These are the stocks moving in after-hours on Tuesday, May 2, 2023:
Ford
Ford (F) posted first-quarter revenue of $41.5 billion, up 20% year-over-year. The automaker’s adjusted earnings per share of 63 cents beat Wall Street estimates of 42 cents. The company reaffirmed its full year forecasts.
“Ford Model e’s different approach to EVs is significantly reducing costs on our first high-volume products while rapidly developing breakthrough next-generation vehicles from the ground up,” CEO Jim Farley stated in the company’s press release.
Tuesday’s print initiated a new reporting structure for Ford. For the time ever, the company segmented its earnings across three units: Ford Blue for gas-powered cars, Ford Model E for electric vehicles, and Ford Pro for its commercial and fleet sales.
Ford has been undergoing cost cuts and slashing jobs as it invests in the electric vehicle space.
Starbucks
Starbucks (SBUX) beat on the top and bottom line for its latest quarter. The coffee chain posted $8.7 billion in revenue, versus estimates of $8.2 billion and adjusted earnings per share of 74 cents versus 65 cents.
“Comparable store sales strength looked great. Continuing to see positive traffic in the United States is impressive and suggestive that the firm has not exhausted its pricing power yet,” Sean Dunlop, Morningstar equity analyst told Yahoo Finance Live.
Tuesday’s print marks CEO Laxman Narasimhan‘s first earnings report since he took the helm on March 23, after three-time CEO Howard Shultz stepped down two weeks earlier than initially planned.
AMD
AMD (AMD) beat top and bottom line expectations for its latest quarter. The chipmaker saw second quarter revenue of $5 billion to $5.6 billion, versus expectations of $5.51 billion. Shares moved down more than 3% immediately following the print.
“We executed very well in the first quarter as we delivered better than expected revenue and earnings in a mixed demand environment,” AMD CEO Dr. Lisa Su said in a statement.
CFO and Treasurer Jean Hu noted, “For the second quarter we expect sequential growth in our Data Center and Client segments offset by modest declines in our Gaming and Embedded segments.”
Last week, chip rival Intel (INTC) posted its biggest-ever quarterly loss. The company, which is undergoing a strategy to take back marketshare from AMD, has seen a decline in PC sales amid a pullback in spending by consumers and businesses.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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