Check out the companies making headlines in extended trading. Spotify Technology – Shares of the music-streaming service jumped about 8%. Total monthly active users for the third quarter came in at 640 million, reflecting an 11% jump from a year earlier and beating FactSet consensus estimates of 639.0 million. Still, Spotify fell short of the Street’s expectations on the top and bottom lines in the period. Skyworks Solutions — The semiconductor company slipped nearly 2% after posting an earnings beat in the fiscal fourth quarter. Skyworks reported adjusted earnings of $1.55 per share, while analysts polled by LSEG had forecast $1.52 per share. Revenues of $1.02 billion came in line with estimates. Meanwhile, the company’s forward guidance for the first quarter came in lighter than expectations. Cava — The fast-casual chain popped 14% after reporting a top- and bottom-line beat in the third quarter. Cava announced earnings of 15 cents per share on revenues of $244 million. Meanwhile, analysts had forecast earnings of 11 cents per share and $234 million in revenues, per LSEG. Occidental Petroleum — Shares of the oil company added 0.9% on mixed third-quarter results. Occidental Petroleum reported adjusted earnings of $1 per share, which beat consensus estimates by 26 cents, per LSEG. However, revenues of $7.15 billion came below the $7.23 billion expected by analysts. Maplebear — Shares lost 3% even after the grocery delivery company reported third-quarter results that beat analysts’ expectations. Maplebear, also known as Instacart, earned 42 cents per share on revenue of $852 million. Analysts polled by LSEG expected a profit of 22 cents per share on revenue of $844 million. Rivian Automotive — The electric vehicle manufacturer gained 5% after announcing its joint venture with Volkswagen Group. The deal, worth $5.8 billion, will combine Volkswagen models with Rivian’s software and electrical architecture. Rocket Lab – Shares of the launch service provider surged more than 22%. Rocket Lab forecasted fourth-quarter revenue of $125 million to $135 million, besting the Street’s estimate for $122 million, per LSEG. The company’s third-quarter results also topped estimates, with Rocket Lab posting a narrower-than-expected loss for the period. Flutter Entertainment – The gambling company added nearly 5%. Flutter reported third quarter adjusted earnings of 43 cents per share on revenue of $3.25 billion. That topped the Street’s estimates for 10 cents per share in earnings and revenue of $3.07 billion. — CNBC’s Fred Imbert and Darla Mercado contributed reporting
Check out the companies making headlines before the bell. Snowflake – Shares surged more than 21% following the company’s better-than-expected third-quarter results and strong guidance. Snowflake posted adjusted earnings of 20 cents per share on revenue of $942 million. Analysts surveyed by LSEG were looking for 15 cents in earnings per share on revenue of $897 million. Palo Alto Networks – The cybersecurity stock fell 2% after the company issued fiscal second-quarter guidance largely in-line with expectations. Palo Alto Networks guided for adjusted earnings of $1.54 to $1.56 per share on revenue of $2.22 billion to $2.25 billion. That was roughly in line with the Street’s forecast of $1.55 per share in earnings and $2.23 billion in revenue, per FactSet. Palo Alto also announced a 2-for-1 stock split. Nvidia – Shares of the chipmaker fell around 1% despite its third-quarter earnings results topping Wall Street’s expectations . The company posted 81 cents in adjusted earnings per share on revenue of $35.08 billion, while analysts had penciled in 75 cents in earnings per share on revenue of $33.16 billion, according to LSEG. Crypto-related stocks – Stocks tied to bitcoin moved higher after the price of the cryptocurrency hit $98,000 for the first time . MicroStrategy soared about 11%, while Coinbase jumped nearly 4%. Others linked to the cryptocurrency like miner Mara Holdings and financial services platform Robinhood also saw gains, rising almost 10% and more than 3%, respectively. Baidu – U.S. shares of the Chinese search engine fell more than 1% after the company’s third-quarter revenue declined by 3% compared to the year-ago period . That said, Baidu posted a 12% increase in its non-online marketing revenue, which was mainly driven by its artificial intelligence cloud business. BJ’s Wholesale Club – The stock popped nearly 8% after the warehouse club reported a third-quarter earnings beat and raised its full-year guidance. BJ’s also announced a plan to repurchase $1 billion shares and said it will raise its membership fee. Merus – Shares gained 2.5% after Goldman Sachs initiated coverage of the cancer therapeutics company with a buy rating, saying it sees big gains ahead on the back of Merus’ cancer treatment. — CNBC’s Sarah Min, Hakyung Kim and Michelle Fox Theobald contributed reporting.
Baidu on Nov. 12, 2024, unveiled a pair of glasses with a built-in AI assistant, putting up a Chinese rival to the Meta Ray-Bans that have proven a rare success in AI-powered hardware.
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BEIJING — Chinese tech giant Baidu on Thursday posted a 3% annual drop in third-quarter revenue, nevertheless beating market expectations amid AI cloud growth.
The revenue print came in at $4.78 billion for the quarter ending on Sept. 30. Net income for the period rose by 14% to $1.09 billion.
Baidu noted a 12% surge in its non-online marketing revenue to the equivalent of $1.1 billion, mainly driven by its artificial intelligence cloud business.
Here’s what analysts expected the company to report for the quarter, according to LSEG estimates:
Revenue: $4.63 billion
Net income: $857.17 million
Baidu had reported revenue of 34.45 billion yuan ($4.75 billion) and net income of 6.68 billion yuan for the third quarter of 2023.
Beijing-based Baidu operates one of the major web browser search engines in China, along with a frequently used maps app. The company also sells cloud computing services. Online marketing drives a significant portion of the firm’s revenue.
In artificial intelligence, Baidu has promoted its Ernie chatbot as a local alternative to OpenAI’s ChatGPT, which isn’t available in China. Ernie bot now has 430 million users, Baidu said last week.
The company this month also announced that its Xiaodu AI Glasses will begin sales in the first half of next year. The wearable has at least one camera and uses Ernie’s AI capabilities and Baidu’s maps and search functions. While Baidu hasn’t revealed a price, the product is widely expected to be a Chinese alternative to Meta’s popular Ray-Ban smart glasses.
Baidu announced a management rotation last month, with Junjie He, formerly head of the mobile ecosystem group, becoming the company’s interim Chief Financial Officer, while former CFO Rong Luo assumed leadership of the mobile division.
Check out the companies making headlines in extended trading: Nvidia — The artificial intelligence darling slid nearly 2% despite exceeding expectations for the third quarter and providing strong guidance. Nvidia posted 81 cents in adjusted earnings per share and $35.08 billion in revenue. Analysts surveyed by LSEG were expecting 75 cents in earnings per share and $33.16 billion in revenue. Snowflake — The cloud stock soared 18% after beating earnings expectations for the third quarter and issuing strong guidance. Snowflake posted adjusted earnings of 20 cents per share on $942 million in revenue, while analysts surveyed by LSEG predicted 15 cents in earnings per share and $897 million in revenue. Palo Alto Networks — The cybersecurity stock slipped 5%. Palo Alto announced a two-for-one stock split. The company issued fiscal second-quarter guidance, calling for adjusted earnings of $1.54 to $1.56 per share on revenue of $2.22 billion to $2.25 billion. That was roughly in line with the Street’s forecast of $1.55 per share in earnings and $2.23 billion in revenue, per FactSet. Jack in the Box — The restaurant chain tumbled 5.6% after revenue for the fiscal fourth quarter came in at $349.3 million, under the consensus forecast of $356.7 million from analysts polled by FactSet. On the other hand, Jack in the Box earned $1.16 per share, excluding items, which was 7 cents ahead of what Wall Street penciled in.