Stock futures were rising Friday as Wall Street focused on signs the U.S. and China could be set to open trade talks instead of disappointing earnings from Apple and Amazon.com. Investors also awaited the U.S. jobs report for April.
These stocks were poised to make moves Friday:
Apple reported fiscal second-quarter adjusted earnings of $1.65 a share, beating Wall Street estimates of $1.62, while revenue of $95.36 billion, up 5% from last year, topped expectations of $94.54 billion. The company's iPhone revenue of $46.84 billion also was better than forecasts. The stock was down 2.7%, however, after revenue in Greater China of $16 billion was below consensus of $17 billion and services revenue came up shy of estimates.
Apple CEO Tim Cook, meanwhile, said a majority of iPhones shipped into the U.S. during the company's fiscal third quarter will come India and Vietnam as Apple looks to mitigate China tariffs.
Amazon.com was falling 1.7% after the tech and online retailing giant reported first-quarter earnings and revenue that beat analysts' estimates but revenue of $29.3 billion for Amazon Web Services, up 17% from a year earlier, slightly missed estimates of $29.4 billion. The company said it expects revenue in the current second quarter of $159 billion to $164 billion -- the midpoint of the range was roughly in line with consensus of $161.2 billion. Amazon also forecast second-quarter operating income of between $13 billion and $17.5 billion versus estimates of $17.62 billion.
CEO Andy Jassy said Amazon has yet to see any significant impact from tariffs in the areas of demand and sellers setting product pricing, though ha added that could change.
Amgen reported first-quarter adjusted earnings of $4.90 a share, smashing expectations of $4.27 and revenue rose to $8.15 billion from $7.45 billion a year earlier. The biotechnology company said 14 of its products delivered at least double-digit sales growth in the first quarter. The stock rose 1.8%.
MicroStrategy, which does business as Strategy, reported a first-quarter loss of $16.49 a share, much wider than a year-earlier loss of 31 cents. MicroStrategy recorded an unrealized fair value loss on digital assets of $5.9 billion in the quarter, in line with its guidance.The largest corporate holder of Bitcoin said that its "capital-markets strategy continues to grow our Bitcoin holdings while delivering superior shareholder value." The stock was up 1.3%.
Airbnb, Inc. tumbled 4.5% after the online marketplace for short-term rentals reported first-quarter earnings and revenue that were mostly in line with Wall Street forecasts but said it expects nights and experiences booked to "moderate" in the second quarter when compared with the first quarter. "In the U.S., we've seen relatively softer results, which we believe has been largely driven by broader economic uncertainties," Airbnb said in a letter to shareholders.
Software maker Atlassian Corporation PLC fiscal third-quarter earnings and revenue beat analysts' forecasts but the company's guidance for the current fourth quarter missed expectations. The stock fell 16%.
Block, Inc. sank 22% after the Square and Cash App parent Block reported first-quarter earnings and revenue that missed analysts' estimates and cut its fiscal 2025 guidance, saying it "saw changes to consumer spending as the quarter progressed that we believe drove the majority of our forecast miss." Block added it understood "the drivers behind our recent deceleration in growth and have incorporated updated views on the macro environment into our revised guidance for the year."
Reddit jumped 5.7% after the social media company posted first-quarter earnings of 13 cents a share, topping analysts' estimates of 2 cents, on revenue of $392.4 million that beat expectations of $369.5 million. Daily active users rose to 108.1 million, up 31% from a year earlier and above analysts' estimates of 107.3 million. For the second quarter, Reddit said it expects revenue of $410 million to $430 million.
Roku Inc said first-quarter revenue rose 16% to $1.02 billion and beat analysts' expectations of $1.01 billion. The video-streaming company also reached an agreement to acquire streaming service provider Frndly TV for $185 million in cash. Roku stock fell 5.8%.
SHELL PLC SPON ADS EACH REPR 2 ORD SHS , the London-based oil-and-gas company, reported better-than-expected first-quarter earnings even as crude prices declined. The company also said it would buy back $3.5 billion of stock. U.S.-listed shares of Shell rose 3.4%.
Earnings reports are expected Friday from Exxon Mobil, Chevron, DuPont, Eaton, Cigna, and Apollo Global Management.
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