Microsoft up, leading evening gainers
NetGear shares up 19% after regular session dive
SAN FRANCISCO (MarketWatch) -- Shares of Microsoft rose more than 1% in heavy Thursday evening trading after the company posted sharply higher quarterly earnings, while NetGear's stock spiked more than 19% after surpassing most expectations.
The Nasdaq-100 After Hours Indicator, which tracks the evening action of the technology-heavy index's leading shares, was down 1.18 points to 1408.11.
Microsoft Corp. (MSFT: news, chart, profile) shares traded up to $24.77 after the company reported its third-quarter net profit nearly doubled. Revenue rose 4.9%, lagging analysts' expectations.
Microsoft said it earned 23 cents a share, with revenue coming in at $9.62 billion. Analysts had expected a profit before items of 32 cents a share on revenue of $9.83 billion.
NetGear Inc. (NTGR: news, chart, profile) shares rocketed up to $15.50 after the company posted a profit of 24 cents a share on revenue of $109 million, beating analysts' expectations of 22 cents a share and revenue of $105.3 million. The Santa Clara, Calif.-based company said it expects second-quarter revenue of $108 million to $110 million.
Flextronics International Ltd. (FLEX: news, chart, profile) shares dipped 3% to $10.30 after the company reported a fourth-quarter profit of 12 cents a share on $3.6 billion in revenue. Excluding one-time charges, Flextronics would have earned $95.3 million, or 16 cents a share. Based on those figures, analysts had forecast a profit of 16 cents a share on revenue of $4 billion.
KLA Tencor Corp. (KLAC: news, chart, profile) shares rose nearly 1% to $40.25 after the company reported profits of 61 cents a share on revenue of $542 million. The results topped Wall Street's expectations of 56 cents a share on sales of $528 million, according to Thomson First Call.
Earlier, the Dow Jones Industrial Average ($INDU: news, chart, profile) closed down 128.43 points to 10,070.37 while the technology-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 26.25 points to 1,907.29. See Market Snapshot.
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