Stock Market Update

Apple Tops Expectations with Fiscal Third-Quarter Earnings

Apple (AAPL) has reported its fiscal third-quarter earnings, surpassing analysts’ expectations. The company’s revenue, amounting to $81.8 billion, matched consensus but experienced a slight decline from the previous year. Particularly notable was Apple’s iPhone business, which recorded revenue of $39.7 billion, falling short of both the previous year’s figure and analysts’ forecasts. Chief Financial Officer Luca Maestri expects the current fiscal fourth quarter to mirror the 1% decline seen in the three months ended in June. This projection slightly missed Wall Street’s expectations and resulted in a 1.9% drop in Apple shares during premarket trading.

Amazon.com Exceeds Expectations with Second-Quarter Earnings

In the second quarter, Amazon.com (AMZN) delivered better-than-expected earnings and sales. The company reported revenue of $134.4 billion, a significant increase from the previous year’s $121.2 billion. Earnings per share amounted to 65 cents, marking a rebound from a loss of 20 cents reported during the same period last year. Amazon Web Services, the company’s cloud computing division, experienced impressive growth with sales reaching $22.1 billion, exceeding Wall Street estimates by 12%. As a result, Amazon.com stock surged by 8.3% during premarket trading.

The release of the U.S. jobs report, in addition to Apple and Amazon’s financial performance, has fostered a positive trading environment with stock futures pointing higher on Friday. Investors eagerly await further updates and anticipate new market movements.

Booking Holdings Earnings Beat Estimates, Record Summer Travel Season Forecasted

Booking Holdings (BKNG), the company that owns popular travel services sites like Booking.com, Priceline, Agoda, Kayak, Rentalcars.com, and OpenTable, has reported earnings that surpassed analysts’ expectations. The adjusted earnings for the quarter were $37.62 per share, exceeding the projected estimate of $28.98. Additionally, their sales reached $5.46 billion, surpassing the estimated $5.17 billion. As a result, Booking’s stock rose by 12% in premarket trading.

Square’s Stock Falls Despite Raised Guidance for the Year

Block (SQ), the payments company, increased its guidance for the year; however, their stock experienced a decline of 4.3%. This drop was attributed to the company indicating that their gross profit growth had slowed to 21% in July.

Atlassian Soars with Strong Forecast for Fiscal First-Quarter Sales

Atlassian (TEAM), the provider of software development and project management tools, witnessed a remarkable increase of 23% in its stock price. This surge came after the company issued a forecast for fiscal first-quarter sales that exceeded analysts’ expectations. Atlassian anticipates sales of $950 million to $970 million for the first quarter, surpassing the estimated $954 million.

DraftKings Surprises with Adjusted Profit and Raises Full-Year Sales Outlook

DraftKings (DKNG), the online sports betting app, experienced a significant rally of 15% after reporting a surprise adjusted profit in the second quarter. Additionally, the company raised its full-year sales forecast, boosting investor confidence.

Opendoor Technologies and Redfin Face Declines Due to Revenue Guidance

Opendoor Technologies (OPEN) witnessed an 11% decline in its stock price, while Redfin (RDFN) experienced a 10% drop. Both real estate companies issued revenue guidance that fell well below Wall Street expectations.

Earnings Reports Expected From Several Companies

Several companies, including LyondellBasell Industries (LYB), Cinemark (CNK), Nikola (NKLA), and Fisker (FSR), are expected to release their earnings reports on Friday.