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Photo: Michael M. Santiago (Getty Images) The Nasdaq and other major stock market indexes dipped Wednesday after underwhelming earnings reports from Google parent Alphabet (GOOGL) and chipmaker Advanced Micro Devices (AMD). Other tech stocks such as Apple (AAPL), Amazon (AMZN), and Tesla (TSLA) were also in the red. In the afternoon, the tech-heavy Nasdaq was down about 0.05%, while the Dow Jones Industrial Average and S&P 500 added about 0.28% and 0.13%, respectively. Alphabet and AMD stock falls after missing revenue Shares of Alphabet (GOOGL) fell more than 7% as the tech giant missed Wall Street’s earnings expectations for the fourth quarter despite “robust momentum across the business.” The Google parent reported revenues of $96.5 billion for the fourth quarter — a 12% increase year-over-year.
Alphabet reported earnings of $2.15 per share, up 31% from the previous year, and net income of $26.5 billion for the quarter ended in December. The company was expected to report revenues of $96.7 billion for the fourth quarter of 2024, according to analysts’ estimates compiled by FactSet (FDS). Net income was expected at $26.2 billion, while analysts estimated earnings of $2.13 per share. Shares in chipmaker Advanced Micro Devices (AMD) fell 7% after the company’s fourth-quarter data center revenue missed expectations. Disney is starting to shed streaming subscribers Disney’s (DIS) streaming business once again turned a profit last quarter.
But its flagship platform is starting to lose subscribers. The House of Mouse on Wednesday released itsfiscal first-quarter results, with growth being driven primarily by the company’s box office dominance and profit gains in its streaming business. After rising 2.5% in the morning, the company’s shares were down 1.63% in the afternoon. The Ozempic boom is slowing down Sales of Novo Nordisk’s (NVO) blockbuster weight loss drug Wegovy doubled in the fourth quarter, but the Danish pharmaceutical giant warns that sales growth for all its drugs — including Ozempic — is expected to slow in the coming year. Wegovy sales skyrocketed107% to 19.8 billion Danish Krone ($2.8 billion) in the fourth-quarter of 2024, compared with in 9.6 billion Danish Krone ($1.4 billion) during the the same period last year.
The drug just beat analysts’ expectations of $2.7 billion, according to a consensus estimate from FactSet. The company’s stock rose nearly 4.8% in the afternoon. —Britney Nguyen and Bruce Gil contributed to this article. For the latest news, Facebook, Twitter and Instagram. View Comments
Google, Apple, and AMD drag the Nasdaq down as Big Tech's market woes continue
February 05, 2025 05:40 PM GMT | By EODHD
