Several companies made headlines in after-hours trading, including Microsoft, Advanced Micro Devices, Arista Networks, Pinterest, Starbucks, Skyworks Solutions, Caesars Entertainment, Informatica, First Solar, Western Union, Live Nation Entertainment, and Mondelez International. Microsoft’s shares dropped 6% after reporting disappointing results in its cloud business, overshadowing beats on both lines for the fiscal fourth quarter. On the other hand, Advanced Micro Devices saw its stock jump 5% after second-quarter results surpassed estimates with adjusted earnings of 69 cents per share and revenue of $5.84 billion. Arista Networks added nearly 3% after beating Wall Street expectations in the second quarter with adjusted earnings of $2.10 per share and $1.69 billion in revenue.
Pinterest shares dropped 15% after issuing disappointing guidance for third-quarter revenue, falling short of analysts’ expectations. Despite reporting in-line earnings and quarterly revenue that missed expectations due to weaker demand, Starbucks saw its shares rise by 2%. Starbucks posted adjusted earnings of 93 cents per share and revenue of $9.11 billion in its fiscal third quarter. Skyworks Solutions dropped 2% as its adjusted earnings for the fiscal third quarter came in at $1.21 per share, in line with expectations, while revenue was higher than the consensus forecast at $906 million.
Despite a second-quarter report showing a decline in revenue year over year, shares of Caesars Entertainment rose 3%. Caesars reported $2.8 billion in revenue for the quarter. Informatica’s stock slid 2% after posting underwhelming revenue for the second quarter, with revenue coming in at $401 million, slightly under analysts’ estimates. First Solar saw its shares advance 1% as its second-quarter earnings topped expectations with earnings of $3.25 per share on $1.01 billion in revenue. Western Union’s stock dipped nearly 8% after reporting mixed second-quarter results, with adjusted earnings of 44 cents per share coming in below analysts’ expectations, despite revenue topping estimates at $1.07 billion.
Live Nation Entertainment, the Ticketmaster parent, dropped 3% as second-quarter earnings of $1.03 per share fell short of analyst estimates, though revenue came in line with expectations at $6.02 billion. Mondelez International, maker of Sour Patch Kids, slipped 2% after reporting second-quarter revenue below analyst estimates at $8.34 billion, despite raising its dividend by 11%. Overall, the after-hours trading market featured a variety of companies with mixed results, as investors reacted to the latest earnings reports and guidance provided by these firms.
