U.S. Movers: Amazon.com, Apple, Chevron, Exxon Mobil, Meta

Scott Peters
02 Feb, 2024
New York City

Amazon.com jumped 6.4% to $169.35 after the online retailer reported better-than-expected quarterly results.

Revenue in the fourth quarter increased 14% to  $170 billion from $149.2 billion, net income rose to $10.6 billion from $0.3 billion, and diluted earnings per share advanced to $1.0 from 3 cents a year ago. 

The company estimated net sales in the first quarter between $138 billion and $143.5 billion, an increase between 8% and 13% from a year ago. 

Operating income is expected between $8 billion and $12 billion, compared to $4.8 billion in the quarter a year ago.   

Apple declined 2.9% to $181.87 after the computer device maker reported better-than-expected sales in the latest quarter, but the company's struggle in China overshadowed overall results.

Net sales in the fourth quarter increased to $119.6 billion from $117.1 billion, net income jumped to $33.9 billion from $29.99 billion, and diluted earnings per share rose to $2.18 from $1.88 a year ago.

Sales in Greater China declined to $20.8 billion from $23.9 billion; in the Americas, sales increased to $50.4 billion from $49.3 billion; and in Japan, sales rose to $7.7 billion from $6.7 billion.

Meta jumped 17% to $461.50 after the online networking platform operator reported a sharp rise in revenue and earnings and announced its first dividend.

Revenue in the fourth quarter soared 25% to $40.1 billion from $32.2 billion, net income advanced to $14.0 billion from $4.6 billion, and diluted earnings per share jumped to $5.33 from $1.76 a year ago.

The company repurchased $6.32 billion and $20.03 billion of its common stock in the fourth quarter and full year 2023, respectively.

As of the end of 2023, the company had $30.93 billion available and authorized for stock repurchases, and the company announced a $50 billion increase in its share repurchase authorization today.

The company declared its first-ever quarterly cash dividend of 50 cents per share payable on March 26 to shareholders on record on February 22.

Exxon Mobil jumped 1% to $103.39 after the largest U.S. oil company reported better-than-expected quarterly results, but profit fell sharply because of a sharp decline in crude oil prices.

Total revenue in the fourth quarter declined to $84.3 billion from $95.4 billion, net income dropped to $7.6 billion from $12.7 billion, and diluted earnings per share fell to $1.91 from $3.09 a year ago.

The company declared a first-quarter dividend of 95 cents per share payable on March 11 to shareholders on record on February 14.

For the full year, the company distributed in 2023 to shareholders $32.4 billion, including $14.9 billion in dividends and $17.4 billion in stock repurchases.

The company also announced its plan to produce lithium through a mining operation in southwest Arkansas, with the potential to supply one million electric vehicles per year.

Chevron increased 1.2% to $149.70 after the second-largest U.S. oil company reported a decline in earnings in its latest quarter but also rewarded its shareholders with record dividends and stock buybacks in 2023.

Total revenue in the fourth quarter decreased to $47.2 billion from $56.5 billion, net income plunged to $2.2 billion from $6.4 billion, and diluted earnings per share fell to $1.22 from $3.33 a year ago.

The company's annual worldwide net oil-equivalent production in 2023 surpassed 3.1 million barrels, driven by a 14% rise in production in the U.S.

Cash returned to shareholders increased 18% to $26 billion, including a dividend of $11.3 billion and a stock repurchase of $14.9 billion.

“In 2023, we returned more cash to shareholders and produced more oil and natural gas than any year in the company’s history,” said Mike Wirth, Chevron’s chairman and chief executive officer.