Snap, EA tumble in premarket; Meta, T-Mobile fall, AMD rises

  • Stock Market News
Snap, EA tumble in premarket; Meta, T-Mobile fall, AMD rises
Credit: © Reuters.

By Geoffrey Smith -- Stocks in focus in premarket trading on Wednesday, 1st February. Please refresh for updates. 

  • Snap (NYSE: SNAP ) stock fell 13.1% after the Snapchat owner said it expects revenue to fall in the current quarter, its first ever decline, due to a weak environment for advertising. The company’s warning also dragged Pinterest (NYSE: PINS ) stock down 1.3% and Meta Platforms (NASDAQ: META ) stock down 1.4%. The owner of Facebook (NASDAQ: META ) and Instagram reports its own earnings after the close on Wednesday.
  • T-Mobile US (NASDAQ: TMUS ) stock fell 1.7% after the cellular carrier reported a drop in revenue in the fourth quarter, despite another chunky rise in postpaid phone subscribers. The figures reflect intensifying competition as consumers’ disposable income takes a hit from high inflation.
  • Advanced Micro Devices (NASDAQ: AMD ) stock rose 2.7% after the chipmaker said it expects revenue from its PC chips division to bottom out in the current quarter as post-pandemic destocking runs its course. It said first-quarter group revenue will fall by some 5% from the fourth quarter of 2022 and held off giving guidance for the full year.
  • Intel (NASDAQ: INTC ) stock rose 0.6% after reports that the group is slashing base salaries across its workforce to restore profitability.
  • Mondelez (NASDAQ: MDLZ ) stock rose 1.2% after the snack maker beat expectations for both revenue and profit in the fourth quarter. It warned, though, that the current quarter is set to be harder – especially in Europe, where it has raised its prices sharply after a year of strong input price inflation.
  • Electronic Arts (NASDAQ: EA ) stock fell 9.1% after the video game giant slashed its full-year forecasts, blaming a weak macro environment. EA now sees adjusted earnings per share between $1.20-$1.40 in the current quarter and only $6.0 for the full year.
  • Match Group (NASDAQ: MTCH ) stock fell 7.8% after the owner of the dating site Tinder said revenue and earnings both fell in the fourth quarter. 

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