Tech Roundup: Netflix, IBM lead tech earnings parade; Musk, Twitter stay on the march

Traders weighed in with their ideas on tech shares this week, because the likes of Netflix (NASDAQ:NFLX), IBM (NYSE:IBM), AT&T (T) and Verizon (VZ) delivered their quarterly outcomes to kick off the autumn earnings season.

However, by no means concern…The Elon Musk-Twitter (NYSE:TWTR) drama managed to indicate up on the finish of the week and amp up the months-long saga forward of its potential conclusion.

Let’s begin with the earnings stories that received essentially the most consideration on Wall Road. And one of many winners was Netflix (NFLX), because the streaming TV big received again on observe with progress in new subscribers that surpassed expectations, and in addition gave an outlook for extra progress within the months forward.

It was sufficient of successful that Netflix (NFLX) co-Chief Government Reed Hastings deviated from the historically ho-hum feedback usually given on company earnings calls to precise his sentiments about what it means for the corporate to get again to noticeable subscriber progress.

Netflix (NFLX) shares surged following the corporate’s report, and had some analysts saying that its “darkish days” are over.

Previous-school tech titan IBM (IBM) received available on the market’s good aspect, because it reported third-quarter outcomes that topped Wall Road’s estimates, and prompt that gross sales are going to enhance subsequent yr.

AT&T (T) has certainly one of its greatest days in additional than two years because the telecom big reported third-quarter outcomes that beat expectations for earnings, gross sales and new subscribers. In the meantime, Verizon (VZ) took it on the chin after its third-quarter subscriber numbers missed estimates, and buyers drove the corporate’s shares all the way down to their lowest degree in 12 years.

Social-media firm Snap (SNAP) took a beating, as its shares plunged by as a lot as 30% on Friday, and dropped to a 52-week-low within the course of, after the corporate reported quarterly outcomes that had been approach past disappointing to Wall Road.

Meawhile, Roblox (RBLX), the web gaming platform developer identified to hundreds of thousands of oldsters of youngsters for his or her $4.99 a month and up subscription charges, noticed its shares advance by 20% because of sturdy features in bookings and each day customers in September.

FuboTV (FUBO) additionally had a great week, as its shares climbed because of response to the streaming TV platform operator delivered sturdy preliminary third-quarter outcomes, and mentioned it will shut its Fubo Gaming enterprise.

The raft of earnings was solely the start for the tech sector as Apple (NASDAQ:AAPL), Microsoft (MSFT), Alphabet (GOOG) (GOOGL), Meta Platforms (META) and Intel (INTC) are among the many sector leaders on faucet to ship their quarterly outcomes subsequent week.

And simply forward of its fiscal fourth-quarter report, Apple (AAPL) confirmed off a brand new, and less-expensive model of its Apple TV 4K streaming machine, and new iPads.

Twitter (TWTR) made a splash on the finish of the week as a sequence of stories riled up buyers, and certain, Twitter (TWTR) workers, too.

Initially, a report late Thursday mentioned that Elon Musk was planning to chop 75% of Twitter’s (TWTR) workforce as soon as he succeeds together with his presumptive $44B acquisition of the social-media big.

That report minimize down Twitter’s (TWTR) shares on Friday earlier than the corporate informed workers that no such layoffs had been within the works.

The White Home additionally stepped into the Twitter (TWTR) matter as officers mentioned they reportedly mentioned they had been unaware of any sort of federal evaluate of Musk’s prior offers on the grounds of nationwide safety considerations.

And whereas the trial between Musk and Twitter (TWTR) over his prior efforts to get out of shopping for the corporate continues to be on the docket for October 28, hypothesis has grown about strategies Musk could must take in an effort to finance the deal.