Large internet companies, particularly American, have benefited from substantial investments made by European telcos in internet infrastructure. Both Alphabet and Microsoft saw their stocks decline in extended trading despite reporting better-than-expected revenue and earnings. Alphabet’s ad revenue fell short of expectations, but Google Cloud showed strong growth. While Microsoft’s revenue increased, its outlook was on the lighter side. Boeing reported a narrower loss than expected, but its future remains uncertain following an incident involving a Boeing 737 Max 9. UPS announced the cutting of 12,000 jobs to save costs, citing a challenging year. A Delaware judge voided Elon Musk’s $56 billion Tesla compensation, stating that it was inappropriately set by the board and lacked evidence of fairness or negotiation. Tesla shares dropped about 3% in after-hours trading following the ruling.— CNBC’s Brian Evans, Ashley Capoot, Ari Levy, Jordan Novet, Leslie Josephs, Laya Neelakandan, Dan Mangan and Lora Kolodny contributed to this report.— Follow broader market action like a pro on CNBC Pro.
