Extended trading moves were driven largely by company earnings and guidance, with investors rotating between high-growth software, consumer staples, and semiconductors. Meta shares sank nearly 10% after results and revenue guidance disappointed, while Microsoft rose about 3% on stronger-than-expected growth metrics tied to Azure.
Key takeaways
- Meta Platforms shares fell almost 10% after earnings and third-quarter revenue guidance came in below analyst expectations.
- Microsoft gained about 3% as quarterly revenue and Azure growth exceeded forecasts, reinforcing momentum in cloud.
- Starbucks shares jumped roughly 5% following an outlook raise alongside a beat in same-store sales and adjusted earnings.
- Carvana dropped about 14% on full-year earnings guidance that missed Wall Street expectations.
- Fortinet surged more than 11% after strong billings and results outpaced analyst estimates, signaling resilient demand for cybersecurity.
What drove the biggest moves
Meta Platforms: earnings miss and softer revenue outlook pulled shares down sharply in extended trading. According to LSEG, Meta posted earnings per share of $6.18 for the quarter, missing analysts’ estimates by $1.04 per share. The company also forecast third-quarter revenue between $61 billion and $64 billion, with the low end lighter than analysts’ $63.15 billion estimate.
Microsoft: cloud growth beat and Azure scale marker supported a rebound in the stock. LSEG data showed quarterly revenue of $90.01 billion, topping estimates of $87.62 billion. Azure growth of 43% at constant currency exceeded StreetAccount expectations of 40.2%, and Microsoft said Azure revenue in fiscal 2026 surpassed $100 billion for the first time.
Starbucks: raised outlook with stronger sales and earnings helped the coffee chain move higher. The company lifted its full-year outlook, while reporting same-store sales growth of 7.9%. According to LSEG, adjusted earnings were 85 cents per share, beating analysts’ 66 cents estimate, and quarterly revenue was $9.32 billion versus $9.16 billion expected.
Carvana: guidance undershoot weighed on shares. The online used-car retailer fell about 14% after its full-year earnings guidance of $2.7 billion to $3 billion missed Wall Street’s expectations. Estimates cited from Deutsche Bank and Morgan Stanley were higher than the company’s midpoint, according to the article’s figures.
Software, consumer, and autos: investors parsed guidance details
Chipotle Mexican Grill: earnings beat and firmer outlook pushed the shares up about 3%. The company reported a quarterly earnings beat on both the top and bottom lines and guided same-store sales growth for the full year to increase by a low single digit percentage—above its prior outlook of flat same-store sales.
Fortinet: billings strength fueled a sharp rally. Shares surged more than 11% as strong second-quarter billings helped the company exceed analyst expectations. LSEG data cited the company’s adjusted earnings of 90 cents per share on revenue of $2.05 billion, compared with analyst expectations of 75 cents per share on $1.89 billion. Its third-quarter forecast also topped Wall Street estimates.
Robinhood: revenue resilience, crypto volume drag saw the stock drop about 4%. The company reported second-quarter revenue that was better than anticipated, and profits rose versus a year ago as market volatility increased trading activity. However, the article said cryptocurrency trading volumes fell sharply as bitcoin and other tokens remained in a cyclical downturn—an element investors appeared to weigh against the otherwise solid operating performance.
Align Technology: guidance at the low end pushed shares lower. The Invisalign maker fell about 6% after it posted quarterly results that only narrowly beat estimates. FactSet figures cited in the article showed the company’s third-quarter revenue guidance range of $1.0 billion to $1.02 billion, with the low end below what analysts expected at $1.02 billion.
Semiconductors and gaming: beats supported gains while chip results stayed mixed
Lam Research: stronger fiscal results lifted the stock. Shares jumped more than 6% after better-than-expected fiscal fourth-quarter results. The company earned $1.82 per share excluding items on revenue of $6.72 billion, according to the figures cited in the article.
Qualcomm: mixed quarter left the stock lower. Shares fell more than 5% after results were described as mixed. LSEG data referenced adjusted earnings of $2.21 per share, slightly below the $2.23 estimate, while revenue of $9.95 billion beat the $9.67 billion consensus.
MGM Resorts: modest gain on results above estimates. Shares rose nearly 1% as second-quarter results surpassed Street expectations, with adjusted earnings of 59 cents per share and revenue of $4.45 billion. The article noted the LSEG consensus call was 57 cents per share and $4.42 billion in revenue.
Bigger picture
Across the tape, guidance direction mattered as much as headline earnings. The sharpest declines—Meta and Carvana—were tied to revenue or earnings outlooks that fell short of expectations. Meanwhile, upside reactions clustered around growth signals and clearer momentum: Microsoft’s Azure acceleration and Fortinet’s billings strength were both tied to demand trends that analysts typically prioritize. In consumer and healthcare, companies that backed beats with firmer outlooks (Starbucks and Chipotle) held a stronger investor response than those with guidance ranges that failed to meet the high end of expectations (Align).
Investors will likely focus next on how management teams translate current quarter performance into forward demand and margin durability. Upcoming catalysts include the next wave of earnings reports and, for market-wide direction, the Federal Reserve’s policy outlook alongside fresh macro data that can influence rate expectations and risk appetite.
