Visitors pass Google’s logo at the high-profile startups and high-tech leaders meeting, Viva Tech, in Paris, France, May 16, 2019.
Charles Platiau | Reuters
Check out the companies that make headlines during afternoon trading.
Alphabet – Shares of the Google parent company rose more than 7% after Alphabet reported quarterly results that beat analyst expectations on the top and bottom lines. The company earned an adjusted $ 22.30 per share on $ 56.90 billion in revenue in the fourth quarter. The Street expected $ 15.90 per share and $ 53.13 billion in revenue, according to estimates by Refinitiv. Alphabet’s revenue grew 23% year-on-year as ad spend rebounded.
Spotify – Shares of the music streaming company fell about 9% after Spotify reported a larger than expected loss for the previous quarter. During the fourth quarter, the company lost 66 cents a share, compared to the 55 cent loss expected by analysts surveyed by Refinitiv. Revenue came in at $ 2.17 billion, which was slightly more than the expected $ 2.15 billion. Spotify said premium subscribers are up 24% year over year.
GameStop – Shares of the brick-and-mortar gaming retailer were up about 6% during midday trading as the stock price hovered just below $ 100. It’s been a wild ride for GameStop stocks, which saw a 400% rise last week, but cratered 70% this week.
Electronic Arts – Shares of the video game company were down more than 6%, even after the company increased its annual sales forecast. Earnings came in at 72 cents per share, which was not comparable to estimates. Electronic Arts made $ 2.4 billion in revenue, slightly more than a Refinitiv forecast of $ 2.39 billion. Analysts said investors may have expected stronger results and a more positive forecast, given the strength of the market and the stock’s recent rise.
Chipotle – Shares of the Mexican fast food chain fell more than 2% after the company missed analyst expectations for its quarterly earnings and digital orders slipped from record pace. Chipotle earned $ 3.48 per share, while estimates of $ 3.73 per share were missing, according to Refinitiv. Sales were in line with estimates of $ 1.61 billion.
Amgen – Shares of Amgen fell about 3% to become the biggest loser in the Dow Jones Industrial Average as of afternoon trading. The weakness came after the biotech company issued a disappointing full-year outlook, noting that the pandemic would continue to hurt sales.
Biogen – Shares of the biotech company fell 4% following a fourth-quarter report that fell short of expectations. Biogen reported $ 4.58 in adjusted earnings per share, below the $ 4.87 that Wall Street analysts expect. The company also said it expected sales and profits to decline in 2021. However, sales in the fourth quarter exceeded expectations.
The Washington City Times’s Maggie Fitzgerald, Pippa Stevens, Darla Mercado and Jesse Pound contributed to the reporting.
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