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Apple (NASDAQ:AAPL) shares dropped fell 4.96 percent in late trading on Tuesday. The tech giant reported financial results for the most recent quarter. Net income increased to $8.8 billion ($9.32 per share), compared to $7.31 billion ($7.79 per share) a year earlier. Revenue surged 22.5 percent to $35 billion. However, the company fell short of the mean analyst estimate of $10.38 per share, and the average revenue estimate of $37.23 billion. Were Wall Street expectations too lofty?
Netflix (NASDAQ:NFLX) shares plunged 14.93 percent in late afternoon hours after reporting financial results for the second quarter. The entertainment company posted net income of $6.2 million (11 cents per share), compared to $68.2 million ($1.26 per share) a year earlier. Revenue increased 12.8 percent to $889.2 million, but analysts were expecting $888.9 million.
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Shares of Broadcom (NASDAQ:BRCM) jumped 2.7 percent late Tuesday. The company said net income for the second quarter fell to $160 million, compared to $175 million a year earlier. However, adjusted net income of 72 cents per share was better than the mean analyst estimate of 43 cents per share. Revenue also increased almost 10 percent to $1.97 billion. “Broadcom delivered record revenue in Q2 with strength across all three business groups,” said Scott McGregor, chief executive officer. “Broadcom’s technology leadership and commitment to integration is changing the fundamental economics of communications devices across our addressable markets.
Buffalo Wild Wings (NASDAQ:BWLD) shares dropped 13.81 percent in late trading. The company reported net income of $11.7 million (62 cents per share) for the second quarter, compared to $10.7 million (58 cents per share) a year earlier. The results fell short of the mean analyst estimate of 68 cents per share. “We are very pleased with our strong sales and our ongoing ability to drive revenue increases,” explained Sally Smith, chief executive officer. “We managed controllable costs, but the higher year-over-year wing costs in the second quarter moderated our net earnings to a 9.3 percent increase over the same quarter last year, providing earnings per diluted share of $0.62 compared to $0.58 a year ago.”
Panera Bread (NASDAQ:PNRA) shares popped over 6 percent in late afternoon hours. The restaurant company reported that second quarter net income rose to $44.1 million ($1.50 per share), compared to $35.7 million ($1.18 per share) a year earlier. Panera also raised its earnings outlook for 2012 to $5.72 to $5.78 a share, compared to the previous range of $5.58 to $5.63 per share.
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