Stocks to Watch: Meta Platforms, Arm Holdings, Qualcomm

By Connor Hart

Meta Platforms said quarterly digital advertising grew rapidly in the second quarter, offset by continued investments in artificial intelligence. Capital expenditures increased to $8.47 billion in the recent quarter, as the company doubles down on building out AI-related infrastructure. Shares rise more than 7%, to $509.84, in after-hours trading.

Arm Holdings posted largely better-than-expected fiscal first-quarter results but reported a miss on its royalty revenue. The chip maker's top-line total included $467 million in royalty revenue, whereas the FactSet consensus was for $492 million. Shares fall 11%, to $128.02, in after-hours trading.

Qualcomm reported revenue ahead of expectations in its fiscal third quarter. The company posted revenue of $9.4 billion, above analysts' expectations of $9.2 billion. Adjusted earnings came in at $2.33 a share, also beating Wall Street's consensus estimate of $2.25. Shares initially rise in postmarket trading, but later lose those gains, down 1.5%, to $178.31.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

July 31, 2024 20:14 ET (00:14 GMT)

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