Tesla, IBM, Alcoa and more

Find out which businesses are making headlines after hours.

You’re here – Shares fell 3.7% after the electric vehicle maker reported third-quarter earnings that beat analysts’ expectations. According to analysts polled by Refinitiv, Tesla reported earnings per share of $1.05, against expectations of 99 cents in adjusted earnings per share. Revenue was $21.45 billion, lower than the expected $21.96 billion.

IBM – Shares jumped 3.9% after IBM beat analysts’ expectations in its third-quarter results and raised its full-year growth outlook. The technology company reported adjusted earnings of $1.81 per share, higher than the $1.77 per share analysts expected, according to Refinitiv. Revenue was $14.11 billion, higher than the $13.51 billion forecast.

Search Lam — The stock rose 2.1% after the semiconductor company beat earnings and sales expectations in its latest quarter. Lam Research reported adjusted earnings of $10.42 per share on revenue of $5.07 billion. Analysts had expected earnings of $9.54 per share on revenue of $4.91 billion, according to Refinitiv.

Kinder Morgan – Shares fell 1.8% after the oil and gas pipeline operator reported third-quarter earnings results that fell below earnings-per-share expectations, according to consensus estimates on FactSet. Kinder Morgan also exceeded revenue forecasts.

Alcoa — Shares fell 6.9% after the aluminum producer reported a failure on third-quarter results and lowered its 2022 shipment forecast for alumina and bauxite. Alcoa reported a loss of 33 cents per share, compared to expectations for a gain of 8 cents per share, according to consensus estimates on FactSet. The company reported revenue of $2.85 billion, against expectations of $2.96 billion.

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