Movers: American Airlines, Meta Platforms, STMicroelectronics, Southwest Airlines, Teladoc Health

Scott Peters
27 Apr, 2023
New York City

Meta Platforms Inc increased 13.5% to $209.30 after the parent of Facebook reported better-than-expected revenue. 

Revenue in the March quarter increased 3% to $28.6 billion and net income dropped 24% to $5.7 billion from $7.5 billion and diluted earnings per share fell to $2.20 from $2.72 a year ago. 

Facebook daily active users increased 4% to 2.04 billion and across all sites including Instagram and WhatsApp rose 5% to 3.02 billion. 

In the first quarter, ad impressions delivered across all apps  increased 26% and the average price per ad decreased 17% from a year ago.

Meta Platforms repurchased $9.22 billion of Class A common stock in the first quarter and the company had $41.73 billion available and authorized for repurchases. 

STMicroelectronics NV fell 8.9% to $42.14 after the Switzerland-based advanced electronics  company announced quarterly results ahead of market expectations.

The company said revenue in the first quarter increased 19.8% to $4.2 billion and net income soared 39.8% to $1.04 billion from $747 million and diluted earnings per share increased to $1.10 from 79 cents a year ago.

The company forecasted second quarter revenue of $4.28 billion with a band of $350 million, a sequential increase of 0.8%, and gross margin of 49.0% with a band of 200 basis points.  

American Airlines Group increased 1.5% to $12.93 after the international airline reported mixed quarterly results. 

Revenue in the first quarter increased 37% to $12.2 billion and the company swung to a net income of $10 million from a loss of $1.6 billion and diluted earnings per share was 2 cents compared to ($2.52) a year ago. 

Southwest Airlines Co declined 4.7% to $29.44 after the regional airlines reported wider loss in the first quarter following a negative revenue impact after the late December scheduling crisis that led to the cancellation of 16,000 flights. 

Revenue in the first quarter increased 21.6% to $5.7 billion from $4.7 billion and net loss shrank to $159 million from $278 million and diluted loss per share shrank to 27 cents from 47 cents a year ago. 

Teladoc Health Inc rose 5% to $27.02 after the telehealth platform operator lifted its revenue and adjusted earnings outlook for the year. 

Revenue in the first quarter increased 11% to $629.2 million and net loss in the quarter dropped to $69 million from $6.7 billion and diluted loss per share fell to 42 cents to $41.58 a year ago.  

In the first quarter of 2022, the company recorded a goodwill impairment charge of $6.6 billion. 

The telemedicine company forecasted second quarter revenue between $635 million and $660 million and between $2.575 billion and $2.675 billion in the full-year 2023. 

The company also estimated adjusted operating earnings between $60 million and $68 million in the second quarter and between $285 million and $325 million in the full-year 2023. 

eBay Inc increased 3.6% to $44.93 after the online marketplace reported better-than-expected quarterly results. 

Revenue in the first quarter increased 1% to $2.5 billion from $2.48 billion a year ago. 

Net income from continuing operations swung to a profit of $569 million from a loss of $1.4 billion and diluted earnings per share was $1.05 from ($2.28) a year ago. 

The company declared a cash dividend of $0.25 per share payable on June 16, 2023 to stockholders of record as of June 1, 2023.