Alphabet (GOOGL): Shares of Google’s parent company fell in extended trading after the company missed Wall Street estimates on the top and bottom lines. Sales for the quarter was $69.09 billion, up 6% from a year ago. Earnings were $1.06 a share. YouTube advertising revenue fell from the previous quarter to $7.1 billion, below analyst expectations for $7.4 billion. Morningstar Senior Equity Analyst Ali Mogharabi told Yahoo Finance the results were ‘disappointing’ and reflected the slowdown in ad spending.
Microsoft (MSFT): The tech giant reported its slowest quarterly revenue growth in 5 years as a weakening PC market and the strong dollar weighed on results. Softer cloud sales was also a focus for investors in extended trading with Azure’s revenue growth decelerating to 35% during the quarter. Revenue from its Intelligent Cloud business, which includes Azure, totaled $20.3 billion. RBC Capital Markets Software Equity Analyst Rishi Jaluria told Yahoo Finance that the macroeconomic environment is deteriorating and he expects that to ‘continue to weigh on Azure’s numbers going forward.’
Spotify (SPOT): Shares fell more than 10% in after hours trading after the company warned of margin pressure in the current quarter. For the third quarter, Spotify reported 456 million monthly active users, surpassing its previous guidance, while Premium subscribers grew 13% to 195 million.
Chipotle (CMG): The restaurant chain reported earnings and revenue that topped Wall Street’s estimates, a sign that customers are willing to pay higher prices. Chipotle raised prices again in August, marking the third time the company has done so in the last 15 months. Morningstar analyst Sean Dunlop told Yahoo Finance that the results show Chipotle is “certainly recession resistant.” So far this year, shares of Chipotle are down about 11%.
Mattel (MAT): The company lowered its full year profit guidance ahead of the important holiday sales quarter, sending shares lower in extended trading. For the third quarter, adjusted earnings were 82 cents per share while sales were flat from a year ago.
Texas Instruments (TXN): Shares fell after fourth quarter revenue and profit guidance fell below the street’s estimates. On the earnings call, executives warned that “most of our end markets will decline sequentially, with the exception of the automotive market” and warned that inventory was below desired levels. Revenue for the third quarter totaled $5.24 billion, up from $4.64 billion in the year-ago quarter.
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Image and article originally from finance.yahoo.com. Read the original article here.