Amazon, RIM, Facebook: Tech Premarket
NEW YORK (TheStreet) -- Amazon (AMZN) was a big winner in premarket trading on Wednesday, climbing more than 8% following the online retailer's fourth-quarter results, which were released after market close on Tuesday.
Investors responded positively to Amazon's 22% year-over-year revenue hike, which beat estimates, and shrugged off the company's bottom-line miss. Amazon earned 21 cents a share on $21.27 billion in revenue, compared to Wall Street's forecast of 28 cents a share on $22.26 billion in revenue. During the prior year's quarter, the company earned 38 cents a share on $17.43 billion in sales.
The company's first-quarter guidance, however, was weaker than anticipated, with Amazon forecasting revenue between $15 billion and $16.6 billion. Analysts were expecting $16.85 billion in sales.
Nonetheless, Amazon shares surged 8.82% to $283.3 before market open.
Research In Motion (RIMM), which will unveil its new BlackBerry 10 technology at a glitzy event in New York on Wednesday, was another gainer, climbing 1.98% to $15.97. In addition to the eagerly anticipated OS, RIM is expected to launch two new smartphones; a touchscreen device and another which features a QWERTY keyboard. Facebook (FB), which reports its fourth-quarter results after market close, was another gainer, climbing 1.62% to $31.29. Analysts surveyed by Thomson Reuters expect Facebook to report revenue of $1.53 billion and earnings of 15 cents a share. Apple (AAPL) shares, which gained 1.88% during Tuesday's trading, slipped 0.17% to $457.5. Yahoo! (YHOO) shares rose 1.32% to $19.96, despite slipping 3% during Tuesday's trading. The Internet giant reported better-than-expected fourth-quarter results earlier this week. TheStreet will be live-blogging RIM's BlackBerry 10 event, starting at 9.30 EST: --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: tips@thestreet.com.Select the service that is right for you!
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