Microsoft's shares surged 9% after reporting quarterly revenue of $90.01 billion, exceeding estimates of $87.62 billion, driven by a 43% growth in Azure revenue, which surpassed $100 billion for the first time in fiscal 2026.
In contrast, Meta Platforms' stock dropped nearly 9% following an earnings miss, reporting $6.18 per share against expectations of $7.22, and providing a lower revenue forecast for the third quarter. Teladoc Health's shares plummeted 18.5% after its second-quarter revenue of $606.9 million fell short of the $615.4 million expected, leading to a reduction in its full-year revenue guidance.
Norwegian Cruise Line's shares fell 7% after it cut its full-year earnings forecast to $1.50 per share, below analyst expectations of $1.66. On a positive note, Bristol-Myers Squibb's shares rose over 1% after reporting adjusted earnings of $2.04 per share on revenue of $12.97 billion, surpassing analyst estimates.
Starbucks' stock jumped 6% after raising its full-year outlook and reporting a 7.9% increase in same-store sales, with earnings of 85 cents per share beating expectations. Carvana's shares fell 10% due to disappointing full-year earnings guidance, while Chipotle Mexican Grill's shares rose 6% after beating earnings expectations and raising its same-store sales forecast.
Fortinet's stock soared 12% on strong quarterly billings, while Lam Research's shares climbed nearly 9% following better-than-expected fiscal results. Qualcomm's shares fell over 4% despite beating revenue estimates, and Align Technology's shares dropped almost 4% after narrowly beating earnings expectations but providing a lower revenue guidance.
MarketAxess shares were halted due to an acquisition announcement by Intercontinental Exchange at $167 per share, representing a 33% premium. Baxter International's shares rose approximately 14% after exceeding earnings expectations and raising its full-year guidance.
Cigna's shares fell nearly 4% despite raising its full-year EPS guidance, while Anheuser-Busch InBev's stock slipped 3% despite reporting strong earnings. Altria's shares dropped 3% after missing earnings expectations, and Sirius XM's shares fell 12% following an earnings miss