Stocks continue to move
Shares of Snapchat’s parent company fell sharply in after-hours trading after its fourth-quarter results and forecast. The social media giant expects first-quarter revenue to decline by 2.5% to 10.8%.
Snap had revenue of $1.33B in the fourth quarter, which was lower than expected ($1.34B). Adjusted earnings per share were 15 cents. This beat the consensus of 11 cents, but last year’s EPS was only 11 cents.
Shares of the chip maker rose in the market on the back of better-than-expected results and profit in its latest quarter.
AMD reported adjusted earnings of 69 cents, compared with the consensus estimate of 66 cents. Revenue of $5.63B was up 16.7% year-over-year and beat Street expectations.
The game publisher’s fiscal fourth-quarter net bookings guidance of $1.68B to $1.78B beat expectations of $2.22B.
Shares of Electronic Arts fell 10.5% after the company’s quarterly results and guidance.
Shares of Match Group fell 8.3% after the dating app company published its first quarterly decline on record. At the same time, its first-quarter revenue was $790 million and $800 below expectations of $787.3M.
Match’s Tinder app is launching its first major marketing campaign, reversing its usual word-of-mouth strategy.
In the last quarter, paying subscribers decreased by 1.5% to 16.1M.
What about Chinese stocks
China’s stock market rose on February 1, and Hong Kong’s stock market bounced back after two days of declines. Investors are hopeful that the country’s manufacturing activity will improve, and that this will help the economy.
China’s blue-chip CSI 300 index rose 0.943%, while the Shanghai Composite rose 0.92%.
The Hang Seng Index rose 1.06%, while the Hang Seng China Enterprises Index rose 1.83%.
Asian stocks were flat, with signs of a slowdown in U.S. wages, boosting hopes that the Fed could signal an end to rate hikes at a meeting later in the day.
China’s factory activity declined more slowly in January after Beijing lifted strict COVID restrictions late last year.