Stocks overall fell on Friday, with the Dow Jones dragged down by steep quarterly losses from energy firms and the Nasdaq down overall despite a spate of positive Big Tech earnings. Here are some of the top tech stock movers for Friday, July 31.
Facebook shares jumped 7.7% to $252.64 after the social network nearly doubled its profit compared to the year-ago quarter, reporting income of $5.18 billion, or $1.80 a share, in the quarter, compared with $2.62 billion, or 91 cents, a year ago. Revenue rose to $18.69 billion compared to $16.89 billion a year ago. The results topped consensus estimates on both counts. Monthly active users grew to 2.7 billion in the June quarter, up 12% from a year earlier.
Apple (AAPL) - Get Report shares rose 6.4% to $409.28 after the iPhone giant topped earnings and revenue estimates by a wide margin in its fiscal third quarter. Earnings rose 25.9% from the same period last year to $2.58 per share. Total revenues rose 13.4% to a Street-beating $59.7 billion, with gains in every geographical region and across all product line. iPhone revenue rose 2% to $26.4 billion, despite headwinds from COVID-19.
Alphabet (GOOGL) - Get Report shares fell 5% to $1462.08 after its earnings release, which showed a 2% drop in total revenue for the second quarter compared to the year-ago period, the first time in its history that had happened. Amid a challenging environment for advertising because of the coronavirus pandemic, ad revenue slid 8% to $29.867 billion. Income topped expectations at $10.13 per share versus an analyst consensus of $7.94 per share.
Shares of the travel booking giant Expedia (EXPE) - Get Report fell 5.6% to $80.22 after it reported steep drops in earnings and revenue for the second quarter, at an adjusted loss of $4.09 per share and sales of $566 million. Gross bookings were down 90% compared to a year ago. In a statement, Expedia CEO called the second quarter "likely the worst quarter the travel industry has seen in modern history and Expedia was of course not spared,” and warned of a bumpy recovery.
Expedia's grim results also dragged down TripAdvisor (TRIP) - Get Report, which fell 4.9% to $20.00 per share on Friday. TripAdvisor is due to report its latest earnings on August 6. Analysts are expecting a loss of 61 cents per share and revenue of $50 million for the quarter ending June 30.