Finance

Stocks making the biggest moves after the bell: Facebook, Spotify, Qorvo & more

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A smartphone with Facebook’s logo is seen in front of displayed Facebook’s new rebrand logo Meta in this illustration taken October 28, 2021.
Dado Ruvic | Reuters

Check out the companies making headlines after the bell Wednesday:

Meta Platforms — Shares of the Facebook parent plunged more than 22% on the back of disappointing quarterly earnings. Meta reported earnings per share of $3.67, while analysts polled by Refinitiv expected a profit of 3.84 per share. The company’s current-quarter revenue guidance was also below expectations.

Qualcomm — Qualcomm shares whipsawed after the semiconductor maker posted better-than-expected results for the previous quarter. The company posted earnings of $3.23 per share on revenue of $10.7 billion. Analysts expected earnings of $3.01 per share on revenue of $10.42 billion, according to Refinitiv.

Align Technology — Align Technology reported a fourth-quarter profit that was above expectations. The company earned an adjusted $2.83 per share, topping a StreetAccount estimate of $2.74 per share. Still, shares fell about 5% after hours.

Spotify Technology — Shares of the audio streaming company dropped more than 11%, after the company’s quarterly numbers showed a slowdown in subscriber growth. Spotify said premium subscribers grew by 16% year over year in the fourth quarter. That growth rate is down from 19% in the third quarter.

Qorvo — Qorvo shares dropped about 4% on the back of mixed quarterly results. The chipmaker earned $2.98 per share in the previous quarter, topping a Refinitiv estimate of $2.76 per share. However, the company’s revenue of $1.11 billion was in line with expectations.

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