Radar Movers: Apple Logs Best Day of 2013, Facebook Surges 20%
Shares of Visa (NYSE:V) jumped 2 percent in late afternoon hours. The credit-card company announced quarterly earnings of $1.88 per share, easily beating expectations calling for $1.79 per share. Revenue of $3 billion was also better than expected. “Visa delivered solid financial performance during our fiscal third quarter and we remain confident in delivering our guidance for fiscal year 2013,” said Charlie Scharf, chief executive officer of Visa. “We remain committed and focused on our long-term strategic goal of supporting our issuers, acquirers, merchants, and government partners through flexibility and innovation in electronic payments.”
Qualcomm (NASDAQ:QCOM) shares jumped 3.8 percent in late afternoon trading. The company posted quarterly earnings of $1.03 per share on revenue of $6.24 billion. Wall Street was expecting revenue of about $6.06 billion. “We delivered another strong quarter as our Qualcomm Snapdragon solutions were prominent in a broad set of flagship smartphones, and 3G/4G device average selling prices were stronger than expected. We also focused on return of capital to stockholders and increased our stock repurchases and dividends paid during the quarter,” said Dr. Paul E. Jacobs, chairman and chief executive officer of Qualcomm.
Apple (NASDAQ:AAPL) shares gained 5.1 percent on Wednesday and continued to edge higher in late afternoon hours. It was Apple’s best single-day performance of the year. Late Tuesday, the company 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. Shares of Google (NASDAQ:GOOG) also edged higher in late trading.
Shares of Facebook (NASDAQ:FB) surged more than 20 percent after announcing better-than-expected earnings. The social-media company earned 19 cents per share, beating estimates of 14 cents per share. Compared to the prior quarter, the number of daily active users grew from 665 million to almost 700 million. “We’ve made good progress growing our community, deepening engagement and delivering strong financial results, especially on mobile,” said Mark Zuckerberg, Facebook founder and CEO. ”The work we’ve done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future.” Revenue surged 53 percent higher from a year earlier.
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