Stocks coming in after business hours: Zoom, Occidental Petroleum, Workday

Here are the stocks making moves after hours on February 27, 2023:

western petroleum (OXY)

Shares of Occidental Petroleum fell fractionally after hours of the oil and gas producer’s fourth-quarter results. The shale giant’s adjusted earnings per share came in at $1.61, below expectations of $1.80.

The quarter is all about returning cash to shareholders as the shale giant announced a $3 billion buyback program and a 38% dividend increase.

“Our operational success was the driving force behind the financial performance that enabled us to complete our $3.0 billion share repurchase program and deliver substantial balance sheet improvements,” said Occidental Petroleum’s President and CEO Vicki Hollub in a press release. Company.

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

OXY is down about 6% year-to-date, but last year it rose a whopping 117%, far outpacing the broader markets and even outpacing the S&P 500’s Energy Select Sector (XLE), which was up 57%.

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

Zoom video communication (ZM)

Zoom’s fourth-quarter 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 expectations of $150.1 million.

The video conferencing company’s customer base that contributed more than $100,000 in 12-month revenue at the end of the year was up about 27% year over year. Zoom forecasts first quarter revenue of between $1.08 billion and $1.09 billion, below Wall Street estimates of $1.11 billion.

Immediately following the quarterly results, Citi analysts, who have a sell rating for the stock, wrote: “While recent restructuring measures to protect profitability/EPS are encouraging, we think the company will struggle indefinitely to deliver a positive year-over-year result. year sales growth as a declining trend, online business and international headwinds are unlikely to be offset by new product momentum.”

In February, Zoom announced it would cut about 15% of its workforce, or 1,300 employees. The CEO also took a 98% pay cut.

Zoom was a darling of the early pandemic and Yahoo Finance’s company of the year in 2020 as users flocked online during lockdowns.

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

The stock pulled back sharply last year as economies around the world reopened, workers returned to the office and tech stocks in general took a tumble amid higher interest rates.

business day (WDAG)

Workday’s revenue of $1.65 billion, up 20% year-over-year, topped Wall Street estimates 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 solid fourth quarter and full fiscal year 2023 results underscore continued demand for our solutions as organizations of all sizes continue to prioritize financial and HR modernization,” said Barbara Larson, CEO of Workday.

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

Year-to-date, Workday’s stock is up 10% during a general technical 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 @ines_ferre

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