Stock futures were falling Wednesday, led lower by tech shares following mixed earnings from
Microsoft
and Google parent
Alphabet.
The parade of corporate results continues Wednesday with reports from
Boeing,
Meta
Platforms, and International Business Machines.
These stocks were poised to make moves Wednesday:
Microsoft
‘s (MSFT) fiscal first-quarter revenue jumped 13% to $56.5 billion and beat Wall Street’s expectations. Revenue in the company’s Azure cloud business rose 29%, ahead of the pace set in the previous quarter. Microsoft reported profit of $2.99 a share, well ahead of expectations of $2.65. The stock rose 3.7%.
Alphabet
(GOOGL) posted earnings in the third quarter that beat analysts’ estimates but Google Cloud revenue grew just 22% to $8.4 billion, missing forecasts of $8.6 billion and slowing from 28% in the previous quarter. Alphabet shares dropped 6.7%.
Visa
(V) narrowly topped earnings and revenue estimates in its fiscal fourth quarter, driven by a continued post-pandemic rebound in international travel. The payments company said it expects “high single-digit to low double-digit” revenue growth next fiscal year and “low-teens” growth in adjusted earnings per share. Shares declined 1.2%.
Chip maker
Texas Instruments
(TXN) reported third-quarter revenue below analysts’ expectations and issued a forecast for its fiscal fourth quarter that also missed.
Texas Instruments
said it expects revenue in the fourth quarter of between $3.93 billion and $4.27 billion and earnings between $1.35 and $1.57 a share. Analysts were calling for revenue of $4.5 billion and adjusted earnings of $1.79 a share. The stock fell 5.6%.
Shares of
Snap
(SNAP) were rising 1.2% in premarket trading after the parent of
Snapchat
reported a third-quarter loss that was narrower than expected and revenue of $1.19 billion that beat analysts’ expectations. Daily active users were 406 million versus the 405.8 million estimate.
Shares of
Teladoc
(TDOC) were down 7% after the virtual care company reported a narrower-than-expected third-quarter loss but revenue of $660 million that missed estimates.
CoStar Group
(CSGP) was falling 9.5% after third-quarter revenue at the real estate information provider missed analysts’ estimates.
Stride
(LRN) reported a fiscal first-quarter profit of 11 cents a share, while analysts were forecasting a loss of 37 cents. Revenue in the period rose nearly 13% to $480.2 million. The stock jumped 11%.
SunPower
(SPWR) dropped 9.5% in premarket trading after the solar panel maker said it would be restating financial statements for 2022 and for the first two quarters of 2023.
SunPower
said it determined “the value of consignment inventory of microinverter components at certain third-party locations had been overstated in the affected periods in the range of approximately $16 million to $20 million.”
Earnings reports are expected Wednesday from
Meta Platforms
(META),
Thermo Fisher Scientific
(TMO),
T-Mobile US
(TMUS),
International Business Machines
(IBM),
ServiceNow
(NOW),
Boeing
(BA), and
General Dynamics
(GD).
Write to Joe Woelfel at [email protected]
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