Alphabet, the tech giant, experienced a slight decline of 1% in extended trading despite beating both top and bottom line expectations in the second quarter. While the company reported earnings of $1.89 per share on $84.74 billion in revenue, which surpassed consensus estimates of earnings of $1.84 per share on $84.19 billion in revenue, the revenue from its YouTube advertising segment failed to meet forecasts.
Shares of the electric vehicle maker, Tesla, dropped 4.7% after second-quarter earnings missed consensus estimates. The company reported adjusted earnings per share of 52 cents, falling short of the 62 cents per share expected by analysts. However, Tesla’s quarterly revenue of $25.5 billion slightly exceeded the estimated $24.77 billion.
Visa
Visa saw a more significant decline of over 2% after posting a revenue miss in its fiscal third quarter. The company reported $8.9 billion in revenue, which was slightly below the $8.92 billion forecast by analysts. Despite this, payments volume rose by 7% in the quarter.
Seagate
On the other hand, Seagate experienced a positive uptrend of more than 6% after posting an earnings and revenue beat in the fiscal fourth quarter. The company earned $1.05 per share, excluding items, on $1.89 billion in revenue, outperforming analysts’ estimates of 75 cents per share on revenue of $1.87 billion. The company credited its stronger performance to an improving cloud environment.
Capital One Financial
Shares of Capital One Financial declined by about 1% after its second-quarter profit dropped from a year ago due to increased provisions for potential credit losses. While revenue rose by 5% to $9.51 billion compared to the previous year, it fell short of the expectations of analysts.
Texas Instruments observed a 5% rally after reporting better-than-expected earnings. The chipmaker recorded $1.22 in earnings per share, surpassing the consensus estimate of $1.17 per share, with revenue of $3.82 billion meeting forecasts.
Mattel
Mattel, the toymaker, advanced more than 1% following the announcement of its second-quarter results. Its adjusted earnings per share of 19 cents exceeded analysts’ estimates of 17 cents per share, but revenue of $1.08 billion slightly missed the forecast of $1.1 billion. The company reiterated its full-year guidance and emphasized its gross margin expansion.
Shares of the nation’s largest egg producer, Cal-Maine Foods, fell by 1% due to the ongoing pressure from the avian flu outbreak affecting its performance. Despite an increase in earnings to $2.32 per share in the fiscal fourth quarter compared to the previous year, it fell short of analysts’ predictions, as did its sales of $640.8 million, which failed to meet the estimated $652.3 million.
Enphase Energy
Enphase Energy, the solar energy stock, rose by 5% despite reporting weaker-than-expected second-quarter results. The company posted earnings of 43 cents per share, falling 5 cents below consensus estimates, with revenue of $304 million also missing the forecast of $310 million. However, shares surged on better-than-expected margins and a third-quarter forecast of between $370 million and $410 million in revenue, above the $404 million analyst estimate.
Chubb
Lastly, the insurance company Chubb gained nearly 1%, wrapping up the notable companies making headlines in extended trading with a positive performance.