Tesla shares fell by 6% after reporting a 12% revenue drop in its second-quarter results, indicating significant challenges for the electric vehicle maker. Alphabet's stock rose by 3% following better-than-expected earnings, boosted by a 10% increase in advertising revenue driven by artificial intelligence. Chipotle experienced an 11% decline after announcing a lowered forecast for same-store sales. IBM shares fell over 5%, despite a reported 5% revenue growth, due to software revenue falling short of analysts' expectations. Overall, several companies faced notable stock movements in premarket trading.
Tesla reported disappointing second-quarter results, with revenue dropping 12% year-on-year, marking the biggest fall in a decade and triggering a 6% drop in shares.
Alphabet experienced a 3% increase to $197.43 per share after better-than-expected second-quarter earnings, driven by a 10% rise in advertising revenue thanks to AI.
Chipotle's stock declined almost 11% as the company cut its forecast for same-store sales in 2025, expecting them to remain flat.
IBM shares fell over 5% despite reporting a 5% revenue growth in constant currency, as software revenue did not meet expectations.
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