Meta Platforms Inc (NASDAQ:FB) shares fell 2.5% in extended trading Wednesday even after the company more than doubled its profits with its third-quarter results.
The social media titan posted revenue of over $34 billion, up 23% year over year and above the $33.5 billion expected by analysts. Net income was $11.6 billion, more than double what it reported a year earlier. Adjusted earnings were $4.39 per share, more than double $1.64 per share a year prior and well above expectations of $3.42.
International Business Machines Corp. (NYSE:IBM) delivered a top-line quarterly beat thanks to steady demand for IBM's software solutions and a surprisingly strong mainframe business, sending shares 1.4% higher.
During the third quarter of 2023, IBM reported total revenue of $14.8 billion, representing a 5% increase compared to the previous year and exceeding the estimated $14.73 billion. Its bottom line also came in above expectations, with the company posting earnings per share of $2.20 compared to the $2.13 consensus.
Mattel, Inc (NASDAQ:MAT) reported a third-quarter earnings beat and raised its full-year profit guidance as the success of the Barbie movie boosted doll sales during the quarter, but the company's stock tumbled nearly 7%.
The toymaker reported adjusted earnings per share (EPS) of $1.08, up from $0.82 in the year-ago quarter and ahead of the Street’s expectation of $0.87. Revenue grew 9% year over year to $1.92 billion and topped estimates of $1.83 billion.
Baker Hughes Incorporated (NYSE:BHI) stock rose 1.4% after the bell Wednesday after the company swung to a profit with its third-quarter results.
The oil field services company posted net income of $518 million after reporting a loss of $17 million in the year-ago quarter.
Meanwhile, Morgan Stanley (NYSE:MS) announced that co-president Ted Pick will succeed James Gorman as CEO starting in 2024.
The bank initially announced in May that Gorman intended to step down within a year, adding that it planned to choose one of the bank’s three main division leaders as his successor.