Movers: Alphabet, Chipotle Mexican Grill, Corning, CoStar Group, McDonald's, Microsoft

Scott Peters
26 Apr, 2023
New York City

Alphabet Inc declined 1% to $102.80 after the parent of Google said revenue in the first quarter ending in March rose 3% to $69.8 billion, sharply slower than the 23% increase in the quarter a year ago. 

Net income in the quarter fell to $15.1 billion from $16.4 billion and diluted earnings per share eased $1.17 from $1.23 a year ago.  

Google advertising, which includes Google search, network ad YouTube ads, edged slightly lower to $54.5 billion from $54.7 billion and cloud ads increased to $7.4 billion from $5.8 billion a year ago. 

Chipotle Mexican Grill, Inc rose 7.6% to $1,915.0 after the fast food chain operator reported higher earnings driven by new stores and price increases. 

Total revenue in the first quarter increased 17.2% to $2.4 billion and comparable restaurant sales advanced 10.9%. 

Net income increased to $291.6 million from $158.3 million and diluted earnings per share rose to $10.50 from $5.59 a year ago. 

Corning Inc was unchanged at $32.89 after the optical fiber maker reported first quarter sales decreased 7% to $3.14 billion. 

The company swung to a net income of $176 million from a loss of $36 million and diluted earnings per share was 20 cents compared to a loss of 4 cents a year ago. 

The company forecasted second-quarter sales, earnings per share, and cash flow to increase sequentially,  with core sales in the range of $3.4 billion to $3.6 billion and core earnings per share in the range of  $0.42 to $0.49.

CoStar Group Inc rose 0.4% to $68.75 after the real estate information services provider reported higher revenue and bookings in the first quarter. 

Revenue in the first quarter increased 13% to $584 million and net income declined to $87 million from $89 million and diluted earnings per share fell to 21 cents from 23 cents a year ago. 

McDonald's Corp decreased 0.5% to $290.24 after the fast food chain reported a surge in sales and earnings. 

Sales in the first quarter rose 4% to $5.9 billion and net income soared 63% to $1.8 billion from $1.1 billion and diluted earnings per share increased to $2.45, including 18 cents of restructuring charges, from $1.48 a year ago. 

Global comparable store sales increased 12.6% and systemwide sales increased 9% from a year ago. 

Microsoft Corp jumped 7.9% to $297.50 after the company said revenue in the March quarter increased 7% to $52.9 billion, driven by the jump in cloud segment revenue.

Cloud segment revenue increased $22.1 billion, productivity and business processes increased 11% to $17.5 billion and personal computing segment decreased 9% to $13.3 billion. Microsoft search and news advertising revenue excluding traffic acquisition costs increased 10% but Windows OEM revenue plunged 28%.

Net income increased to $18.3 billion from $16.7 billion and diluted earnings per share advanced to $2.45 from $2.22 a year ago.

Microsoft returned $9.7 billion to shareholders in the form of share repurchases and dividends in the third quarter of fiscal year 2023.