Closing Bell: Apple Slides Despite Strong Sales, Amazon Falls, Figma Whipsaws
On this episode of Stock Movers: Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Matt Miller, Katie Greifeld, Carol Massar and Tim Stenovec.- Apple (AAPL) shares slid despite delivering strong earnings as markets traded lower today. The iPhone-maker reported its fastest quarterly revenue growth in more than three years, easily topping Wall Street estimates, after demand picked up for the iPhone and products in China. Revenue rose 9.6% to $94 billion in the fiscal third quarter, which ended June 28, the company said in a statement Thursday. Analysts estimated $89.3 billion on average, according to data compiled by Bloomberg. Apple also predicted that fourth-quarter revenue would be up by a percentage in the mid- to high-single digits — better than the 3% that analysts had forecast.- Amazon (AMZN) dropped after projecting weaker-than-expected operating income and trailing the sales growth of its cloud rivals, leaving investors searching for signs that the company’s huge investments in artificial intelligence are paying off. Operating profit will be $15.5 billion to $20.5 billion in the period ending in September, compared with an average estimate of $19.4 billion. Sales will be $174 billion to $179.5 billion, the company said Thursday in a statement. Analysts, on average, expected $173.2 billion.- Figma (FIG) shares were volatile in their second trading day, rising as much as 333% above the initial public offering price before paring gains.The San Francisco-based company’s stock traded at $126.07 each as of 10:35 a.m. on Friday in New York, versus the IPO price of $33 per share. Figma’s stock had jumped 250% on Thursday, in the largest first-day pop in at least three decades for a US-traded company raising more than $1 billion, data compiled by Bloomberg show.The company and some of its shareholders raised $1.2 billion in an IPO, pricing the stock on Wednesday above the marketed range. The trading gives Figma a market value of $61.5 billion, based on the outstanding shares listed in its filings. Accounting for employee stock options and restricted stock units, and restricted stock units for Chief Executive Officer Dylan Field, which are subject to vesting conditions, the fully diluted value is roughly more than $73 billion.See omnystudio.com/listener for privacy information.
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