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Nasdaq futures are up 1% in the early trading hours of Friday, responding to the earnings reports of major tech companies, including Amazon, Apple, and Meta Platforms, just ahead of the January jobs report.
Here are some of Friday’s biggest stock movers:
Biggest stock gainers
- Meta Platforms (NASDAQ:META) shares jumped more than 15% after the social media giant announced its first-ever dividend and an additional $50B in share buybacks following better-than-expected Q4 earnings results. For the upcoming Q1, Meta (META) anticipates total revenue to fall within the range of $34.5B to $37B, surpassing the consensus estimate of $33.87B. The company has also maintained its full-year expense guidance in the range of $94B to $99B.
- Shares of e-commerce giant Amazon (NASDAQ:AMZN) soared as much as 7% after reporting upbeat Q4 results with operating income above expectations for the holiday quarter and setting strong guidance for FQ1. The company’s Q1 net sales are predicted to be between $138B and $143.5B vs. $142.17B consensus, or to grow between 8% and 13% compared to Q1 2023, with a favorable impact of approximately 40 basis points from foreign exchange rates. Operating income is expected to be between $8.0 and $12.0 billion, with a $0.9B lower depreciation expense due to an increase in server useful life starting January 1, 2024.
- Some popular social media platforms were also higher on Friday, riding the success of peer Meta Platforms (META). Snap (NYSE:SNAP), the company behind Snapchat (SNAP), was up 6%, while Pinterest (NYSE:PINS) shares notched a 4% advance.
Biggest stock losers
- Skechers USA (NYSE:SKX) shares plunged over 12% following a combination of mixed Q4 earnings and a pessimistic outlook. For Q1, Skechers (SKX) anticipates a profit ranging from $1.05 to $1.10 per share on revenue of $2.18B to $2.23B. This falls short of Street estimates, which anticipated $1.20 per share on revenue of $2.2B. Looking ahead to 2024, the sportswear company forecasts a profit in the range of $3.65 to $3.85 per share on revenue of $8.6B to $8.8B. These projections compare unfavorably to estimates of $4.18 per share and $8.93B.