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

Scott Peters
02 Aug, 2024
New York City

Apple Inc. increased 2.2% to $222.75 after the iPhone maker reported better-than-expected quarterly results and sales hit hew highs amid rinsing sales in India. 

Revenue in the fiscal third quarter ending in June increased 5% to $85.8 billion from $81.8 billion, net income jumped to $21.4 billion from $19.9 billion, and diluted earnings per share advanced to $1.40 from $1.26 a year ago. 

On a regional basis, Greater China sales edged down to $14.7 billion from $15.8 billion, Japan sales edged up to $5.1 billion from $4.8 billion, and Americas sales advanced to $37.7 billion from $35.4 billion a year ago, respectively. 

Across products and services, iPhone sales edged slightly lower to $39.3 billion from $39.7 billion, and services sales increased to $24.2 billion from $21.2 billion a year ago, respectively. 

Amazon.com Inc. dropped 12.2% to $161.83 after the online retailer and cloud service provider reported weaker-than-expected second quarter revenue and issued a disappointing estimate. 

Revenue in second quarter increased 10% to $148 billion from $134.4 billion, net income rose to $13.5 billion from $6.7 billion, and diluted earnings per share advanced to $1.26 from 65 cents a year ago. 

Intel plunged 29% to $20.74 after the advanced chipmaker reported weaker-than-expected second quarter results, announced job cuts of 15,000, and issued a weak outlook. 

Revenue in the second quarter declined 1% to $12.8 billion from $12.9 billion, net income swung to a loss of $1.6 billion from a profit of $1.5 billion, and diluted earnings per share were a loss of 38 cents compared to a profit of 35 cents a year ago. 

The advanced chipmaker announced its deepest restructuring plan in forty years and planned to eliminate 15,000 jobs in an effort to reduce costs by $10 billion. 

The company announced a quarterly dividend of 12.5 cents per share payable on September 1 to shareholders on record on August 7. 

In addition, the company announced the suspension of its dividend starting in the fourth quarter. 

Exxon Mobil Corporation inched up 0.1% to $117.05, and the energy company reported better-than-expected second quarter earnings driven by record energy production in Guyana and the Permian Basin oil fields. 

Total revenue increased to $93.1 billion from $82.9 billion, net income attributable to shareholders rose to $9.2 billion from $7.5 billion, and diluted earnings per share advanced to $2.14 billion from $1.94 a year ago. 

In the quarter, the company distributed $9.5 billion to shareholders, including $4.3 billion in dividends and $5.2 billion of share repurchases. 

Net production in the second quarter increased 15% to 4.4 million oil-equivalent barrels per day due to contributions from the recent acquisition of Pioneer Natural Resources and higher production from energy fields in Guyana and heritage Permian. 

On May 3, ExxonMobil completed the acquisition of Pioneer Natural Resources through the exchange of 545 million shares of ExxonMobil common stock valued at $63 billion and the assumption of $5 billion of debt. 

Chevron Corp. declined 2.5% to $148.85 after the energy company reported weaker-than-expected second-quarter earnings due to weak crude oil refining margins. 

Revenue increased to $51.2 billion from $48.9 billion, net income decreased to $4.4 billion from $6.0 billion, and diluted earnings per share fell to $2.43 from $3.20 a year ago. 

Chevron's global production increased by 11% because of higher production at oil fields in the Permian and Denver-Julesburg basins and contributions from the recent acquisition of PDC Energy. 

Chevron also executed agreements in Namibia, Brazil, Equatorial Guinea, and Angola to increase the company’s global exploration acreage footprint. 

The company returned $6 billion of cash to shareholders during the quarter, including dividends of $3 billion and share repurchases of $3 billion.

The company's board declared $1.63 per share of quarterly dividend payable on September 10 to shareholders on record on August 19.