Heavy Hitters: Apple Jumps 5.1% on Impressive iPhone Sales, AT&T Trades Lower

Shares of AT&T (NYSE:T) dropped about 1 percent in late afternoon hours. The company reported that second-quarter profits declined to $3.82 billion, compared to $3.9 billion a year earlier. However, revenue edged 1.6 percent higher to $32.08 billion, topping estimates calling for $31.81 billion. “This was a solid quarter for revenue and customer additions across our key growth platforms,” said Randall Stephenson, chairman and chief executive officer. “Our 4G LTE network is the fastest and the most reliable in the nation, and deployment is ahead of schedule. That contributed to a step-up in postpaid subscriber gains, and strong mobile data revenue growth of nearly 20 percent.” Verizon (NYSE:VZ) shares also declined in late afternoon hours.

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Facebook (NASDAQ:FB) shares edged slightly higher in late afternoon trading. The social media giant reports second-quarter earnings on after Wednesday’s closing bell. On average, analysts are expecting revenue to increase 36.7 percent on the year to $1.62 billion. The average earnings estimate is 14 cents per share, which compares to earnings of 12 cents per share in the year-ago period.

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Shares of Electronic Arts (NASDAQ:EA) surged 5.8 percent in late afternoon hours. The company posted a quarterly loss of 40 cents a share, but beat estimates calling for a loss of 60 cents per share. “EA had a solid quarter driven by continued digital growth and disciplined cost management,” said executive chairman Larry Probst. “We are also executing on a clear set of goals for leadership on mobile, PC, current and next generation consoles.”

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Apple (NASDAQ:AAPL) shares jumped 5.1 percent after announcing quarterly results. The tech giant reported earnings of $7.47 per share, on revenue of $35.3 billion. Analysts expected earnings of $7.31 per share on revenue of about $35 billion. Apple also surprised analysts by shipping 31.2 million iPhones, up 20 percent from the 26 million shipped a year earlier.

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