After-hours buzz: Alphabet, Amazon, Skechers & more
Check out the companies making headlines after the bell Thursday:
Shares of Google's parent company, Alphabet, soared about 10 percent after topping earnings and sales expectations for the third quarter. The tech giant's board also authorized the company to buy back up to $5.1 billion in Class C capital stock.
Amazon spiked 11 percent after it beat on the top and bottom lines as sales in its cloud services unit jumped 78 percent from a year ago.
Pandora Media's stock tumbled 20 percent after the bell. It met adjusted third-quarter earnings estimates of 10 cents a share, and revenue came in at $312 million, just under the expected $313 million. The company also gave light guidance and said it would pay $90 million to settle a royalties lawsuit over music recorded before 1972.
Athletic footwear designer Skechers saw its shares tank more than 33 percent after it missed on the top and bottom lines. The sneakermaker reported adjusted third-quarter earnings of 43 cents a share, below forecasts of 55 cents a share. The company said it hit a new quarterly record with $856 million in sales, but that figure missed expectations of $877 million.
Microsoft shares rose more than 7 percent after the tech company soared past projections with adjusted earnings of 67 cents a share on $21.66 billion in revenue. Analysts were expecting profit of 59 cents a share on $21.03 billion.
Telecom provider AT&T topped earnings expectations but missed on revenue. The stock was up about 2 percent after hours.