Stocks making the biggest moves after hours: Netflix, Tesla, IBM and more
Check out the companies making headlines in extended trading.
Netflix — The streaming giant’s shares tumbled more than 5% after posting its quarterly results Wednesday after hours. The company said it was too early to assess the effects of its crackdown on its password sharing and revenue from its ad-supported offering. In its latest quarter, Netflix posted earnings of $3.29 per share on revenue of $8.19 billion. Analysts polled by Refinitiv called for earnings of $2.86 per share and revenue of $8.3 billion.
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IBM — The business services company’s shares shed 0.7% following its mixed second-quarter earnings report. The company posted revenue of $15.48 billion, missing Wall Street’s forecast of $15.58 billion, according to Refinitiv. IBM reported adjusted earnings of $2.18 per share, which was higher than analysts’ consensus estimate of $2.01 per share.
Tesla — Tesla shares fluctuated near the flatline following its second-quarter earnings announcement. While the company reported record-high quarterly revenue, operating margins also fell to 9.6%, the lowest level in the past five quarters due to price cuts and incentives.
United Airlines — United Airlines shares jumped 2.5% after its second-quarter earnings and revenue topped analysts’ expectations despite flight disruptions at its Newark, New Jersey, hub. The company posted adjusted earnings of $5.03 per share and total revenue of $14.18 billion. Meanwhile, analysts polled by Refinitiv had estimated $4.03 earnings per share and $13.91 billion in revenue. The company also announced a stronger-than-expected forecast for the current quarter. American Airlines shares gained 1.4% following the news.
Zions Bancorp — The regional bank stock rallied 7% after its earnings results topped analysts’ estimates. Zions posted $1.11 earnings per share in the second quarter, while analysts’ consensus estimates were $1.08, according to FactSet.
Las Vegas Sands — The resort developer’s stock declined nearly 3%. The action came despite a beat on the top and bottom lines. Las Vegas Sands posted adjusted earnings of 46 cents a share on revenue of $2.54 billion in the second quarter. Analysts polled by Refinitiv anticipated earnings of 43 cents per share on revenue of $2.39 billion.
Discover Financial — Shares of the digital banking company plunged 13% after its second-quarter results missed analysts’ estimates. Discover Financial posted $3.54 earnings per share on revenue of $3.88 billion in the second quarter. Analysts had anticipated $3.67 earnings per share and revenue of $3.88 billion, according to FactSet. Discover disclosed it’s in discussions with regulators over a “card product misclassification” issue. The company has also paused share buybacks.
