Earnings live: Meta stock tumbles, Microsoft slides, and Alphabet rises as Big Tech earnings pour in

Stellantis (STLA) reported a 13% year-on-year increase in revenue for its third quarter earnings on Thursday. The automaker’s shares fell % before the bell.

Reuters reports:

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I know you are probably still digesting all things Fed, but I encourage you to read Chipotle’s (CMG) earnings call transcript before the market opens on Thursday.

Alarming as it pertains to the health of the consumer. CEO Scott Boatwright talks about falling sales in October because of consumer pressure.

Key comment from him:

“We’re seeing that significant pullback from that cohort under $100,000 annually. Also, that age group 25 to 34, which we over-index to, is about 25% of our total sales, has pulled back meaningfully. Based on our data, both purchased and in-house data, it shows that we are gaining market share, but that cohort, so meaning we’re not losing them to the competition, we’re losing them to grocery and food at home. That consumer is under pressure. It is one of our core consumer cohorts, and they feel the pinch, and we feel the pullback from them as well.”

Bloomberg reports:

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ServiceNow (NOW) stock jumped about 4% after hours following the company’s earnings report, which beat estimates on the top and bottom lines. The cloud-based software company also raised its outlook for annual subscription revenue.

Reuters reports:

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Starbucks (SBUX) stock popped as much as 3% in extended trading after the coffee company returned to global same-store sales growth.

Yahoo Finance’s Brooke DiPalma reports:

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Carvana (CVNA) said sales surged 55% in the third quarter, with profits jumping in tandem as the online car retailer touted the advantages of its “vertically integrated” business model.

Carvana reported Q3 revenue of $5.65 billion, up 55% versus a year ago and surpassing the $5.11 billion estimated, per Bloomberg consensus. It posted earnings per share of $1.03, missing estimates of $1.32, but adjusted EBITDA came in at a record $637 million, topping the $598.2 million expected and representing a 48% increase compared to last year.

Carvana also reported that it sold a record 155,941 vehicles in the quarter, up 44% year over year. The stock slipped in after-hours trading.

“In Q3, Carvana once again drove industry-leading growth and profitability while crossing over $20 billion revenue run rate scale for the first time,” Carvana founder and CEO Ernie Garcia said in a statement. “We continue to focus on unlocking the structural advantages of our vertically integrated model that strengthen our business and separate our customer offering.”

Carvana, which buys, reconditions, sells, and delivers vehicles fully online, says it is the most profitable car dealer, with industry-leading margins.

Critics and short sellers believe the Carvana model is flawed and may be hiding some distress.

“Given the news in the subprime auto space of defaults, bankruptcies, rising delinquencies, the fact that Carvana seems to be sailing through it with nary a scratch stretches credulity,” short seller Jim Chanos said in an interview with Bloomberg Television this week. Chanos cited “transparency” issues with Carvana’s loan service Bridgecrest.

Carvana is projecting sales of over 150,000 units in Q4, with full-year adjusted EBITDA in a range of $2 billion to $2.2 billion, which is slightly below estimates of $2.21 billion.

In another upcoming earnings report, Alphabet (GOOG, GOOGL) will reveal more details about how the AI boom is shaping the Google parent’s business. Yahoo Finance’s Laura Bratton breaks down what analysts will be watching for:

Read more here.

Yahoo Finance’s Daniel Howley also previews what to watch when Meta (META) reports earnings:

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Microsoft is set to report first quarter results, offering Wall Street its latest look at the company’s AI and cloud growth. Yahoo Finance’s Daniel Howley previews what to expect when Microsoft reports after the bell on Wednesday:

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Etsy (ETSY) stock took a hit on Wednesday morning, falling more than 9%, after the company announced a new CEO and reported a decline in gross merchandise sales for the third quarter compared to the same period last year.

Still, earnings of $0.63 per share topped estimates for earnings of $0.52.

Reuters reports:

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Caterpillar (CAT) sales rose in the third quarter, but so did its manufacturing costs.

The mining and construction machinery maker recorded adjusted profits per share of $4.88, which was above analysts’ estimates of $4.52, according to S&P Global Market Intelligence, but an $0.18 decrease from the same period a year ago.

Higher manufacturing costs offset higher sales volumes, the company said. It also noted that “unfavorable manufacturing costs largely reflected the impact of higher tariffs.” In Q2, CEO Joseph Creed stated that the company expects a tariff impact of $1.3 billion to $1.5 billion for the full year.

By segment, construction industries profits fell 7% year over year to $1.37 billion, while resource industries profits declined 19% to $499 million. Energy and transportation profits increased 17% to $1.67 billion in Q3. Financial products profits dropped 2% to $241 million.

Caterpillar stock rose 4.6% in premarket trading.

Reuters reports:

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