Stocks moving in after-hours: Zillow, Etsy, Qualcomm

These are stocks moving in after-hours on Wednesday, May 3, 2023

Zillow

Zillow (Z) posted first quarter earnings per share of 35 cents, beating Wall Street estimates of 4.3 cents. The online real estate company also posted revenue for the quarter of $469 million, beating expectations of $425.8 million.

The company’s revenue for the current quarter falls in line with street estimates. Zillow forecasts revenue of $451 million to $479 million versus expectations of $457.4 million.

Zillow recently announced it would integrate OpenAI's ChatGPT into one of its offerings for a select number of users.

Share of Zillow rose 4% immediately following the results. Year-to-date the stock is up 26%.

Etsy

Etsy’s (ETSY) first quarter revenue of $640.9 million grew 11% year-over-year, beating out a consensus estimate of $621.1 million.

Gross merchandise sales of $3.10 billion were down -6% y/y, but surpassed Wall Street expectations of $3.06 billion.

The online e-commerce site's earnings per share of 53 cents beat estimates of 49 cents.

FILE - In this April 16, 2015 file photo, Kristina Salen, center left, Etsy’s Chief Financial Officer, stands with Chad Dickerson, center right, Chairman and Chief Executive Officer of Etsy, to celebrate the company's IPO with employees and guests at the Nasdaq MarketSite, in New York. There’s an emphasis on craftiness this holiday. But there’s no need to slave away with knitting needles or the glue gun. It’s easier than ever to give crafty gifts without lifting a finger - except for a few clicks of the mouse. The $30 billion crafting market has been heating up since craft-selling site Etsy debuted as a public company in April. Etsy, Amazon, eBay and others are all stepping up their homemade offerings just in time for Christmas. (AP Photo/Mark Lennihan, File) (ASSOCIATED PRESS)

BTIG Analyst Marvin Fong believes Etsy is well positioned among the online commerce sites, given the uniqueness of products offered and customers who spend for events or special occasions.

"Companies that are well positioned can swim upstream are kind of be a little more resilient and we think Etsy is one of those companies as demonstrated by this quarter and their guidance," Fong told Yahoo Finance Live immediately following the results.

Qualcomm

Qualcomm (QCOM) shares declined after the chip maker's fiscal fourth quarter revenue guidance came in short of expectations. The company is forecasting revenue of $8.1 billion to $8.9 billion for the current quarter, short of a Wall Street consensus estimate of $9.25 billion.

"The midpoint of our third quarter fiscal 2023 guidance includes the continued impact of the macroeconomic headwinds, weaker global handset units, and channel inventory drawdown," read the company's earnings release.

Shares of Qualcomm declined 7% in after-hours.

Analysts have been closely watching the chip space as companies work through inventory. On Wednesday shares of AMD were under pressure following the chip maker's quarterly results announce on Tuesday.

Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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