Several companies made headlines in midday trading, with Chevron’s stock slipping 2.7% after reporting second-quarter earnings that missed Wall Street estimates. Analysts had expected earnings of $2.93 per share on revenue of $50.8 billion, but Chevron reported adjusted earnings of $2.55 per share on revenue of $51.18 billion. Intel also saw its stock slump more than 26% after announcing softer-than-expected guidance and layoffs that would reduce its workforce by 15,000 employees. The chipmaker also stated it would not pay its fiscal fourth-quarter dividend.
Amazon’s stock pulled back 9% after the e-commerce firm reported a disappointing third-quarter outlook, with revenue expectations of $154 billion to $158.5 billion falling short of analysts’ estimates of $158.24 billion. In contrast, Apple’s shares jumped nearly 1% after the tech giant reported fiscal third-quarter results that beat expectations. Apple’s overall revenue rose 5% year over year, driven by strong iPhone, iPad, and Services sales. Snap, the parent company of Snapchat, saw its stock decline 26% after providing weaker-than-expected third-quarter guidance, with adjusted earnings expected to be between $70 million to $100 million.
Shares of Cloudflare advanced roughly 7% after the IT firm raised its full-year forecast. Cloudflare now expects full-year adjusted earnings between 70 cents and 71 cents per share, up from the previous range of 60 cents to 61 cents per share. DoorDash’s stock jumped 8.3% following second-quarter revenue that surpassed Wall Street estimates, reporting revenue of $2.63 billion against analysts’ expectations of $2.54 billion. Clorox also saw shares rise 7.4% after raising its forecast for full-year adjusted earnings following a fiscal fourth-quarter earnings beat, with expectations now between $6.55 and $6.80 per share.
Twilio, the cloud communications company, saw its stock climb 12% after second-quarter results beat analysts’ estimates on the top and bottom lines. Twilio reported adjusted earnings of 87 cents per share on $1.08 billion in revenue, surpassing analysts’ expectations of 70 cents per share on $1.06 billion in revenue. GoDaddy shares rose 7% after the web hosting firm increased its full-year revenue outlook to between $4.525 billion and $4.565 billion. In contrast, Coterra Energy’s shares slumped more than 5% after the company’s second-quarter earnings missed analysts’ estimates, reporting adjusted earnings of 37 cents per share against expectations of 39 cents per share.
Roku’s shares fell nearly 4% despite the company’s second-quarter results topping expectations, with revenue of $968 million exceeding analysts’ consensus estimate of $938 million. Atlassian, a software company, saw its stock drop more than 17% after providing disappointing forward guidance for fiscal first-quarter revenue. Atlassian now expects revenue between $1.149 billion and $1.157 billion, below analysts’ expectations of $1.16 billion. Microchip Technology’s shares fell nearly 11% after the chipmaker reported adjusted earnings in line with forecasts but provided guidance for the current quarter’s earnings and revenue that fell short of expectations due to a challenging macro backdrop and extended period of inventory correction.
