Meta Platforms Inc (NASDAQ:FB), down 4.4% to $286.28, despite the social media company more than doubling quarterly profits.
The Facebook and Instagram parent 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.
Expensive bets on future tech trends continue to be a point of scrutiny for investors, meanwhile, as Meta Labs unit lost $3.7 billion in the quarter – taking its year-to-date loss tally to over $21 billion. Read more
Comcast (NASDAQ:CMCSA), down 6.3% to $40.07, reported a modest rise in third-quarter profit, boosted by record earnings at its Theme Parks. The telecoms and media giant said revenue in the third quarter rose 0.9% to $30.11 billion from $29.85 billion the year before while adjusted net income climbed 6.2% to $4.49 billion from $4.22 billion. Read more
IBM (NYSE:IBM), up 4.1% to $139.01, delivered a top line quarterly beat thanks to steady demand for IBM's software solutions and a surprisingly strong mainframe business. Third quarter revenue was reported at $14.8 billion, up 5% year-on-year and slightly better than the $14.73 billion penciled in by Wall Street analysts. Read more
Marlboro-owner Altria Group Inc (NYSE:MO) stock was down 3.9% to $41.14, after the Marlboro and Philip Morris owner revised down its full-year outlook as third-quarter financials came in slightly lower than forecast. Read more
Southwest Airlines (NYSE:LUV), down 2.6% to $23, after the ‘low-cost’ airline reported revenue and passenger ‘load’ beneath Wall Street forecasts for its third quarter. At $6.53 billion, quarterly revenue was up 4.9% year-on-year but short of the $6.57 billion penciled in by analysts. Read more
Hershey Co (NYSE:HSY), down 2.1% to $190.38, reported quarterly financials slightly ahead of Wall Street expectations. Read more
Kenvue Inc (NYSE:KVUE) down 3.75% to $18.99, posted in-line third-quarter earnings but tightened its full-year guidance after a slow start to the flu and cold season. Read more
Bristol-Myers Squibb Co (NYSE:BMY), down 3.2% to $54.76, announced a one-year delay in its target to achieve $10 billion in sales from its new-product portfolio. Read more
Merck & Co Inc (NYSE:MRK), up 3.3% to $107.07, exceeded market expectations primarily due to strong demand for its COVID-19 antiviral pill, Lagevrio, in Japan. Read more
Mattel Inc (NASDAQ:MAT), down 8.8% to $18.34, saw third-quarter earnings ahead of forecasts and raised its full-year profit guidance with Barbie products boosted by the movie – earnings per share came in at $1.08, up from $0.82 this time last year, 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.
Barbie accounted for around $125 million of ‘boosted’ revenue, though more generally the toy maker described a ‘tough’ year for the toy industry as a whole which Mattel said was expected to be down ‘mid-single digits’ for the year. Nevertheless, Mattel told investors it expected a “strong” holiday trading period and increased its full-year profit outlook. Read more
Endeavor Group (NYSE:EDR), the controlling 51% shareholder in UFC and WWE holding company TKO, was up over 20% to $21.38, as it revealed its mulling ‘strategic alternatives’ that could include a sale or a ‘go private’ deal.
At the same time, Silver Lake – Endeavor’s private equity backer, and 70% shareholder – launched its own review of the asset.
Hollywood powerhouse Ari Emmanuel, Endeavor chief executive, is on the record with his view that the stock market undervalues his company. It comes only weeks after Endeavor acquired WWE and combined it with UFC via the listed TKO vehicle – according to Endeavor, its won’t consider selling interests in the combat sports business. Read more
Baker Hughes Incorporated (NYSE:BHI), up 3.9% to $35.37, swung to a third-quarter profit reporting $518 million of net income, versus a $17 million loss this time last year.
The oil services firm’s third-quarter revenue came in at $6.64 billion, versus $5.34 billion in 2022, and importantly it topped Wall Street consensus of $6.52 billion. Read more