Cisco system on Wednesday noticed a rise in shares; more than 4 percent growth has been reported and has announced their second-quarter earnings which are better than the expectation. They have mentioned their earnings over 73 percent on revenue amounting to $12.45 billion, and Wall Street estimated 72 percent of earnings on revenue amounting to $12.41 billion. The Company has also announced its third-quarter earnings for each share which is estimated to be from 76 percent to 78 percent. Meanwhile Wall Street has predicted earnings per share of 77 percent. The revenue growth will be from 4 percent to 6 percent on estimation although the analyst predicts it to be around 3 percent. The stock buyback plan of the company has been increased by $15 billion.
Shares of Yelp firm rolled by 10 percent, hours after the revenue topping estimation. Yelp has announced its 4th quarter revenue is amounting to $244 million, and the analysts have estimated the revenue to $242 million. The earnings of each share are around 37 percent suppressing the 10 percent estimation. The company also informed that they are about to increase their buyback plan by $250 million.
On the other side, there was a decline in the shares of CenturyLink, which dropped by at least 10 percent on Wednesday, just after cutting its dividend by more than 50 percent from $2.17 to $1. CenturyLink which is the communication services company has gained around 37 percent each share. The estimation of the analysts was around 32 percent. The revenue of the fourth quarter was as per expectation at $5.78 billion.
The shares of the MGM Resorts were increased by 4 percent after the closing bell on Wednesday followed by fourth-quarter earnings. 14 percent earnings on each share have been declared by the hospitality company, compared to the estimation of 13 percent. The revenue of the company is at $3.05 billion, and the estimation of the revenue was at $2.90 billion.
Further, the Netapp shares dropped down by 7 percent just after the closing bell on Wednesday, which was followed by a mixed reaction over its third-quarter earnings. The fourth quarter of earning revenue was also weak. Earnings on each share were at $1.20 which overcame the estimation by $5 percent. The estimation on the revenue was about $1.60 billion, which was slightly differed compared to the revenue earning at $1.56 billion.
There was also a drop in the share prices of AIG by more than 3 percent eventually traded low after the company declared a loss. 63 percent of loss on each share was incurred by AIG; the estimation of the analyst was of 42 percent. The CEO of the company Brian Duperreault mentioned that “investments in equity securities and other investments have led to the loss which is due to volatility in the credit markets and unstable performance in the equity markets.” The estimated revenue by the analyst was at $12.12 billion which has been overcome; the Revenue earnings are at $12.56 billion. Meanwhile, the company has said that it is going to plan for a stock buyback of $2 billion.