Biggest stock movers Wednesday: GOOG, SNAP, and more

Stock futures rallied in pre-market trading on Wednesday after Google’s strong Q3 earnings report. Investors are now looking forward to earnings releases from Meta and Microsoft.

Here are some of Wednesday’s biggest stock movers:

Biggest stock gainers

• Alphabet (GOOG, GOOGL) shares climbed over 6% after the company surpassed Q3 expectations. Revenue from Google Search and other segments grew 12% to $49.4B, while YouTube Ads also saw a 12% increase, reaching $8.92B. Google Network was the only segment to decline, slipping to $7.55B from $7.67B, yet overall advertising revenue rose 10% Y/Y. The subscriptions, platforms, and devices segment saw robust growth, up 28% to $10.7B, and Google Cloud continued to thrive as the company’s second-largest segment, surging 35% to $11.35B.
• Reddit (RDDT) shares skyrocketed over 20% after the company’s Q3 earnings report blew past expectations, with revenue surging 68% Y/Y, fueled by a 47% rise in daily active users. The company also issued a strong Q4 outlook, projecting revenue between $385M and $400M, well above the consensus estimate of $356.2M, and adjusted EBITDA between $110M and $125M, compared to the $87M consensus. This positive outlook reflects Reddit’s growing popularity and increased user engagement.
• Shares of Snap (SNAP) soared 10% after the company beat Q3 expectations, reporting 15% revenue growth to $1.37B, fueled by a 9% Y/Y increase in daily active users to 443M. Snapchat+ subscribers more than doubled to 12M, while Spotlight reached 500M average monthly active users, up 21%. For Q4, Snap projects revenue between $1.51B and $1.56B and adjusted EBITDA from $210M to $260M, with DAUs expected to reach 451M. However, Snap cautioned that full-year results could fall 4-5% below guidance due to rising stock-based compensation expenses in Q4.

Biggest stock losers

• Advanced Micro Devices (AMD) plunged nearly 9% after reporting Q3 earnings and offering Q4 guidance that fell slightly short of expectations. Revenue grew 18% Y/Y, driven by a record 122% increase in the data center segment, thanks to strong demand for AMD’s AI processors. The client segment, including PC processors, also performed well, with a 29% sales increase. However, challenges emerged in the gaming and embedded segments, where revenues declined 69% to $462M and 25% to $927M, respectively. Additionally, semiconductor giant sees Q4 revenue between $7.2B and $7.8B (midpoint of $7.5B), which is slightly below the consensus of $7.55B.