These are the stocks moving in the after hours of February 27, 2023:
Occidental Petroleum (OXY)
Shares of Occidental Petroleum fell partially hours after the announcement of the fourth quarter results of the oil and gas producers. Adjusted earnings per share for the shale oil giant came in at $1.61, below forecasts of $1.80.
The quarter is all about returning cash to shareholders, as the shale oil giant announced a $3 billion buyback program and a 38% dividend increase.
“Our operational success has led to the financial milestones that enabled us to complete a $3.0 billion share repurchase program and deliver material improvements to the balance sheet,” Occidental Petroleum President and CEO Vicky Hollub said in the company’s earnings release.
Occidental paid off $1.1 billion in debt in the fourth quarter.
OXY stock is down 6% year-to-date, but in the past year it’s up 117%, outperforming the broader markets, and even outperforming the S&P 500’s (XLE) energy selection sector, which was up 57%.
The company is a favorite of Warren Buffett, with Berkshire Hathaway (BRK-A) (BRK-B) owning about 21% of Occidental’s outstanding shares.
Zoom Video Communications (ZM)
Zoom’s fourth-quarter 2020 adjusted earnings per share of $1.22 came in above estimates of 80 cents. Revenue also came in higher than expected at $1.12 billion. Free cash flow of $183.3 million beat Wall Street’s forecast of $150.1 million.
“While the macroeconomic situation continues to negatively impact our overall growth, we have maintained a healthy balance sheet and generated operating cash flow of approximately $1.29 billion,” Eric Yuan, founder and CEO of Zoom, said in the company’s press release.
The number of the videoconferencing company’s year-end customers who contributed more than $100,000 to subsequent 12-month revenue was up nearly 27% year-over-year. Zoom expects first-quarter revenue of between $1.08 billion and $1.09 billion, below Wall Street’s estimate of $1.11 billion.
Zoom was an early pandemic baby, and Yahoo Finance Company of the Year 2020as users flocked to the internet during the lockdowns.
The stock has fallen hard in the past year as economies around the world reopen, workers return to offices, and technology stocks in general have taken a beating amid rising interest rates.
In February, Zoom announced that it would cut about 15% of its workforce, or 1,300 employees. The CEO also cut his salary by 98%.
a work day (day)
Workday’s revenue of $1.65 billion, up 20% 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. Subscription revenue was up 22% year-over-year.
“Our strong fourth quarter results and strong fiscal year 2023 underscore the enduring demand for our solutions, as organizations of all sizes continue to prioritize financing and modernize human resources,” said Barbara Larson, CEO of Workday.
Earlier this month, the enterprise management cloud company said it would lay off about 3% of its workforce, or about 525 employees.
Workday stock for the year-to-date is up 10% amid an overall technical rally earlier this year. The stock lost 38% of its value in 2022.
Ennis is a Senior Business Correspondent at Yahoo Finance. Follow her on Twitter at @employee
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