IBM logo displayed on a smartphone.
Rafael Henrique | SOPA images | flare | Getty Images
Check out the companies making headlines on Wednesday afternoon/
Netflix — Shares of the streaming giant fell 35% after Netflix reported a loss of 200,000 subscribers last quarter. Netflix cited increasing competition, password sharing and the situation in Ukraine as reasons for the decline. The news prompted a wave of downgrades from major Wall Street companies.
Disney, outstanding – Streaming video company shares fell after Netflix reported a loss in subscribers for the first time in more than a decade. Disney fell 4.3%, Roku fell 3.7%, and HBO Max owner Warner Bros. Discovery lost about 6.1%. Paramount (formerly ViacomCBS) fell 7%.
M&T Bank – Shares in the regional bank rose 9.4% after M&T Bank beat earnings expectations. M&T Bank reported earnings of $2.73 per share, up from the $2.19 per share expected by analysts polled by Refinitiv.
Procter & Gamble – Shares of Procter & Gamble rose more than 2% after the consumer goods company reported better-than-expected results for its fiscal third quarter and raised its full-year sales guidance.
IBM – IBM rose 7.3% after beating revenue and earnings in the most recent quarter. The company reported adjusted quarterly earnings of $1.40 per share, 2 cents above a Refinitiv estimate. Sales increased 7.7% from the year-ago quarter, with sales to Kyndryl adding 5 percentage points to sales growth.
Omnicom Group – Shares of the advertising company rose more than 5% after Omnicom beat earnings expectations on Tuesday, even as its investment in Russian companies took a hit. Omnicom reported earnings of $1.39 per share on revenue of $3.41 billion. In comparison, analysts polled by FactSet were forecasting earnings of $1.30 per share and $3.286 billion.
Baker Hughes – The oilfield services stock fell more than 5% after Baker Hughes missed first-quarter estimates. The company reported adjusted earnings per share of 15 cents on revenue of $4.84 billion. Analysts polled by Refinitiv were expecting 20 cents a share and $5.02 billion in revenue. CEO Lorenzo Simonelli said in a press release that the results “reflect trading in a highly volatile market environment.”
ASML — Shares of the semiconductor equipment maker rose 2.7% after ASML reported earnings fell for the most recent quarter. The company was supported by strong demand from chip manufacturers to increase production.
– CNBC’s Tanaya Macheel, Hannah Miao, Jesse Pound and Samantha Subin contributed coverage.