This week is Big Tech week, and Microsoft and Alphabet are two of the biggest. Both reported better-than-expected earnings and revenues after Wednesday’s close, but they had different market reactions.
Alphabet fell about 1% in after-hours trading despite the good news. The company nearly doubled its third-quarter profits because smaller businesses are spending heavily on digital ads. The company is seen as a beneficiary of the “reopening trade” because of its cloud business and people using its search engine to find travel deals.
From software to hardware, semiconductors Texas Instruments and Advanced Micro Devices also announced earnings. TXN beat earnings estimates but missed on revenue, while AMD beat on both. TXN fell 3.75% in after-hours trading and didn’t raise its forward earnings guidance the way that AMD did.Financial stocks continue to do just fine as Visa and Capital One beat on top and bottom lines too. Like many of the financial stocks before them, they’re benefiting from higher interest rates.
Meanwhile, Raytheon soundly beat earnings estimates but missed on revenue. The company reported that it struggled to meet sales goals and was hurt by the Afghanistan withdrawal.
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