Stocks rose on Wednesday as investors look to Washington for another coronavirus stimulus package. Here are some of the top tech stock movers for Wedneday, August 5.
Shares of Twilio (TWLO) - Get Report fell 3.7% to $273.35 on Wednesday following its latest earnings report. Twilio, which sells cloud communication services, grew revenues 46% to $400.8 million, and posted an adjusted profit of 9 cents per share, compared to consensus estimates of revenue of $368.3 million and an adjusted loss of $0.09. For the current quarter, Twilio guided for an adjusted loss of 5 cents to 9 cents per share on revenue ranging from $401 million to $406 million.
Shares of Square (SQ) - Get Report surged 11.7% to $152.83 after the payments firm posted stronger-than-expected second quarter earnings and revenue. Its gross profit rose 28% to $597 million, while revenues surged 64% to $1.92 billion. The firm said that its Cash App product saw a performance boost partly from stimulus payments and unemployment benefits.
Shares of PayPal (PYPL) - Get Report rose 3% on Wednesday to $203.16, continuing an upward trend since its latest earnings release. Last week, the payments giant posted 22% increase in revenue to $5.26 billion, with earnings up 49% to $1.07 per share. PayPal management called it the best quarter to date, highlighting the ongoing diversification of the business and guiding for revenue to grow 23% year over year in the current quarter.
Palo Alto Networks
Shares of cybersecurity firm Palo Alto Networks (PANW) - Get Report rose 4.2% to $265.67 following an upgrade from BTIG. Analyst Gray Powell upgraded the stock to buy from neutral with a $313 price target, writing that sales trends for its core firewall business appear strong through July.
Shares of Okta (OKTA) - Get Report rose 2.7% to $225.22 on Wednesday. For its fiscal second quarter, which ended in July, analysts are expecting a non-GAAP loss of 2 cents per share on sales of $186.3 million. Okta is slated to report its next quarterly earnings on August 27.