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Apple reported fiscal first-quarter earnings and sales that missed analysts’ estimates. (Photo by Eric Thayer/Getty Images)
Stock futures fell Friday following disappointing earnings from tech giants
Apple
,
Amazon.com
and
Alphabet
.
These stocks were poised to make moves Friday:
Apple
(ticker: AAPL) was down 1.5% in premarket trading after the iPhone maker reported fiscal first-quarter earnings and sales that missed Wall Street estimates. Revenue of $117.2 billion fell 5% from a year earlier, marking the first quarterly revenue decline for Apple in nearly four years.
Sales in the company’s iPhone, Mac and wearables segments, in particular, came up well short of expectations.
Google parent
Alphabet
(GOOGL) reported slowing revenue growth in the fourth quarter and an earnings miss, sending the stock down 3.5% in premarket trading. An advertising slowdown weighed on the results.
Amazon.com
(AMZN) was falling 4% after the tech and online retailing giant reported better-than-expected fourth-quarter sales growth but weaker-than-anticipated profit, due largely to a loss on the company’s stake in electric-truck maker
Rivian
(RIVN). Revenue at the company’s Amazon Web Services unit fell shy of expectations.
Amazon’s first-quarter revenue outlook, meanwhile, was well below Wall Street estimates.
Auto maker
Ford
(F) reported fourth-quarter earnings that missed analysts’ expectations and the stock was tumbling 6.6% in premarket trading.
Ford
said it expects to generate operating profit in 2023 of about $9 billion to $11 billion; Wall Street had projected operating profit this year of about $10 billion.
Ford also announced a special dividend of 65 cents a share, and said it had sold almost all of its stake in
Rivian
.
Nordstrom
(JWN) surged more than 26% after The Wall Street Journal reported activist investor Ryan Cohen has taken a big stake in the retailer. The Journal reported that Cohen has become one of the top five non-family shareholders of the company.
Qualcomm
(QCOM) was down 2.6% after the chip company issued a revenue outlook below expectations, citing deteriorating demand for smartphones and a challenging macro environment.
Clorox
(CLX) was rising 4.2% after the cleaning products company posted better-than-expected fiscal second-quarter profit.
Gilead Sciences
(GILD) was up 4% after fourth-quarter earnings and sales beat Wall Street expectations. The pharma company also raised its dividend.
Atlassian
(TEAM) fell nearly 10%. The software company’s fiscal second-quarter loss was wider than a year earlier.
Starbucks
(SBUX) was down 2% after the coffee chain reported fiscal first-quarter earnings that missed Wall Street forecasts.
Write to Joe Woelfel at joseph.woelfel@barrons.com
