Meta Platforms' shares fell nearly 10% after reporting earnings per share of $6.18, which was $1.04 below analysts' expectations, and provided a revenue forecast for the third quarter that was lower than anticipated.
In contrast, Microsoft saw its shares rise about 3% following a quarterly revenue of $90.01 billion, exceeding estimates of $87.62 billion, with Azure growth at 43%, surpassing expectations. Starbucks' stock jumped 5% after it raised its full-year outlook and reported a 7.9% increase in same-store sales, with earnings of 85 cents per share beating the forecast of 66 cents.
Carvana's shares dropped 14% after its full-year earnings guidance fell short of Wall Street's expectations. Chipotle's shares rose 3% after it reported better-than-expected earnings and forecasted improved same-store sales. Fortinet's stock surged over 11% due to strong second-quarter billings and earnings that exceeded analyst predictions.
Lam Research's shares increased more than 6% following strong fiscal fourth-quarter results. Robinhood's stock fell about 4% despite better-than-expected revenue, as cryptocurrency trading volumes declined. Qualcomm's shares dropped over 5% after mixed quarterly results, while MGM Resorts' shares rose nearly 1% after surpassing earnings and revenue estimates.
Align Technology's shares fell 6% after narrowly beating earnings expectations but providing a lower revenue guidance than analysts had estimated