Shares of Snap soared as much as 21 percent Tuesday following their fourth-quarter earnings beat. The tech company earned $390 million in revenue, beating the expected $378 million.The company posted losses per share of 4 cents, smaller than the expected loss of 7 cents. Global Daily active users also beat at 186 million, compared to the estimated 184.26 million, according to FactSet. Average revenue per user was $2.09, vs. the $2.05 estimated by analysts.
Shares of Walt Disney rose almost 2 percent in extended trading Tuesday following better-than-expected first-quarter earnings. The company beat on the top and bottom lines, boosted by sales increases in its media networks, like ESPN, and theme parks businesses. Disney posted earnings per share of $1.84, beating estimates of $1.55 per share. Revenue was $15.30 billion, topping the $15.14 billion forecast by Wall Street. Revenue in Disney’s media networks segment rose 7 percent this quarter and its park business was up 5 percent.
Electronic Arts shares sank more than 11 percent after the bell Tuesday following a disappointing earnings report. The video game company posted $1.61 billion in revenue, missing analyst estimates of $1.75 billion. The video game company barely beat on its bottom line, reporting earnings of $1.95 per share vs. $1.94 expected by Wall Street, and gave weak fourth-quarter net bookings guidance.
Shutterfly shares dropped nearly 11 percent after hours after announcing CEO Christopher North will step down at the end of August 2019. The company also announced that its board of directors formed a strategic review committee to evaluate its capital structure on the heels of being approached by a third party about a potential acquisition. Shutterfly’s stock later regained some of its after-hours losses and was trading down about 7 percent.
Shares of Apple dipped after hours based on news that the company’s retail chief Angela Ahrendts will leave the company in April. Ahrendts is leaving “for new personal and professional pursuits,” according to Apple. Deirdre O’Brien will take on an expanded role as a senior vice president of Retail + People, Apple said.
