Microsoft (MSFT) reported adjusted quarterly profit of 96 cents per share, 10 cents above estimates, while revenue also beat forecasts. Microsoft's results were helped by a $5.3 billion boost in cloud computing revenue.
Qualcomm (QCOM) came in seven cents above estimates with quarterly profit of 98 cents per share, while revenue also beat forecasts. The chip maker did say its results were hurt by its ongoing patent dispute with Apple, and it gave weaker than expected earnings and revenue guidance for the current quarter.
AT&T (T) beat estimates by 13 cents with adjusted quarterly profit of 78 cents per share, with revenue also above forecasts. AT&T's results were helped by tax cuts and a boost in wireless subscribers. AT&T also expressed confidence that it will complete its acquisition of Time Warner (TWX).
PayPal (PYPL) shares are coming under pressure after eBay (EBAY) announced that PayPal would no longer be its primary payments processing partner. Separately, PayPal reported adjusted quarterly profit of 55 cents per share, three cents above estimates, with revenue above forecasts as well. The payment services provider said payment volume was up by nearly one-third from a year ago, and volume at its Venmo mobile payment unit was up 86 percent from a year earlier.