Snap, Intel, and more Companies Make Stock Price Movements
In the list of companies making stock prices movements, the social media platform, Snap is the first company experiencing a share price drop. According to reports, the stock prices of the company have reportedly plunged by almost 23%. The reason behind its huge downtrend is the earnings report that the company has shared. Snap revealed that it has missed out on the revenue expectations for the third quarter of 2021.
Snap has revealed that for the third quarter of 2021, the revenue estimates set by the analysts were $1.1 billion. However, the company managed to achieve revenues worth $1.07 billion for the same quarter. The revenue and earnings consensus was shared by the analysts at Refinitiv. Snap revealed that the major drawback for the company’s revenues was due to the recent policy changes introduced by Apple.
After the policy changes introduced by Apple, Snap has reportedly observed that its share prices have sunk tremendously in premarket trading. As for the fourth quarter of 2021, Snap has also shared lower-than-expected revenues. As a result of Snap’s lower-than-expected revenues/earnings, other digital advertising, and social media companies have experienced a drop in their share prices. These companies include The Trade Desk, Twitter, and Facebook respectively.
Intel comes next in the list that has experienced a fall in share prices. The data shows that the semiconductor company’s share prices have experienced an 8.8% share price drop. The company has experienced a fall in the after-hour trading, once it shared its earnings report for the third quarter of 2021. For the third quarter of 2021, Intel reported that it had the analysts set estimation of $18.2 billion in the form of revenue. However, Intel was short on meeting the revenue requirements and managed to generate $18.1 billion worth of revenue.
Intel reportedly put the blame on the shortage of components for the manufacturing of semiconductors and other electronic equipment. This led to the company ending up generating sales that were lower than expectations. In light of the lower revenue generated in the third quarter of 2021, the company has also lowered the sales estimations for the fourth quarter of 2021.
Next on the list is Chipotle Mexican Grill that has experienced a rise in share prices. The data shows that a 1% rise has been observed in the company’s share prices. The company had recently shared its earnings results for the third quarter of 2021. This has helped the company experience a rise in share prices in premarket trading. Chipotle Mexican Grill has reported that it has beat the earnings estimations set by the analysts.
For the third quarter of 2021, the analysts had predicted that the company would hit earnings worth $6.32 per share. Whereas, the company has generated sales worth $7.02 per share for the third quarter of 2021.