Movers: Alphabet, Charles Schwab, State Street, Roblox

Scott Peters
17 Apr, 2023
New York City

Alphabet Inc fell 3.2% to $105.41 after The New York Times reported that Samsung is considering switching the default Google search engine on its mobile devices to Microsoft's Bing. 

The report said about $3 billion revenue may be at stake and Google's parent Alphabet was surprised to learn about the discussions between Microsoft and Samsung. 

Charles Schwab Corporation increased 2.3% to $51.95 after the online stock broker and financial services provider reported better-than-expected earnings in its latest quarter. 

Revenue in the first quarter increased 10% to $5.1 billion and net income rose 14% to $1.6 billion from $1.4 billion and diluted earnings per share advanced to 83 cents from 67 cents a year ago. 

Schwab attracted net new one million accounts with core net new assets of $132 billion in the quarter, including $51 billion in March.   

Roblox Corp fell 11.6% to 40.38 after the online  gaming company said its revenue or average bookings per daily user declined from a year ago in March.  

Daily active users increased 26% to 66.2 million from a year ago and estimated bookings were between $247 million and $255 million, an increase between 23% and 27% from a year ago. 

However, Roblox said estimated average bookings per daily active user were between $3.73 and $3.85, which represents a change between -2% and 1% from a year ago. 

State Street Corp fell 11.% to $71.24 after the company reported weaker-than-expected revenue and earnings. 

Revenue in the March quarter increased 1% to $3.1 billion and net income declined 9% to $549 million from $604 million and diluted earnings per share fell to $1.52 from $1.57 a year ago. 

Assets under management declined 10% to $3.6 billion from $4.02 billion a year ago, reflecting lower quarter-end market levels and net outflows.