Cisco stock drops after outlook disappoints, AppLovin sinks, Equinix surges

The fourth quarter earnings season is more than halfway over, and the S&P 500 is on track for solid earnings growth.

As of Feb. 6, 59% of S&P 500 (^GSPC) companies have reported fourth quarter results, according to FactSet data, and Wall Street analysts estimate a 13% increase in earnings per share for the fourth quarter. If that rate holds, it would represent the 10th consecutive quarter of annual earnings growth for the index and the fifth consecutive quarter of double-digit growth.

S&P 500 earnings growth estimates. (Chart: FactSet)

Heading into the reporting period, analysts were expecting an 8.3% jump in earnings per share, down from the third quarter’s 13.6% earnings growth rate. Wall Street has raised its earnings expectations in recent months, especially for tech companies, which have driven earnings growth in recent quarters.

Massive Big Tech capital expenditures set the tone for the AI trade. Plus, the themes that drove the markets in 2025 — artificial intelligence, the Trump administration’s tariff and economic policies, and a K-shaped consumer economy — continue to provide plenty for investors to parse.

This week, investors will digest results from Coca-Cola (KO), Spotify (SPOT), Robinhood (HOOD), Lyft (LYFT), Ford (F), Rivian (RIVN), Moderna (MRNA), Airbnb (ABNB), and Coinbase (COIN).

LIVE 168 updates

Birkenstock misses quarterly revenue estimates as consumers pull back on discretionary spending

Birkenstock (BIRK) shares fell 3% in premarket trading after the 250-plus-year-old footwear maker missed analyst expectations for its first quarter revenue.

Reuters reports:

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Baxter stock sinks after forecasting 2026 profit below estimates

US healthcare company Baxter’s (BAX) stock sank 14% before the bell on Thursday following the release of its fourth quarter earnings, forecasting annual profit below Wall Street estimates. The company cited persistent problems from hurricane-related issues at one of its manufacturing plants.

Reuters reports:

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Restaurant Brands Q4 adjusted earnings and revenue beat estimates

MT Newswires reports:

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AppLovin beats quarterly revenue estimates

Reuters reports:

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Magnum stock falls ‘reignites’ fears over weight-loss drugs

Magnum Ice Cream’s (MICC) stock fell 12% during premarket hours on Thursday. The group, which was recently spun off from Unilever (UL) and makes popular ice creams such as Ben & Jerry’s and Cornetto, reported a 3% decline in sales for its fourth quarter earnings.

The FT reports:

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Wed, February 11, 2026 at 9:50 PM UTC

Equinix forecasts annual sales above estimates on AI data center demand

Equinix (EQIX) stock jumped more than 9% in extended trading after the data center operator issued strong annual revenue guidance on the back of continued artificial intelligence demand.

Reuters reports:

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Wed, February 11, 2026 at 9:43 PM UTC

Cisco stock falls after 2026 guidance disappoints

Cisco (CSCO) stock fell 5% after the networking company issued guidance below Wall Street forecasts.

For the full year, Cisco raised its guidance for earnings per share to $3.00 to $3.08 on revenue of $61.2 billion to $61.7 billion. However, the Street was looking for earnings guidance of $3.12 on revenue of $62.1 billion.

In Cisco’s second quarter, the company reported earnings per share of $0.80, compared to Wall Street analyst estimates of $0.74 per share, according to S&P Global Market Intelligence. Revenue rose 10% year over year to $15.3 billion, compared to estimates of $15.1 billion.

“We see strong, broad-based demand for our technology solutions and remain focused on capturing the significant opportunities we see ahead,” Cisco CFO Mark Patterson said.

Reuters reports:

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Wed, February 11, 2026 at 9:09 PM UTC

McDonald’s sales top forecasts as value push, promotions boost US results for third straight quarter

Yahoo Finance’s Brooke DiPalma reports:

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Wed, February 11, 2026 at 3:37 PM UTC

Unity shares plummet as downbeat forecast sparks fears of a demand slump

Reuters reports:

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Wed, February 11, 2026 at 1:18 PM UTC

T-Mobile adds fewer wireless subscribers than expected amid intense competition

Reuters reports:

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Wed, February 11, 2026 at 1:05 PM UTC

Kraft Heinz pauses plans to split into 2 companies

Kraft Heinz (KHC) announced on Tuesday that it would pause its spin-off plans, with the company’s new CEO, Steve Cahillane, saying that its “challenges are fixable and within our control.”

The company, which was set to spin off its meal business, Global Taste Elevation Co., and grocery business North American Grocery Co., plans to invest $600 million across marketing, sales, research and development, and pricing.

“We are confident in the opportunity ahead and believe this investment will accelerate our return to profitable growth,” said Steve Cahillane, who became CEO on Jan. 1 and previously led Kellanova, which successfully split from the Kellogg Company in 2023.

Shares fell more than 6% in premarket trading.

In its fourth quarter results, the company reported adjusted earnings of $0.67, a beat compared to the expected $0.61, per Bloomberg consensus data. Revenue came in slightly lower at $6.35 billion, compared with the $6.37 billion expected.

Prices increased 0.5%, slightly below expectations of a 0.79% increase.

For 2026, the company expects organic net sales to be down 1.5% to 3.5%. Wall Street expected 2026 annual organic revenue to be down 0.56%. Adjusted earnings per share are expected to be in the range of $1.98 to $2.10, whereas Wall Street forecast $2.50.

Wed, February 11, 2026 at 12:56 PM UTC

Vertiv stock jumps 15% premarket on upbeat 2026 guidance

Vertiv (VRT) stock surged 15% after its 2026 financial forecast surpassed Wall Street’s expectations, as the data center market booms, and digital infrastructure companies like Vertiv aim to keep up with the demand.

For the full year, Vertiv expects its adjusted earnings per share to accelerate, reaching $5.97 to $6.07. The Street was looking for adjusted earnings of $5.51 per share, according to S&P Global Market Intelligence.

“As we look to 2026, we expect this momentum to continue,” Vertiv CEO Giordano Albertazzi said. “Our record backlog provides clear visibility into what we expect to be another year of significant growth.”

The upbeat outlook overshadowed an earnings miss in the fourth quarter. Vertiv reported earnings of $1.14 per share, just shy of estimates of $1.16. Net sales reached $2.88 billion, roughly in line with estimates.

Wed, February 11, 2026 at 12:33 PM UTC

Shopify forecasts quarterly revenue above estimates on strong demand

Shopify (SHOP) stock rose 10% before the bell on Wednesday after forecasting quarterly revenue above Wall Street estimates.

Reuters reports:

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Wed, February 11, 2026 at 11:35 AM UTC

Humana forecasts 2026 profit below estimates

Reuters reports:

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Tue, February 10, 2026 at 10:12 PM UTC

Mattel stock falls 25% after earnings, 2026 guidance disappoint

Mattel (MAT) reported top- and bottom-line misses on Tuesday, sending shares 24% lower in extended trading.

In the fourth quarter, the toymaker reported earnings per share of $0.34 on revenue of $1.76 billion. Wall Street analysts were looking for earnings of $0.51 on revenue of $1.83 billion, according to S&P Global Market Intelligence.

The stock also sharply reacted to Mattel’s 2026 forward guidance, which disappointed.

In 2026, Mattel expects net sales to grow between 3% and 6%. Adjusted earnings per share are expected to be in the range of $1.18 to $1.30, below 2025’s earnings per share of $1.41 and the Street’s forecast of $1.68 per share.

“We achieved strong topline growth in the fourth quarter and consumer demand was positive in every region for both the quarter and full year, but December gross billings in the U.S. ended up growing less than expected,” CEO Ynon Kreiz said in a statement.

Tue, February 10, 2026 at 9:59 PM UTC

Lyft stock plunges on surprise operating loss

Lyft (LYFT) stock pulled back by more than 15% in after-hours trading after its first quarter outlook and 2025 operating loss dented expectations of the company’s comeback story.

In the fourth quarter, Lyft reported revenue of $1.6 billion, missing expectations of $1.75 billion, according to S&P Global Market Intelligence. Gross bookings of $5.1 billion were up 19% year over year.

For the full year, Lyft reported an operating loss of $188 million, whereas analysts expected a profit of $33.3 million.

For the first quarter of 2026, Lyft guided for adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $120 million to $140 million. The Street consensus estimate was $147 million for EBITDA.

Read more here.

Tue, February 10, 2026 at 9:44 PM UTC

Ford reports Q4 profit miss, $8 billion net loss for year as EV unit losses hit results

Yahoo Finance’s Pras Subramanian reports:

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Tue, February 10, 2026 at 9:43 PM UTC

Robinhood stock tumbles 7% after revenue miss

Robinhood (HOOD) reported better-than-expected earnings for the fourth quarter, but missed estimates on several other metrics, sending shares as much as 9% lower in after-hours trading. Retail trading buoyed the company during the quarter, offsetting weakness in crypto revenue.

In Q4, the brokerage and banking platform reported revenue growth of 27% year over year to $1.28 billion, compared to estimates of $1.3 billion, according to S&P Global Market Intelligence. Diluted earnings per share came in at $0.66, compared to estimates of $0.64 and $1.01 in Q4 2024.

Robinhood CEO Vlad Tenev reiterated his ambition to make Robinhood into a “Financial SuperApp.” The company has rolled out banking services, stock tokens, crypto trading, and even event contracts.

Yahoo Finance’s Ines Ferré reports:

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Tue, February 10, 2026 at 5:25 PM UTC

Marriott CEO: We are seeing a K-shaped economy

Marriott (MAR) CEO Anthony Capuano said that, like other travel companies, the hotel chain is seeing a divergence across its customer base and strength primarily in the premium segment.

“I mean, there is certainly … a K-shaped economic bifurcation of the consumer,” Capuano said Tuesday. “We continue to see really consistent strength across luxury for the full year.”

Yahoo Finance’s Brian Sozzi reports:

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Tue, February 10, 2026 at 3:02 PM UTC