Monday, May 27, 2024

Amazon, Starbucks, Pinterest, and More: Stocks React After-Hours

Investors brace for impact as major players like Amazon, Starbucks, and Pinterest showcase significant post-market movements, setting the tone for Wall Street’s after-hours trading.

In the after-hours market, Amazon emerged victorious, boasting a nearly 2% surge after outperforming expectations on both revenue and earnings fronts. With earnings of 98 cents per share on a revenue of $143.31 billion, the tech giant impressed investors. Nevertheless, Amazon’s second-quarter revenue projection fell short of analysts’ estimates.

Contrarily, Starbucks encountered a bumpy ride, witnessing a sharp 10% decline in its shares post-market trading. Missing fiscal second-quarter projections on both earnings and revenue, the coffee giant earned 68 cents per share against the forecasted 79 cents, and recorded revenue of $8.56 billion below the estimated $9.13 billion.

Advanced Micro Devices (AMD) experienced a 7% slump following a disappointing gaming segment performance, with revenue down 48% year-over-year. Despite overall revenue slightly exceeding expectations at $5.47 billion, AMD’s gaming segment lagged, leading to cautious investor sentiment.

Pinterest, however, painted a brighter picture, with shares soaring nearly 19% post-market trading. Beating projections with adjusted earnings of 20 cents per share against the anticipated 13 cents, the social media platform also witnessed accelerated revenue growth during the first quarter.

Super Micro Computer faced turbulence, witnessing an 8% drop after reporting third-quarter revenue of $3.85 billion, falling short of the consensus estimate of $3.95 billion. Yet, the company’s strong fourth-quarter revenue outlook provided a silver lining amid the market’s reaction.

Caesars Entertainment faced a setback, losing approximately 3% due to disappointing first-quarter results. Posting a wider-than-expected loss of 73 cents per share against analyst estimates of 7 cents per share, coupled with revenue missing forecasts, investor confidence waned.

Mondelez International’s shares dipped over 1%, despite announcing better-than-expected first-quarter results. Despite posting adjusted earnings of 95 cents per share on $9.29 billion revenue, surpassing analyst projections, concerns over currency translation dampened investor enthusiasm.

Diamondback Energy’s robust earnings of $4.50 per share for the first quarter, exceeding analysts’ estimates by 4 cents per share, failed to impress investors. Although revenue outperformed expectations at $2.23 billion, the stock experienced a modest 1% drop after hours.

In another setback, Clorox faced a 3% dip post-market trading, missing fiscal third-quarter revenue estimates of $1.87 billion with reported revenue of $1.81 billion.

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