After-hours buzz: SBUX, SKX, T and more
Check out the companies making headlines after the bell Thursday:
Shares of Skechers USA plunged more than 15 percent in extended trading after the company reported quarterly earnings that missed analysts' expectations. The footwear company posted earnings of 48 cents per share on revenue of $887.8 million, missing analysts' expectations earnings of 52 cents per share on revenue of $888.9 million, according to a Thomson Reuters consensus estimate.
Pandora stock dropped roughly 7 percent in extending trading. The music streaming company posted losses of 33 cents per share on revenue of $343 million, compared to analysts' estimated losses of 34 cents per share on revenue of $350 million, according to a Thomson Reuters consensus estimate. "We are making strong progress on Pandora's transformation into a complete music marketplace," said Pandora CEO Tim Westergren. "We made considerable progress on our product development plans while also improving margins sequentially."
AT&T edged lower after delivering its quarterly results on Thursday after the market close, with revenue missing analysts' estimates. The telecommunications corporation posted fiscal second-quarter earnings per share of 72 cents, compared to 70 cents a share in the year-earlier period. Consolidated revenue for the quarter came in at $40.52 billion, up more than 22 percent from the comparable year ago figure of $33.02 billion. Analysts expected AT&T to report earnings of 72 cents per share on revenue of $40.62 billion, according to a Thomson Reuters consensus estimate. AT&T CEO Randall Stephenson said that AT&T added nearly 1 million DirecTV subscribers since the acquisition made a year ago.
Starbucks shares dropped as much as 4 percent in late trading after it reported sales growth that missed analysts' expectations on Thursday. The coffee chain said it saw global same-store sales increase by 4 percent during the quarter, below Wall Street expectations of 5.7 percent, according to FactSet. The company saw lackluster sales growth across all regions.
PayPal and Visa announced a partnership on Thursday that will allow Visa's customers to move money instantly on PayPal and Venmo accounts. As part of the deal, Paypal will be able to expand its point-of-sale acceptance through the Visa Digital Enablement Program.
The two companies also reported quarterly results. Paypal reported earnings of 36 cents a share on $2.65 billion in revenue. Wall Street had expected earnings of 36 cents per share on revenues of $2.60 billion, according to a Thomson Reuters consensus estimate. Meanwhile, Visa posted earnings of 69 cents a share on revenues of $3.63 billion. Analysts had expected the company to post earnings of 66 cents a share on $3.65 billion in revenue, according to a Thomson Reuters consensus estimate.
The payment processing company saw its shares gain 1.5 percent in late trading while the credit card issuer's stock was slightly higher.
Shares of Chipotle Mexican Grill whipsawed after the company reported that it saw "modest" improvements in traffic, fueled by its loyalty program. The stock was initially higher on that news, but later reversed as investors and analysts questioned whether the program simply rewards customers who were already frequent visitors.
Chipotle posted earnings of 87 cents per share on $988 million in revenue, below analyst expectations of 93 cents a share on revenues of $1.05 billion, according to a consensus estimate from Thomson Reuters.
— CNBC's Sarah Whitten and Arriana McLymore contributed to this report.