Stocks were falling across all major indexes on Thursday after U.S. jobless claims rose unexpectedly for the first time since March. Here are some of the top tech movers for Thursday, July 23.
Shares of Twitter (TWTR) - Get Report were up 7.62% to 39.62 after the company's latest earnings release. Twitter reported a "moderate recovery" to its advertising business since March, with ad revenues still down 23% year over year. But its monetizable daily active user (mDAU) count of 186 million far outpaced expectations, and the company said it is exploring new lines of revenue such as a subscription service. Twitter earlier reported high engagement during the pandemic alongside a dip in ad revenue.
Shares of Citrix (CTXS) - Get Report Systems fell 7.26% to $155.02 after its second quarter earnings release. Citrix topped Wall Street's expectations on revenue, earnings, and forward-looking guidance, reporting tailwinds from the work-from-home environment. Shares of the tech firm fell, however, as investors opted to take profits, with shares up 36% year to date.
Shares of Microsoft (MSFT) - Get Report fell 2.16% to $207.17 on Thursday despite a positive earnings report for its fiscal fourth quarter. The tech giant posted earnings of $1.46 per share and a 13% increase in revenue to $38 billion. Analysts were expecting the company to report earnings of $1.37 per share on revenue of $36.5 billion. Microsoft stock was testing record highs heading into earnings.
Shares of Apple (AAPL) - Get Report were down 2.4% to $379.91 after Goldman Sachs analyst Rod Hall cautioned that the rally in Apple shares may not be sustainable. Apple is due to report its latest earnings next week, and Hall said he's focused on whether Apple will provide guidance for its quarter ending in September. Apple shares are up 26% year to date, despite uncertainties around the timing of its much-anticipated iPhone 12 lineup and overall sales outlook owing to COVID-19.
Shares of Alphabet (GOOGL) - Get Report were down 1.8% to $1537.00 amid losses across the broader Nasdaq index on Thursday. Alphabet is due to report its latest earnings on July 30. For the June quarter, analysts are expecting the company to report earnings of $8.03 per share and revenue of $37.3 billion on average. Investors are largely focused on the impact of COVID-19 on Google's advertising business, which makes up the lion's share of Alphabet's overall sales.