Stocks that move after hours: Zoom, Oil, Labor Day

These are the stocks that are moving after hours on February 27, 2023:

Occidental Petroleum (OXY)

Shares of Occidental Petroleum were lower after hours following the oil and gas producer’s fourth-quarter results. The giant’s adjusted earnings came in at $1.61, below expectations of $1.80.

The quarter is all about returning money to shareholders, as the shale giant announced plans to return $3 billion and increase its dividend by 38%.

Our operational success led to financial gains that allowed us to complete a $3.0 billion share repurchase program and build a strong balance sheet,” said Occidental Petroleum President and CEO Vicki Hollub in the company’s earnings release. .

Occidental paid down $1.1 billion in debt in the fourth quarter.

OXY is down about 6% year to date, but last year it is up 117%, outperforming the major markets, and even the S&P 500’s Energy Select Sector (XLE), which is up 57%.

The company is a favorite of Warren Buffett, as Berkshire Hathaway (BRK-A) (BRK-B) holds about 21% of Occidental shares.

Zoom Video Communication (ZM)

Zoom’s fourth-quarter adjusted earnings per share of $1.22 came in above estimates of 80. Revenue also came in above expectations at $1.12 billion. Free cash flow of $183.3 million beat Wall Street expectations of $150.1 million.

The video conferencing company’s year-end percentage of clients contributing more than $100,000 in revenue over a 12-month period is about 27% annually. Zoom forecast first-quarter revenue between $1.08 billion and $1.09 billion, below Wall Street’s estimate of $1.11 billion.

Immediately following the results, Citi analysts, who have a Sell rating on the stock wrote, “While recent restructuring activities to protect profit/EPS are encouraging, we think the business may struggle indefinitely to sustain growth.” y / y revenue as a decrease online. business and international air will not be able to be killed by the new speed of the product.”

In February, Zoom announced that it would cut about 15% of its workforce, or 1,300 employees. The CEO also cut 98% of the salary.

Zoom has been the darling of the pandemic, and Yahoo Finance’s company of the year in 2020, as users surf online during the lockdown.

A man walks past Zoom’s temporary exhibition hall on the Promenade during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 16, 2023. REUTERS/Arnd Wiegmann

Stocks pulled back sharply last year as the global economy reopened, workers returned to the office, and the tech sector was generally depressed by rising interest rates.

Labor Day (WDAY)

Weekday revenue of $1.65 billion, up 20 percent year-over-year, came in above Wall Street’s estimate of $1.63 billion. Adjusted earnings per share of 99 cents beat expectations of 90 cents. Net income increased 22% year-over-year.

“Our fourth-quarter and full-year fiscal 2023 results demonstrate the continued demand for our solutions, as organizations of all sizes continue to prioritize finance and HR development,” said Barbara Larson, CEO of Workday. , CEO of Workday.

Earlier this month, the cloud computing company said it would lay off about 3% of its workforce, or about 525 workers.

Year-to-date, Labor Day shares are up 10 percent in the broader tech rally earlier this year. The stock lost 38% of its value in 2022.

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

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