SpaceX Slips After First Earnings Report; AMD Tumbles; Paramount Skydance Rallies

Today’s biggest winners and losers in the stock market. 

On this episode of Stock Movers: 

• Shares of SpaceX (SPCX) fell in aftermarket trading after the company posted revenue that exceeded Wall Street’s estimates in the company’s first quarterly financial report following its blockbuster initial public offering in June. Elon Musk’s satellite, space and artificial intelligence conglomerate reported revenue of $7.8 billion on Tuesday, greater than than the $6.81 billion analysts polled by Bloomberg estimated on average. Still, capital expenditure jumped to about $18.4 billion in the second quarter, from $10.1 billion in the first three months of the year, driven by higher-than-expected spending in its artificial intelligence unit. 
• Shares of Advanced Micro Devices (AMD) slipped after Tuesday’s close as the company disappointed investors with its latest sales outlook, a sign shareholders expected more of a return from the global expansion of AI data centers. Third-quarter revenue will be $13 billion, plus or minus $300 million, the chipmaker said in a statement Tuesday. Though analysts predicted $12.5 billion on average, some Wall Street estimates were well north of $13 billion, according to data compiled by Bloomberg. 
• Shares of Paramount Skydance (PSKY) rallied in late trading after the company posted a surprise surge in second-quarter profits with cost-cutting from its merger last year continuing to pay off. The parent company of CBS and MTV reported that its overall adjusted earnings before interest, taxes, depreciation and amortization grew 27% to $1.1 billion compared to last year, exceeding analysts’ expectations. Sales climbed 1% to $6.9 billion, in line with Wall Street’s expectations, with growth in streaming and TV production revenue offsetting a 9% decline from traditional TV channels.

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