Earnings News: Google Inc (GOOG), Advanced Micro Devices Inc (AMD), Capital One Financial Corp (COF) [VIDEO]

  @JessicaMentonj.menton@ibtimes.com on October 17 2013 8:15 PM
GOOG
Google Inc. (NASDAQ: GOOG) blew past earnings expectations after the company reported fiscal third-quarter earnings excluding items of $10.74 a share on revenue of $14.89 billion. Reuters

After the closing bell on Thursday, Google Inc. (NASDAQ: GOOG) blew past earnings expectations after the company reported fiscal third-quarter earnings excluding items of $10.74 a share on revenue of $14.89 billion, a 12 percent rise from the same quarter a year-ago. Analysts had expected earnings excluding items of $10.34 a share on $14.79 billion in revenue, according to Reuters.

“Google had another strong quarter and great product progress,” said Google Chief Executive Officer Larry Page said in the earnings statement.

On Thursday, shares jumped 8.24 percent to $962.00 in after-hours trading.

Also on Thursday, Advanced Micro Devices, Inc. (NYSE: AMD) reported fiscal third-quarter adjusted earnings of 4 cents a share on revenue of $1.46 billion, compared with a net loss of 9 cents a share on revenue of $1.11 billion in the year ago period. Analysts had expected a profit of 2 cents a share on revenue of $1.42 billion.

Although the chip maker beat expectations, shares of Advanced Micro Devices tumbled 6.85 percent to $3.81 in extended-hours trading after a weaker-than-expected forecast for the fourth quarter. The company expects revenue to “increase 5 percent, plus or minus 3 percent, sequentially.”

"AMD returned to profitability and generated free cash flow in the third quarter as we continued to successfully execute the strategic transformation plan we outlined a year ago," said Rory Read, AMD president and CEO. "We achieved 26 percent sequential revenue growth driven by our semi-custom business and remain committed to generating approximately 50 percent of revenue from high-growth markets over the next two years. Developing industry-leading technology remains at our core, and we are in the middle of a multi-year journey to redefine AMD as a leader across a more diverse set of growth markets."

Capital One Financial Corp. (NYSE: COF) posted fiscal third-quarter earnings of $1.1 billion, or $1.86 per share, compared to $1.2 billion, or $2.01 per share in the same quarter a year ago. Revenue fell 2 percent to $5.65 billion. The company exceeded Wall Street estimates for $1.80 a share on sales of $5.58 billion, while revenue and earnings fell from the year-ago quarter.

“Our businesses continue to deliver attractive, sustainable, and resilient returns and generate capital on a strong trajectory,” said chairman and CEO Richard D. Fairbank. “We remain focused on important levers that will sustain and improve our profitability and our ability to distribute capital.”

Shares rose 1.87 percent to $73.50 in extended-hours trading.

Chipotle Mexican Grill, Inc. (NYSE: CMG) missed forecasts and reported fiscal third-quarter earnings of $2.66 a share on revenue of $827 million. Wall Street had expected the restaurant chain to post earnings of $2.78 on revenue of $820.3 million.

Net income for the third quarter of 2013 was $83.4 million, or $2.66 per diluted share, compared to $72.3 million, or $2.27 per diluted share, in the third quarter of 2012.

Although Chipotle missed EPS estimates, the company’s outlook looked optimistic as it sees “mid single-digit comparable restaurant sales” in 2013 and expects "low single-digit" same-store sales in 2014. 

“Our unique food culture continues to resonate with our customers,” said Steve Ells, founder, chairman and co-CEO of Chipotle. “We are proud of the investments we have made over the years to source sustainably raised ingredients, which allows us to serve delicious food. By sourcing the best possible ingredients and cooking them according to classic cooking techniques we continue to demonstrate that just because food is served fast, it doesn’t have to be a typical fast food experience.”

Chipotle jumped 7.86 percent to $473.60 per share in after-hours trading.

The Dow Jones industrial average fell 2.18 points, or 0.01 percent, at 15,371.65. The S&P 500 rose 11.61 points, or 0.67 percent, at 1,733.15. The Nasdaq Composite Index was up 23.71 points, or 0.62 percent, at 3,863.15.

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