24H | IBM Gains 7%, Meta Jumps 6%, Tesla Rises 1.5%, Microsoft Falls 6% After Earnings Results; Western Digital up 4%; SanDisk up 2%

Tesla jumped 1.5% in overnight trading. Tesla reported better-than-expected fourth-quarter results after the bell on Wednesday, but revenue for the year dropped 3%, the first time on record the company has recorded an annual decline.

Meta jumped 6.3% in overnight trading. Meta reported fourth-quarter earnings on Wednesday, providing stronger-than-expected sales guidance that caused shares to rise as much as 10% in after-hours trading.

IBM stock rose 7.5% in overnight trading. International Business Machines Corp. reported quarterly sales that topped analysts’ estimates on strong growth for its closely watched software unit.

Revenue increased 12% to $19.7 billion in the fourth quarter, the company said Wednesday in a statement. Analysts, on average, projected $19.2 billion. The largest chunk of revenue came from IBM’s software business, which jumped 14% to $9.03 billion, also above estimates.

Microsoft shares fell 6% in overnight trading after the software maker posted slowing cloud growth.

With respect to guidance, Microsoft called for $80.65 billion to $81.75 billion in fiscal third-quarter revenue. The middle of the range was $81.2 billion, meeting the LSEG consensus of $81.19 billion. The company’s forecast for quarterly Azure cloud growth was 37% to 38% at constant currency. The StreetAccount consensus was 37.1%.

Storage shares continued to jump in overnight trading. Western Digital up 4%; SanDisk Corp. up 2%.