Verizon, Yahoo report earnings

October 21 08:08 2015

Another busy earnings day hits the tech market, as telecom giant Verizon reported results before the opening bell, while Yahoo shares quarterly earnings when the markets close Tuesday.Wireless Gains Help Verizon In Earning More Profit

Verizon. Shares in the cable and wireless provided surged 2% in pre-market trading after edging past Wall Street estimates for its third quarter revenue and earnings. Verizon reported non-GAAP earnings of $1.04 a share — beating estimates by 2 cents — off revenue of $33.2 billion. Verizon CEO Lowell McAdam says growth for its Fios cable service jumped from last quarter.

Yahoo. The Silicon Valley giant reports third quarter earnings after the markets close. Analysts polled by FactSet predict Yahoo will report earnings of 16 cents a share off $1.024 billion in revenue. The earnings call arrives as several key executives departed Yahoo, including Jacqueline Reses, the company’s chief development officer who left to work for payments service Square.

IBM. Shares sunk nearly 5% after the company reported a weak full-year outlook during its third quarter call. Revenue fell 14% year-over-year, while earnings dipped 9% compared to the same time period last year.

Apple. During the WSJ.D Live conference in Laguna Beach, Calif., Apple CEO Tim Cook confirmed 6.5 million subscribers are using the company’s Apple Music service. Cook says between subscribers and consumers taking advantage of Apple Music’s free trial, the service boasts 15 million total users.

Amazon. The retailing titan is squaring off against The New York Times over an article criticizing the company’s challenging work culture. Amazon exec Jay Carney disputed some of the claims in the article through a post on Medium, saying the piece lacked context. Times executive editor Dean Baquet defended the story in a subsequent response.

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