Mixed results sent shares of Alibaba tumbling. The Chinese e-commerce giant hit a record low at one point in today’s session after reporting earnings that beat estimates, but sales that missed. Its revenue growth was the slowest in more than three years. Shares were down five percent to $73.38.
News Corp reported earnings that beat estimates, but revenue declined from the same period a year earlier because of decreasing advertising sales at its print publications. The firm also blamed the strong dollar. Shares were higher initially in after-hours trading. During the regular session the stock was up slightly to $13.85.
Kraft Heinz is cutting 2,500 jobs as part of its effort to reduce costs after the two companies merged. The workers affected are in the U.S. and Canada. The ketchup maker currently has about 46,000 employees. Shares were off more than 1.5 percent to $76.69.
AT&T says it expects earnings, revenue and free cash flow to rise through the year 2018. The positive guidance comes after the company’s purchase of DirecTV. Still, the stock was off about two percent to $34.02.
The online home goods retailer Wayfair saw its loss narrow in its most recent quarter. Advertising helped increase sales, but also translated into higher costs. Still, those better than expected results sent shares up 28 percent to $48.95.