Check out the companies making headlines after the bell.
Alphabet — The tech giant's stock was down 2% in extended trading after CNBC reported that Google is reducing its marketing budgets by as much as half for the second half of the year. "There are budget cuts and hiring freezes happening across marketing and across Google," said one message from a global director sent to employees Wednesday. "We, along with the rest of marketing, have been asked to cut our budget by about half for H2."
Intel — The technology company's stock fell 5% in extended trading after Intel reported first-quarter financial results. The company pulled full-year guidance amid uncertainty caused by the coronavirus and gave mixed second-quarter guidance. Intel said it expects $1.10 in adjusted earnings per share and $18.5 billion in revenue, while analysts polled by Refinitiv had expected adjusted second-quarter earnings of $1.19 per share on $17.97 billion in revenue.
The company did, however, report a 23% increase on revenue and posted a double beat on earnings and revenue in the first quarter. Intel said it had earnings of $1.45 per share excluding some items on revenue of $19.83 billion, while analysts anticipated earnings of $1.28 per share on revenue of $18.70 billion, according to Refinitiv.
E-Trade — The electronic trading platform's stock dipped 2% in extended trading after the company released its earnings for the first quarter. E-Trade reported earnings of 72 cents per share on revenue of $707 million, while analysts expected earnings of 91 cents per share with revenue of $722 million, according to Refinitiv.
People's United Financial — The bank holding company's stock soared 7% after the company reported first-quarter financial results. The company said it had earnings of 33 cents per share, while FactSet analysts expected 24 cents per share. People's United also reported an operating income of $141 million, a 15% increase from last year, according to the company. "While the economic impact of Covid-19 will have a meaningful effect on results for the remainder of 2020, our Q1 performance marked a strong start to the year," said Senior Executive Vice President and CFO David Rosato in a statement.
Edwards Lifesciences — Shares of the medical technology company jumped 4% in extended trading after the company posted its first-quarter earnings. The artificial heart valve manufacturer reported adjusted earnings of $1.51 per share and $1.13 billion in adjusted revenue. Wall Street expected earnings of $1.32 on revenue of $1.08 billion, according to FactSet.
Capital One — The financial services holding company's stock slipped 2% in extended trading after the company released first-quarter financial results. Capital One reported a loss of $3.02 per share excluding some items on revenue of $7.2 billion. Analysts anticipated earnings of $1.88 per share and revenue of $7.33 billion.