February 29, 2024

Stocks making the biggest moves after hours: NFLX, TSLA, IBM

Tesla factory in Tilburg, Netherlands.

Jasper Juinen | Bloomberg | Getty Images

Check out the companies making headlines for extended trading.

Netflix – Shares of the streaming giant fell more than 5% after it posted its quarterly results on Wednesday after hours. The company said it was too early to assess the effects of the crackdown on its password sharing and revenue from its ad-supported offering. In its most recent quarter, Netflix posted earnings of $3.29 per share on revenue of $8.19 billion. Analysts polled by Refinitiv had called for earnings of $2.86 per share on revenue of $8.3 billion.

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IBM — The business services company’s shares lost 0.7% after its mixed second-quarter earnings report. The company posted revenue of $15.48 billion, missing Wall Street’s forecast of $15.58 billion, according to Refinitiv. IBM reported adjusted earnings of $2.18 per share, which topped analysts’ consensus estimates of $2.01 per share.

Tesla – Tesla shares traded close to flat after its second quarter earnings announcement. While the company reported a record quarterly revenue, operating margins also fell to 9.6%, the lowest level in five quarters due to price cuts and incentives.

United Airlines – United Airlines shares jumped 2.5% after its second-quarter earnings and revenue beat analysts’ expectations despite flight disruptions at its hub in Newark, New Jersey. The company posted adjusted earnings of $5.03 per share and total revenue of $14.18 billion. Meanwhile, analysts polled by Refinitiv had estimated $4.03 in earnings per share and $13.91 billion in revenue. The company announced a stronger than expected forecast for the current quarter. American Airlines shares gained 1.4% after the news.

Zions Bancorp — The regional bank stock rose 7% after its earnings results topped analysts’ estimates. Zions posted second-quarter earnings of $1.11 per share, beating analysts’ consensus estimates of $1.08, according to FactSet.

Sand Las Vegas – The resort developer’s stock fell nearly 3%. The deal came despite a hit to the top and bottom lines. Las Vegas Sands posted adjusted earnings of 46 cents on revenue of $2.54 billion in the second quarter. Analysts polled by Refinitiv had expected earnings of 43 cents per share on revenue of $2.39 billion.

Discover Finances — Shares of the digital banking company fell 13% after its second-quarter results missed analysts’ estimates. Discover Financial posted earnings of $3.54 per share on revenue of $3.88 billion in the second quarter. Analysts had projected $3.67 in earnings per share on revenue of $3.88 billion, according to FactSet. Discover disclosed that it is in discussions with regulators regarding the issue of “card product misclassification”. The company has also suspended share buybacks.

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