The trading continued into after-hours on Wednesday as usual. We look at the bullish and bearish trends of the day through these three stocks.
Zillow:
Zillow beat the Wall Street estimate of 4 cents per share earnings, as traders made 35 cents per share in the trading session. Zillow, an online real estate company, recently reported earnings of $469 million for the quarter, which is above the expected revenue of $425.8 million. This report of better-than-expected performance was well received by the markets.
The company is often seen as an outlier in the industry due to its performance. The single-family home market has been picking up and Zillow seems to have attracted its share of rising demand.
Zillow has already promised that some of its premium users will be able to use ChatGPT on their website and apps.
This rapid integration of the latest technology showed Zillow's adaptability as a brand.
Zillow’s share price rose by 4% immediately after the results. The company’s share price has gained 26% year-to-year.
Etsy:
Etsy is another stronger performer in the market. The company beat the revenue estimates made by experts this quarter. It earned a revenue of $640.9 million well above the consensus estimate of $621.1 million. Etsy has grown 11% year-on-year and continues to grow unabated.
It beat the per-share earnings estimate of 49 cents as traders made 53 cents on every share of Etsy.
BTIG Analyst Marvin Fong credits the uniqueness of Etsy’s products for its success as an online retailer. Yahoo Finance reported the strong sentiment Fong expressed for the brand. He said “Companies that are well positioned can swim upstream are kind of be a little more resilient and we think Etsy is one of those companies as demonstrated by this quarter and their guidance,”
Qualcomm
The chip manufacturer has been in troubled waters for the last four quarters. Its fiscal revenue guidance fell short of expectations. The Wall Street consensus estimate was $9.25 billion but Qualcomm expects its revenue to be between $8.1 billion to $8.9 billion for the current quarter.
The Qualcomm share price dropped by 7% during the after-hours trading session.
The company blamed the adverse macroeconomic conditions and lower demand in global markets for their lower revenue estimates.
