Earnings live: Spotify stock jumps on strong results, Palantir and Uber stocks fall

Pfizer (PFE) stock drifted lower in premarket trading after declining COVID revenue weighed on its third quarter results.

The drugmaker said that lower COVID infection rates hampered demand for its antiviral drug Paxlovid, and fewer people got the COVID vaccine.

Paxlovid revenue fell 55% year over year, the company said, partially due to tough comps from a government stockpile purchase last year. Comirnaty (the COVID vaccine) revenue was down 20% operationally due to a narrower recommendation for vaccination in the US as well as delayed approval of the new variant vaccine.

Pfizer reported earnings per share of $0.87, while the Street was looking for $0.64, according to S&P Global Market Intelligence. Revenue declined 7% year over year to $16.7 billion but still beat estimates of $16.5 billion.

The company reaffirmed its full-year revenue guidance ($61 billion to $64 billion) and raised its full-year adjusted earnings per share guidance to a range of $3.00 to $3.15 from $2.90 to $3.10.

Clorox (CLX) stock rose 3% in extended trading as investors brushed off lower sales and earnings, partially due to a major software overhaul.

The consumer goods company is currently switching its legacy supply chain technology to a new ERP system, which affected its financials in the fiscal first quarter. Ahead of the transformation, Clorox bulked up its inventory at retailers, leading to fewer shipments. For the rest of the year, the company said it expects this inventory drawdown from the ERP change to reduce fiscal year 2026 earnings per share by about $0.90.

For the September quarter, Clorox reported that diluted net earnings per share decreased 19% to $0.65 from $0.80 in the year-ago quarter. The Street was looking for earnings of $0.69 per share.

Clorox also reported double-digit sales declines in most segments, with overall net sales decreasing by 19% year over year.

In its Health and Wellness segment, which includes cleaning products, net sales fell 19%. Sales in the Household segment, net sales also dropped 19%. Sales in the Lifestyle segment (food, water filtration) dropped 23%, and international sales fell 2%.

“As with any rollout of this scale, we experienced some temporary disruptions that affected our market share,” CEO Linda Rendle said. “With the majority of the rollout now behind us, our focus is now squarely on accelerating profitable growth through innovation and strong demand-creation initiatives in the second half of this fiscal year.”

Hims & Hers (HIMS) reported revenue that beat expectations on Monday, but the telehealth company’s earnings fell short of estimates.

For the third quarter, the company reported earnings of $0.06 on revenue of $598.9 million, compared to Wall Street estimates of $0.10 on revenue of $579.8 million, according to S&P Global Market Intelligence. Revenue picked back up after decelerating to $544.8 million in the second quarter.

Hims & Hers also issued a fourth quarter revenue outlook that was a little light. The company expects revenue of $605 million to $625 million, while analysts had guided for $629 million. For the full year, Hims & Hers expects revenue of $2.33 billion to $2.35 billion, slightly lower than the previously guided range of $2.3 billion to $2.4 billion.

The stock jumped 5% in after-hours trading ahead of the earnings call at 5 p.m. ET. You can listen to the call with investors live here.

ON Semiconductor (ON) reported better-than-expected third quarter revenue and earnings on Monday, sending shares of the company about 4% higher in premarket trading.

For the third quarter, ON Semiconductor reported diluted earnings per share of $0.63 on revenue of $1.55 billion, compared to Wall Street estimates of earnings of $0.54 per share on revenue of $1.51 billion, according to S&P Global Market Intelligence.

Revenue and gross margins fell year over year. The chipmaker primarily manufactures semiconductors for industrial and automotive uses, and auto sales have slowed recently. However, on the earnings call, executives said AI-related revenue “approximately doubled” year over year in Q3.

“Our third quarter results exceeded expectations, underscoring the strength of our strategy and the resilience of our business model, ON CEO Hassane El-Khoury said in a statement, adding, “We’re seeing continued signs of stabilization across our core markets, as well as positive growth in AI.”

Listen to the earnings call here.

Beyond Meat (BYND) announced on Monday that it is rescheduling its third quarter earnings release for Nov. 11 after the market close. The company said it required additional time to quantify a “material” non-cash impairment charge.

Beyond Meat stock dropped 8% in premarket trading. The stock has been highly volatile as of late — it fell 25% in the past five days, but the stock also rose as much as 95% in one day in late October as it got swept into speculative meme trades.

Cipher Mining (CIFR) stock surged 17% in premarket trading on Monday after the company reported third quarter earnings that were in line with estimates and revenue below analysts’ expectations.

In Q3, Cipher reported $0.10 in earnings per share, compared to estimates of $0.11 per share. Revenue of $71.7 million fell short of estimates of $76.5 million, according to S&P Global Intelligence.

But alongside the results, Cipher announced a 15-year, $5.5 billion lease agreement with Amazon Web Services to deliver 300 megawatts of capacity for AI workloads in 2026.

Investing.com reports:

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AbbVie (ABBV) shares dropped 4% in midday trading on Friday after the pharmaceutical company reported higher operating expenses, as expected, and posted earnings and revenue that beat Wall Street’s expectations.

AbbVie also raised its full-year earnings guidance to a range of $10.61-$10.65 from $10.38-$10.58 previously.

Normalized earnings per share of $1.86 decreased from $3 per share a year ago but still topped analyst estimates of $1.78, according to S&P Global Market Intelligence. Revenue increased 9.1% to $15.7 billion during the quarter.

Demand for key immunology drugs remained resilient. Revenue from Skyrizi increased 46.8% and Rinvoq increased 35.3%.

However, the company’s blockbuster rheumatoid arthritis drug Humira continued to see declines, with revenue for that drug falling 55.4% compared to the third quarter of 2024. Humira lost its patent protection in 2023, and several copycat versions have entered the market since then.

Bloomberg reports:

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Reuters reports:

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On the company’s earnings call, Amazon (AMZN) CEO Andy Jassy said the company’s announcement that it would cut 14,000 corporate jobs was tied to overhiring, not artificial intelligence.

“The announcement we made a few days ago was not really financially driven, and it’s not even really AI driven — not right now, at least. It’s culture,” Jassy said (listen below). Later, he added: “We are committed to operating like the world’s largest startup, and that means removing layers.”

Amazon was perhaps the most high-profile company to announce layoffs in recent weeks, though it’s by no means alone. The staff reductions, occurring at the same time as rapid, large-scale AI investments by Big Tech, led many to speculate that the two were linked.

While the unemployment rate has ticked up and job gains have slowed, Federal Reserve Chair Jerome Powell noted that the cooling in the labor market has been “gradual.” Simultaneously, results from Big Tech companies in the last week highlight how AI spending continues to ramp up.

“You’re going to see us continue to be very aggressive in investing in capacity because we see the demand,” Jassy told investors on the earnings call.

Listen to the full earnings call here.

Apple stock (AAPL) turned higher, rising by about 3%, after CEO Tim Cook sounded bullish on the iPhone maker’s earnings call.

“We are incredibly excited about the strength we’re seeing across our products and services, and we expect the December quarter’s revenue to be the best ever for the company and the best ever for iPhone,” Cook told investors.

According to Cook, the iPhone 17 is facing supply constraints due to high demand.

Listen to Apple’s earnings call here.

Shares of strategy (MSTR), the company formerly known as Microstrategy, rose 3% after hours as the company’s earnings call began.

The company reported revenue of $128.7 million in the third quarter, a 10.9% increase year over year. Wall Street analysts were expecting revenue of $116.9 million. Diluted earnings per share of $8.42 beat estimates of $7.90 per share.

The company led by bitcoin (BTC-USD) bull Michael Saylor was an early pioneer in the corporate movement of buying bitcoin and holding it in reserve. That model came under scrutiny, as the company’s stock price was extremely volatile and fluctuated in tandem with crypto volatility.

As of Oct. 26, Strategy held 640,808 bitcoins at a total cost of $47.44 billion, or $74,032 per bitcoin. On Oct. 30, bitcoin traded at around $107,489 per token.

For the full year, Strategy expects diluted earnings per share of $80, well ahead of estimates for $42.29.