Amazon (AMZN): Shares traded at their lowest level since March 2020 in extended trading on weak fourth-quarter guidance. Amazon sees revenue of $140 billion to $148 billion for its holiday quarter, missing Wall Street’s estimate of $155 billion. For the third quarter, the company reported sales of $127.10 billion, up 15% from a year ago, marking a return to double-digit revenue growth. AWS revenue was $20.5 billion, missing Wall Street’s estimate of $21 billion.
Apple (AAPL): Shares fluctuated in after-hours trading after Apple reported record revenue for its September quarter. The tech giant posted sales of $90.15 billion, up 8% from a year ago, while earnings were $1.29 per share.
iPhone sales totaled $42.6 billion, just shy of Wall Street’s expectations. “The strength of our ecosystem, unmatched customer loyalty, and record sales spurred our active installed base of devices to a new all-time high,” CFO Luca Maestri wrote in the earnings release. “Our record September quarter results continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop.”
Intel (INTC): Shares rose more than 6% in after hours trading after the chipmaker outlined cost-cutting plans through 2025. Intel aims to reduce costs by $3 billion in 2023, and by up to $10 billion by the end of 2025. The company’s adjusted earnings were 59 cents per share while revenue totaled $15.3 billion.
Pinterest (PINS): Shares surged in extended trading after the company beat on both the top and bottom lines. Sales were $685 million for the third quarter, up 8% from a year ago. Adjusted earnings were 11 cents a share. Global Monthly Active Users (MAUs) held flat year over year at 445 million.
Deckers Outdoor (DECK): The maker of Ugg boots and Hoka running shoes fell in extended trading after the company maintained its full year guidance but missed Wall Street expectations. Deckers Outdoor sales were $876 million, up 21% from a year ago, while Diluted earnings were $3.80 per share. In the earnings release, CEO Dave Powers wrote "As we head into the UGG brand's peak selling season and continue to fuel expanding demand for HOKA performance footwear, we are confident in our ability to deliver our maintained full year guidance."