The Netflix logo is displayed on one of their buildings in Los Angeles, California.
Netflix, the streaming giant, experienced a decline of nearly 7% in its stock price after reporting mixed quarterly results. The company posted earnings of $3.29 per share on $8.19 billion in revenue, surpassing analysts’ expectations. However, analysts had anticipated earnings of $2.86 per share and $8.30 billion in revenue. Additionally, Netflix mentioned that it’s too early to provide a breakdown of revenue from its new ad-supported tier and password crackdown.
Tesla, the electric vehicle maker, witnessed a 4% decrease in its stock price as it reported second-quarter earnings that exceeded Wall Street’s expectations on both the top and bottom lines, along with record quarterly revenue. However, operating margins fell to their lowest level in at least the past five quarters due to recent price cuts.
IBM, the tech stock, experienced a 1% dip after reporting a revenue miss for the second quarter, partly caused by a decline in the infrastructure division. Nevertheless, the company’s earnings exceeded analysts’ estimates as it expanded its gross margin.
Shares of Johnson & Johnson, the pharmaceutical giant, rose over 1% as it posted better-than-expected earnings and increased its full-year guidance. The surge in sales in its medtech division, which provides devices for surgeries, orthopedics, and vision, contributed to this success.
Despite beating analyst expectations for its second quarter, stock in Las Vegas Sands, the resort-and-casino company, fell 2%. Another resort, Taiwan Semiconductor, experienced a drop of over 2% as it reported its first profit decline in four years due to a slump in the demand for consumer electronics.
Discover Financial, the financial services company, faced a decline of more than 12% in its stock price after reporting second-quarter results that fell short of Wall Street’s expectations. American Airlines lost 1% in its stock price despite posting second-quarter results that exceeded analyst expectations, while D.R. Horton, the homebuilding company, saw a 4% rise in its stock price after beating quarterly expectations.
Blackstone, the investment firm, experienced a 3% decrease in its stock price as second-quarter revenue fell short of expectations. Anheuser-Busch, the beermaker, saw a slight increase of less than 1% in premarket trading after being upgraded by Morgan Stanley.
Overall, these are some of the companies making headlines before the bell.
Contributors: CNBC’s Tanaya Macheel, Alex Harring, Jesse Pound, and Yun Li
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