Analysts and investors witnessed a flurry of activity in the stock market as several companies reported earnings that either exceeded or fell short of expectations. Notably, Intel, Atlassian, and KLA Corporation delivered impressive results, while others like Apple and Boot Barn faced challenges in meeting forecasts.
Intel surprised market watchers by reporting earnings of 13 cents per share, excluding items, on revenue of $14.26 billion, surpassing the expectations of analysts polled by LSEG, who had forecasted 12 cents per share and $13.81 billion in revenue. Atlassian also impressed with its fiscal performance, earning 96 cents per share, excluding items, on revenue of $1.29 billion. This result outstripped the anticipated 76 cents per share and $1.24 billion in revenue forecasted by LSEG analysts, propelling Atlassian's stock to soar 16% postmarket.
Meanwhile, KLA Corporation saw a nearly 4% rise in its stock value after reporting adjusted earnings of $8.20 per share on revenue of $3.08 billion for its fiscal second quarter, both figures surpassing consensus estimates. Similarly, SkyWest reported a 2% increase in its stock price after announcing fourth-quarter earnings that beat expectations on both revenue and profit lines, as detailed by FactSet. The airline also revealed it had repurchased 47,000 shares of common stock for nearly $5 million.
On the other hand, Apple's closely watched iPhone revenue did not meet Wall Street's forecast, potentially impacting investor sentiment. Boot Barn also experienced a downturn, with its stock dropping 6% following guidance that failed to exceed Wall Street's consensus forecasts.
In the footwear sector, the company behind Ugg and Hoka reported robust earnings of $3 per share on revenue of $1.83 billion, outperforming analysts polled by LSEG who had predicted earnings of $2.56 per share on revenue of $1.73 billion. Deckers Outdoor further bolstered investor confidence by raising its full-year revenue guidance to $4.9 billion.
Visa also posted strong results with adjusted earnings of $2.75 per share on revenue of $9.51 billion, exceeding analysts' expectations of $2.66 per share and $9.34 billion in revenue.