Tech Giants Microsoft, Alphabet, and Visa See Stock Prices Rise in After-Hours Trade

Several tech giants saw a boost in their stock prices in after-hours trade on Tuesday, April 25, 2023. Microsoft’s shares jumped after the company reported fiscal third quarter earnings that beat Wall Street estimates, with revenue of $52.9 billion surpassing expectations of $51.02 billion. The company also saw growth in Azure and other cloud services revenue, defying analysts’ projections of a slowdown.

Alphabet’s shares rose 4% after the tech giant’s Google cloud business turned profitable for the first time, reporting revenue of $7.45 billion for the first quarter, up from $5.82 billion year-over-year. Visa also saw a rise in shares, with earnings per share of $2.09 beating Wall Street expectations of $1.98, and sales of $7.99 billion surpassing a consensus estimate of $7.79 billion. The credit card company attributed its strong performance to a continued rebound in global travel.

PacWest Bancorp shares surged by over 15% in after-hours trading after the bank reported increased deposits of around $700m since the end of Q1. While Q1 deposits came in at $28.19bn, slightly below estimates, the rise in deposits is seen as a positive. PacWest also posted Q1 adjusted earnings per share of 66 cents, beating Wall Street’s expectations. Chipotle Mexican Grill posted Q1 revenue that climbed 17.2% YoY to $2.4bn and adjusted earnings per share of $10.50, beating estimates. The restaurant chain also reported comparable sales growth of 10.9%, though it said it would pause on price hikes this year.