* META PLATFORMS announced a gloomy outlook after reporting a decline in its quarterly revenue for the first time, amid the threat of a global recession and increased competitive pressure on its advertising sales. The title of Facebook’s parent company fell 5.2% in off-session trading.
* QUALCOMM expects fourth-quarter revenue to fall below market expectations due to an expected slowdown in the economy and demand for smartphones. The title of the semiconductor manufacturer fell 3.9% before the opening.
*MASTERCARD reported a jump in profit in the second quarter as increased cross-border spending driven by a strong upturn in outbound travel more than offset rising costs.
* PFIZER announced 78% growth in quarterly profit and confirmed its sales forecast of $54 billion in 2022 for its vaccine and oral treatment for Covid-19. The title takes 1.8% in pre-market.
*MERCK announced higher-than-expected profit and revenue for the second quarter, driven by strong sales of its Keytruda cancer treatment.
*FORD reported better-than-expected second-quarter net profit on Wednesday and confirmed its full-year profit outlook, adding it was “actively” considering ways to offset rising costs. The title of the car manufacturer takes more than 5% in advance.
* LINDIA raised its profit forecast for the full year thanks to higher prices despite a difficult environment and its withdrawal from the Russian market.
* ALTRIA – The maker of Marlboro cigarettes lowered the valuation of its 35% stake in e-cigarette maker Juul Labs to $450 million, from $1.6 billion at the end of March and $12.8 billion in 2018.
*COMCAST – Comcast said subscriber growth in its broadband and streaming businesses in the second quarter remained flat, sending the stock down about 6% in premarket trading.
* ROYAL CARIBBEAN reported second-quarter revenue of 2.18 billion euros, beating analysts’ estimates of 2.11 billion euros.
*BEST BUY – The electronics distributor issued a warning on its annual results because of a drop in customer spending with inflation.
* RIVIAN AUTOMOTIVE – The electric truck manufacturer announced on Wednesday a 6% reduction in its workforce in order to optimize costs in a more difficult macroeconomic environment.