Tech Roundup: Netflix, IBM lead tech earnings parade; Musk, Twitter remain on the march

Investors weighed in with their thoughts on tech stocks this week, as the likes of Netflix (NASDAQ:NFLX), IBM (NYSE:IBM), AT&T (T) and Verizon (VZ) delivered their quarterly results to kick off the fall earnings season.

But, never fear…The Elon Musk-Twitter (NYSE:TWTR) drama managed to show up at the end of the week and amp up the months-long saga ahead of its potential conclusion.

Let’s start with the earnings reports that got the most attention on Wall Street. And one of the winners was Netflix (NFLX), as the streaming TV giant got back on track with growth in new subscribers that surpassed expectations, and also gave an outlook for more growth in the months ahead.

It was enough of a success that Netflix (NFLX) co-Chief Executive Reed Hastings deviated from the traditionally ho-hum comments typically given on corporate earnings calls to express his sentiments about what it means for the company to get back to noticeable subscriber growth.

Netflix (NFLX) shares surged following the company’s report, and had some analysts saying that its “dark days” are over.

Old-school tech titan IBM (IBM) got on the market’s good side, as it reported third-quarter results that topped Wall Street’s estimates, and suggested that sales are going to improve next year.

AT&T (T) has one of its best days in more than two years as the telecom giant reported third-quarter results that beat expectations for earnings, sales and new subscribers. Meanwhile, Verizon (VZ) took it on the chin after its third-quarter subscriber numbers missed estimates, and investors drove the company’s shares down to their lowest level in 12 years.

Social-media company Snap (SNAP) took a beating, as its shares plunged by as much as 30% on Friday, and dropped to a 52-week-low in the process, after the company reported quarterly results that were way beyond disappointing to Wall Street.

Meawhile, Roblox (RBLX), the online gaming platform developer known to millions of parents of children for their $4.99 a month and up subscription fees, saw its shares advance by 20% due to strong gains in bookings and daily users in September.

FuboTV (FUBO) also had a good week, as its shares climbed due to reaction to the streaming TV platform operator delivered strong preliminary third-quarter results, and said it would close its Fubo Gaming business.

The raft of earnings was only the beginning for the tech sector as Apple (NASDAQ:AAPL), Microsoft (MSFT), Alphabet (GOOG) (GOOGL), Meta Platforms (META) and Intel (INTC) are among the sector leaders on tap to deliver their quarterly results next week.

And just ahead of its fiscal fourth-quarter report, Apple (AAPL) showed off a new, and less-expensive version of its Apple TV 4K streaming device, and new iPads.

Twitter (TWTR) made a splash at the end of the week as a series of reports riled up investors, and likely, Twitter (TWTR) employees, too.

Initially, a report late Thursday said that Elon Musk was planning to cut 75% of Twitter’s (TWTR) workforce once he succeeds with his presumptive $44B acquisition of the social-media giant.

That report cut down Twitter’s (TWTR) shares on Friday before the company told employees that no such layoffs were in the works.

The White House also stepped into the Twitter (TWTR) matter as officials said they reportedly said they were unaware of any type of federal review of Musk’s prior deals on the grounds of national security concerns.

And while the trial between Musk and Twitter (TWTR) over his prior efforts to get out of buying the company is still on the docket for October 28, speculation has grown about methods Musk may have to take in order to finance the deal.