U.S. Movers: AMD, Arm Holdings, Meta Platforms, Microsoft, Teladoc

Scott Peters
01 Aug, 2024
New York City

Meta Platforms soared 7.6% to $510.66 after the parent company of Facebook and WhatsApp reported higher-than-expected quarterly results. 

Revenue in the second quarter increased 22% to $39 billion from $32 billion, net income soared 73% to $13.5 billion from $7.8 billion, and diluted earnings per share advanced to $5.16 from $2.98 a year ago. 

The company guided third quarter revenue between $38.5 billion and $41 billion and capital expenditure for the full year between $37 billion and $40 billion, higher than the previous range between $35 billion and $40 billion. 

Arm Holdings PLC declined 8.3% to $132.30 after the UK-based advanced chip designer's fiscal second quarter earnings per share outlook of 23 cents to 27 cents fell short of market expectations. 

Revenue in the fiscal first quarter ending in June soared 39% to $939 million, net income more than doubled to $223 million from $105 million, and diluted earnings per share rose to 21 cents from 10 cents a year ago. 

The company guided fiscal second quarter revenue between $780 million and $830 million, and non-GAAP diluted earnings per share between 23 cents and 27 cents. 

Teladoc Health declined 18.7% to $7.67 after the online health service provider reported weaker-than-expected quarterly revenue in the second quarter. 

Revenue in the second quarter decreased 2% to $642.4 million, net loss increased to $837.7 million from $65.2 million, and diluted loss per share expanded to $4.92 from 40 cents a year ago. 

The company recorded a noncash goodwill impairment charge of $790 million, reflecting changes in future cash flows related to the company's BetterHelp segment. 

BetterHelp segment revenue fell 9% from a year ago to $265 million, with an adjusted EBITDA margin of 9%. 

Microsoft Corp. declined 1.1% to $418.35 after the software company reported better-than-expected quarterly results, but cloud segment growth fell short of market expectations. 

Revenue in the fiscal fourth quarter ending in June increased 15% to $64.7 billion from $56.2 billion, net income advanced 10% to $22.0 billion from $24.3 billion from $20.8 billion, and diluted earnings per share rose 10% to $2.95 from $2.69 a year ago. 

Azure and cloud services revenue increased 29%, Microsoft cloud revenue rose 21%, Xbox content and services revenue soared 61%, and search and news advertising revenue advanced 19%. 

Advanced Micro Devices jumped 4.2% to $144.48 after the advanced chip maker reported better-than-expected quarterly results. 

Revenue in the second quarter increased 9% to $5.8 billion from $5.4 billion, net income jumped nearly ninefold to $265 million from $27 million, and diluted earnings per share advanced to 16 cents from 2 cents a year ago. 

The company guided revenue in the third quarter to increase 16% from a year ago at $6.7 billion with a band of $300 million and a non-GAAP gross margin of 53.5%.