Microsoft, Alphabet, Chipotle and more

alphabet (GOOGLE): Shares of Google’s parent company fell in extended trading after the company missed Wall Street forecasts on the top and bottom lines. Sales for the quarter were $69.09 billion, up 6% from a year ago. Earnings were $1.06 per share. YouTube ad revenue fell $7.1 billion from the prior quarter, beating analysts’ expectations of $7.4 billion. Morningstar Senior Equity Analyst Ali Mogharabi told Yahoo Finance the results were “disappointing” and reflected a slowdown in ad spending.

Microsoft (MSFT): The tech giant reported the slowest quarterly revenue growth in 5 years as the PC market weakened and the strong dollar weighed on results. Softer cloud sales were the focus of investors in expanded trading, with Azure revenue growth falling to 35% during the quarter. Revenue from the Smart Cloud business, which includes Azure, totaled $20.3 billion. Rishi Jaluria, Software Capital Analyst at RBC Capital Markets, told Yahoo Finance that the macroeconomic environment has deteriorated and he expects this to “continue to impact Azure’s numbers going forward.”

Spotify (STAIN): Shares fell more than 10% in after-hours trading after the company warned of margin pressure in the current quarter. For the third quarter, Spotify reported 456 million monthly active users, exceeding its previous guidance, while Premium subscribers rose 13% to 195 million.

chips (CMG): The restaurant chain reported earnings and revenue that beat Wall Street estimates; this is a sign that customers are willing to pay higher prices. Chipotle raised prices again in August, marking the third time the company has done so in the past 15 months. Morningstar analyst Sean Dunlop told Yahoo Finance that the results show Chipotle is “absolutely recession-resistant.” Chipotle shares are down about 11% so far this year.

Mattel (MAT): The company lowered its full-year profit target ahead of the key holiday sales quarter and sent shares lower in expanded trading. For the third quarter, adjusted earnings were 82 cents per share, while sales were flat from a year ago.

Texas Instruments (TXN): Shares fell after fourth-quarter revenue, and profit guidance fell below the street’s forecasts. On the earnings call, executives warned that “most of our end markets, with the exception of the automotive market, will fall in turn,” warning that inventory is below desired levels. Third-quarter revenue increased to $5.24 billion, up from $4.64 billion in the previous quarter.

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