These are some of the stocks moving after the market close on Wednesday, April 26, 2023.
Meta
Meta Platforms (META) shares surged after the social media company reported first quarter results. The print blew away expectations while Meta also raised its forecast for the current quarter and lowered its expense forecast.
“Expectations for tech investors are just way too bearish. Everyone thinks the world is taking another leg down and we’re just not seeing that,” Brent Thill , senior analyst at Jefferies.
Last month, Meta announced it would lay off 10,000 workers, building on previous cuts announced in November.
“I think what they’re learning is they can do this, and its actually good for moral and shareholder value and employee value over time and its hard to go through these changes but tech just got too overweight,” said Thill.
Last year Meta announced it would focus on developing the next generation of the Internet, the Metaverse. That strategy has taken a back seat as the social media tech company refocuses on artificial intelligence amid an AI industry craze.
Roku
Roku (ROKU) posted a first quarter loss per share of $1.28, narrower than Wall Street expectations of a loss of $1.37. Net revenue grew 1.1% to $741 million.
The streaming video player company sees net revenue for the second quarter of about $770 million, just above consensus estimates of $764.4 million.
“Overall, smart TV unit sales in the U.S. were resilient in Q1, driven in part by lower TV panel and freight costs and consumer spend of income tax refunds. Roku benefited from these trends along with a consumer focus on value, particularly in a difficult macro environment,” read the company’s shareholder letter.
Roku shares rose more than 2% in after hours.
eBay
Ebay (EBAY) shares jumped 2.8% in post market following a quarterly beat on the top and bottom lines and revenue guidance which came in above expectations.
The online marketplace sees second quarter revenue coming in between $2.47 billion and $2.54 billion, versus estimates for $2.43 billion.
First quarter revenue of $2.5 billion came in above Wall Street expectations of $2.48 billion. Adjusted earnings per share for the quarter of $1.11 also beat estimates of $1.07.
Teladoc
Teladoc (TDOC) shares increased after a quarterly revenue beat and a lifting of its earnings guidance.
The company posted a loss per share of 42 cents, narrower than Wall Street expectations of a loss of 51 cents. Sales grew 11% year-over-year to $629.24 million, above expectations of $618.41 million.
Teladoc is one of the companies which saw its shares surge during the pandemic, reaching an all-time high north of $260 in January 2021. It is one of the holdings inside Cathie Wood’s Ark Innovation ETF (ARKK).
TDOC rose more than 4% in after-hours. The stock is up about 9% year-to-date.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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