Microsoft and Meta Platforms moved in opposite directions in premarket trading after contrasting earnings reports, while Teladoc Health and Norwegian Cruise Line dropped on weaker guidance. Fortinet surged on strong billings, and MarketAxess shares were halted after agreeing to a buyout by Intercontinental Exchange.
Microsoft shares jumped 9% before the bell after the company reported quarterly revenue of $90.01 billion, topping estimates of $87.62 billion, according to LSEG. Azure grew 43% at constant currency, above the 40.2% growth StreetAccount had estimated. The company also said Azure revenue surpassed $100 billion for the first time in fiscal year 2026.
Meta Platforms moved the other way: shares tumbled nearly 9% after the company posted earnings per share of $6.18, missing analysts' estimates by $1.04 per share, per LSEG. Meta also forecast third-quarter revenue between $61 billion and $64 billion, and the lower end of that range sits below the $63.15 billion analysts had estimated.
Teladoc and Norwegian Cruise Line cut guidance
Teladoc Health dropped 18.5% in premarket trading after second-quarter revenue came in at $606.9 million, short of the $615.4 million analysts polled by FactSet expected. The company also lowered its full-year revenue guidance.
Norwegian Cruise Line shares dropped 7% after the operator cut its full-year earnings forecast to $1.50 per share, down from prior guidance of $1.45 to $1.79. Analysts had expected EPS guidance of $1.66, per FactSet.
Fortinet jumps, MarketAxess gets a buyout offer
Fortinet shares soared 12% after strong second-quarter billings helped the cybersecurity company beat estimates with adjusted earnings of 90 cents per share on revenue of $2.05 billion, versus the 75 cents on $1.89 billion analysts surveyed by LSEG had predicted. Its third-quarter forecast also topped Wall Street's expectations.
MarketAxess shares were halted after Intercontinental Exchange, the parent of the New York Stock Exchange, agreed to acquire the bond-trading platform for $167 per share, valuing the company at more than $5 billion. The cash deal represents a premium of nearly 33% from Wednesday's close and is expected to close in the first half of 2027.
Source: CNBC
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