The Afterhours: Netflix, Tesla report earnings; Google News cuts jobs
Published: 18:37 18 Oct 2023 EDT
Netflix Inc (NASDAQ:NFLX) shares jumped more than 12% after the closing bell Wednesday as the streaming platform reported third-quarter earnings that were in line with or ahead of expectations and significant subscriber growth.
For the quarter, the company posted revenue of $8.54 billion, in line with the company’s forecast and the consensus Street estimate. Earnings per share (EPS) came in at $3.73, ahead of Netflix’s guidance of $3.52 and the Street estimate of $3.47.
Tesla Inc (NASDAQ:TSLA) shares fell 3.5% in extended trading Wednesday after the Elon Musk-led carmaker posted third-quarter results that missed expectations.
The electric vehicle (EV) company posted earnings of $0.66 per share on revenue of $23.35 billion, compared to expectations of $0.74 per share on revenue of $24.16 billion. Tesla reported adjusted earnings of $1.05 per share on revenue of $21.45 billion in the year-ago quarter.
Meanwhile, Google has laid off 40 to 45 workers in its news division this week, according to reporting from CNBC.
The report cited an Alphabet Inc (NASDAQ:GOOG) Workers Union spokesperson who did not know the exact number of jobs that were eliminated. A Google spokesperson has since confirmed the cuts.
Looking ahead, Philip Morris International Inc (NYSE:PM) is slated to report earnings before the market opens on October 19, when investors will get another chance to evaluate the company’s smoke-free product business.
The Marlboro parent is expected to post earnings of $1.61 per share on revenue of $9.17 billion, compared to $1.34 per share on revenue of $8.03 billion a year earlier.
