The company posted a loss of $1.32 per share, which was narrower than the expected loss of $1.49 per share. Revenue of $6.69 billion also exceeded expectations. Skechers, a shoe company, advanced more than 7% after reporting first-quarter earnings of $1.33 per share and revenue of $2.25 billion, surpassing analysts’ estimates. L3Harris Technologies, an aerospace and defense company, saw its shares rise nearly 2% after delivering a stronger-than-expected report. The company posted an adjusted EPS of $3.06, above consensus estimates, and revenue of $5.21 billion, surpassing expectations.
Overall, the companies making headlines after the bell saw a mix of positive and negative reactions, with some stocks soaring on better-than-expected earnings and revenues, while others faced declines despite reporting positive results. Investors reacted positively to Alphabet’s strong performance and news of its dividend and buyback, as well as to Microsoft’s surpassing of Wall Street expectations. On the other hand, Intel and Dexcom faced declines in their stock prices despite reporting positive results. Gilead Sciences, Skechers, and L3Harris Technologies all saw their stocks rise following better-than-expected quarterly reports.
