Category: Companies / July 23, 2013 7:29 PM EDT
Apple Inc. (Nasdaq: AAPL) reported earnings that beat Wall Street expectations after the bell Tuesday. Apple reported a profit of $7.47 a share on revenue of $35.3 billion, beating forecasts for $7.32 a share on sales of $35.02 billion.
The tech giant also said it sold over 31 million iPhones during the quarter, though the company reported current-quarter revenue guidance between $34 billion and $37 billion, falling short of analysts’ expectations. Shares of Apple rallied 3.75 percent to $434.71 in after-hours trade.
AT&T Inc. (NYSE: T) issued earnings after the close that were just a penny below estimates, while revenue came in above expectations. Shares of AT&T Inc. fell 0.87 percent to $35.50 in after-hours trade.
Also on the earnings calendar, Discover Financial Services (NYSE: DFS) released second-quarter profit that beat estimates revealing that consumer spending increased. Shares were little changed after the bell trading around $50.71.
Starbucks Corporation (Nasdaq: SBUX) announced plans Tuesday to align with Danone, a French yogurt maker, to create yogurt products labeled with the Starbucks-owned Evolution Fresh brand. Starbucks will announce fiscal third-quarter results on Thursday. Shares of Starbucks were up 0.12 percent to $67.74 in after-hours trade.
Shares of Netflix, Inc. (Nasdaq: NFLX) continued to plunge Tuesday, a day after the company reported quarterly results, but investors were disappointed that the online streaming company came up slightly short on pulling in new subscribers. Netflix’s stock closed down 4.47 percent to $250.26.
In acquisition news, Cisco Systems, Inc. (Nasdaq: CSCO) said it will acquire Sourcefire, Inc. (Nasdaq: FIRE), a cybersecurity solutions provider.
Sourcefire, Inc. shares closed up 27.78 percent to$ 75.49, while Cisco’s stock edged up slightly after the bell to 0.55 percent to $25.70.
Although Cisco Systems does not report earnings for a few more weeks, analysts predict another strong performance from the company.
On the earnings calendar for Wednesday, Ford Motor Company (NYSE: F) reports quarterly results before the bell.
Video Credit: Reuters