Stocks to Watch: Intel, Amazon, Apple, DoorDash

By Connor Hart

Intel announced plans to lay off thousands of employees this year and pause dividend payments. The chip maker plans to reduce costs by more than $10 billion next year. The announcement comes as the company swings to a loss in the second quarter, posting earnings and revenue below analysts expectations. Shares drop 19%, to $23.54, in after-hours trading.

Amazon projected weaker-than-expected revenue growth, expecting third-quarter revenue between $154 billion and $158.5 billion, falling on the low end of Wall Street estimates. The company, which spent $30.5 billion in the first half of the year, plans to increase its expenditures in the year's back half to support its artificial-intelligence initiatives. Shares slide 7.6%, to $170, in postmarket trading.

Apple's iPhone sales fell for a second consecutive quarter, down 1%, to about $39.3 billion, from a year ago. Investors, however, are hopeful sales will increase later in the year once the company releases new artificial-intelligence features. The company said total revenue increased 5%, to $85.8 billion, beating Wall Street expectations. Shares are flat, at $219.98, in after-hours trading.

DoorDash posted double-digit revenue growth and narrowed its loss in the second quarter. The food delivery company, which processes around two-thirds of all delivery orders, reported a loss of $157 million on revenue of $2.63 billion. The company predicted that its total order value would be between $19.4 billion and $19.8 billion in the current quarter, meeting Wall Street expectations. Shares rise 11%, to $120, in postmarket trading.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

August 01, 2024 19:44 ET (23:44 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.