Google headquarters in Mountain View, California, US, on Monday, Jan. 30, 2023. Alphabet Inc. is expected to release earnings figures on February 2.
Marlena Sloss | Bloomberg | Getty Images
Explore the noteworthy companies ahead of the market opening.
Alphabet — The parent company of Google surged more than 6% after surpassing analysts’ second-quarter earnings expectations, driven by strong growth in its cloud computing division. Additionally, Alphabet Inc. announced a significant leadership change, with Ruth Porat, the current CFO, taking on the roles of president and chief investment officer.
Microsoft — The software giant experienced a 4% decline in its stock price as it reported slower revenue growth in its cloud business for the fourth quarter of its fiscal year. The company also provided conservative guidance that fell short of expectations. However, Microsoft beat Wall Street’s estimates with earnings of $2.69 per share on $56.19 billion in revenue, surpassing analysts’ predictions.
PacWest — Shares of the regional bank soared more than 28% following the announcement that it would be acquired by Banc of California, resulting in the creation of a new entity named Pacific Western. Banc of California shares also climbed about 6%.
Snap — The parent company of Snapchat witnessed a decline of more than 18% in its stock price due to weak guidance for the current quarter. However, Snap outperformed expectations for the second quarter, reporting a narrower-than-expected loss of 2 cents per share on $1.07 billion in revenue, surpassing analysts’ estimates.
Coca-Cola – The beverage giant experienced a more than 2% increase in its premarket trading as it exceeded expectations with its quarterly earnings and revenue. The company achieved an 11% increase in organic revenue, driven by higher prices. Coca-Cola also raised its full-year outlook following these strong results.
Boeing — The aircraft manufacturer witnessed a more than 3% increase in its stock price as it delivered better-than-expected revenue for the second quarter. Boeing also reported lower losses per share than anticipated, with increased airplane deliveries driving their results.
Wells Fargo — The banking company saw a 2.5% increase in its stock price after announcing a $30 million share buyback program and a dividend hike to 35 cents per share from 30 cents per share, as approved by the board.
Texas Instruments — Despite reporting results that exceeded Wall Street’s expectations, Texas Instruments fell by 4%. The semiconductor company provided lighter guidance for the current period, citing sluggish demand.
AT&T — AT&T’s stock rose by 2% after the release of its latest quarterly results. The company exceeded earnings estimates but fell short on revenue expectations, reporting adjusted earnings per share of 63 cents on $29.92 billion in revenue. AT&T highlighted strong free cash flows, which it plans to use for debt repayment.
Teladoc Health — Shares of Teladoc Health surged 6% after the telehealth company exceeded expectations for both revenue and earnings in the most recent quarter. Teladoc Health reported a narrower loss of 40 cents per share compared to the consensus estimate of 41 cents per share, along with better-than-expected revenue of $652.4 million versus the anticipated $649.2 million.
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