became the latest tech leaders to suffer investors’ wrath after warning that future results will come in below analysts’ expectations.
Shares of the two companies were down 4-5% in late trading Wednesday.
fared much better — and also appears to be stealing market share at Intel’s
AMD reported quarterly earnings of 45 cents a share — 19 cents above estimates — and sales of $1.84 billion topped $1.65 billion forecasts. AMD’s chip microprocessor revenues of $1.35 billion beat estimates by 10%, and while the company predicted “flat to slightly down” sales for the March quarter, that would still be well above $1.39 billion expectations.
AMD shares climbed 10% in late trading.
Apple reported better than expected results of 65-cent earnings and $5.75 billion sales, as the company signaled it would last week. However, the company’s March quarter guidance of 42-cent earnings and $4.3 billion revenues were below Wall Street forecasts of 48-cent earnings and $4.63 billion sales. On the company’s conference call, analysts questioned if the company was being too conservative with its guidance.
eBay’s earnings of 24 cents and sales of $1.33 billion topped forecasts, but the company’s full-year guidance was below Wall Street estimates of $1.02 earnings and $5.95 billion sales. Analysts also wondered if eBay was being too conservative with its guidance. One positive was the company’s prediction of $200 million in sales from its Skype unit this year.
Stocks fell during the day on disappointing results from Intel and Yahoo
. Also weighing on U.S. stocks was a big sell-off in Japan on a financial scandal at Internet company Livedoor.
added 1% on the company’s better than expected earnings.
The Nasdaq fell 23 to 2279, the S&P 500 lost 5 to 1277, and the Dow dropped 41 to 10,854. Volume rose to 2.21 billion shares on the NYSE, and 2.35 billion on the Nasdaq. Decliners led 17-15 on the NYSE, and 16-14 on the Nasdaq. Downside volume was 59% on the NYSE, and 63% on the Nasdaq. New highs-new lows were 98-34 on the NYSE, and 116-36 on the Nasdaq.