Netflix, IBM, Alcoa and more

Fans gather at the Netflix booth at a trade show.

Mike Blake | Reuters

Check out the companies making headlines after the bell:

Shares of Netflix surged more than 9% during extended trading after the company had a third-quarter earnings beat, though fell just shy of revenue estimates. The streaming giant posted earnings of $1.47 per share, while Wall Street expected an EPS of $1.04. Revenue came in at $5.24 billion, compared to the $5.25 billion analysts expected, according to Refinitiv.

Netflix also reported fourth-quarter guidance below estimates on earnings per share, revenue and paid net subscriber additions. The company expects earnings of 51 cents per share on revenue of $5.4 billion next quarter and projects 7.6 million global net subscriber additions. For the same quarter last year, Netflix added 8.8 million subscribers.

“Our long term outlook on our business is unchanged,” the company said in its shareholder letter.

IBM shares fell more than 5% after the company reported mixed third-quarter earnings. The IT giant saw earnings of $2.68 per share, excluding certain items, slightly higher than the $2.67 per share investors expected. Revenue came in at $18.03 billion, falling short of the $18.22 billion expected, according to Refinitiv.

Shares of CSX climbed nearly 4% following better-than-expected third-quarter earnings. The freight transportation company posted earnings of $1.08 per share compared to the $1.01 per share analysts expected, according to Refinitiv. CSX matched revenue forecasts at $2.98 billion.

Union Pacific shares crept up 1% during extended trade ahead of the company’s third-quarter earnings announcement before the bell Thursday. The company’s shares are up more than 18% year to date.

Alcoa shares spiked more than 7% after the bell, despite the company lowering its outlook on aluminum demand and reporting weaker-than-expected earnings for its third quarter.

The aluminum manufacturer cited weakening macroeconomic conditions, trade tensions, and contracting manufacturing in the auto sector in its lowered outlook. Alcoa reported a loss of 44 cents per share compared to loss of 33 cents per share expected by analysts polled by Refinitiv. Revenue also came in short of expectations at $2.57 billion, below the $2.59 billion Wall Street forecasted, according to Refinitiv.

United Rentals shares slipped about 2% after the company reported stronger-than-expected earnings for its third quarter. The equipment rental company posted adjusted earnings of $5.96 per share on revenue of $2.49 billion, exceeding the earnings of $5.59 and $2.45 billion in revenue investors forecast, according to Refinitiv.

“Looking ahead, our customers remain upbeat about their business prospects well into next year. At the same time, we know that lingering economic uncertainty could impact construction and industrial activity,” said CEO Matthew Flannery.

Source link

Share with your friends!

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the latest Business news
straight to your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.