On the company’s earnings call, Amazon (AMZN) CEO Andy Jassy said the company’s announcement that it would cut 14,000 corporate jobs was tied to overhiring, not artificial intelligence.

“The announcement we made a few days ago was not really financially driven, and it’s not even really AI driven — not right now, at least. It’s culture,” Jassy said (listen below). Later, he added: “We are committed to operating like the world’s largest startup, and that means removing layers.”

Amazon was perhaps the most high-profile company to announce layoffs in recent weeks, though it’s by no means alone. The staff reductions, occurring at the same time as rapid, large-scale AI investments by Big Tech, led many to speculate that the two were linked.

While the unemployment rate has ticked up and job gains have slowed, Federal Reserve Chair Jerome Powell noted that the cooling in the labor market has been “gradual.” Simultaneously, results from Big Tech companies in the last week highlight how AI spending continues to ramp up.

“You’re going to see us continue to be very aggressive in investing in capacity because we see the demand,” Jassy told investors on the earnings call.

Listen to the full earnings call here.

Apple stock (AAPL) turned higher, rising by about 3%, after CEO Tim Cook sounded bullish on the iPhone maker’s earnings call.

“We are incredibly excited about the strength we’re seeing across our products and services, and we expect the December quarter’s revenue to be the best ever for the company and the best ever for iPhone,” Cook told investors.

According to Cook, the iPhone 17 is facing supply constraints due to high demand.

Listen to Apple’s earnings call here.

Shares of strategy (MSTR), the company formerly known as Microstrategy, rose 3% after hours as the company’s earnings call began.

The company reported revenue of $128.7 million in the third quarter, a 10.9% increase year over year. Wall Street analysts were expecting revenue of $116.9 million. Diluted earnings per share of $8.42 beat estimates of $7.90 per share.

The company led by bitcoin (BTC-USD) bull Michael Saylor was an early pioneer in the corporate movement of buying bitcoin and holding it in reserve. That model came under scrutiny, as the company’s stock price was extremely volatile and fluctuated in tandem with crypto volatility.

As of Oct. 26, Strategy held 640,808 bitcoins at a total cost of $47.44 billion, or $74,032 per bitcoin. On Oct. 30, bitcoin traded at around $107,489 per token.

For the full year, Strategy expects diluted earnings per share of $80, well ahead of estimates for $42.29.

Coinbase (COIN), the largest US-based crypto exchange, reported a jump in third quarter profit on Thursday as volatility in the market, which often benefits cryptocurrencies, boosted trading volumes. The stock rose less than 1% in after-hours trading.

For the third quarter, Coinbase reported subscription and services revenue of 746.7 million. For the fourth quarter, the company expects this revenue to come in between $710 million and $790 million.

Reuters reports:

Read more here.

Yahoo Finance’s Laura Bratton reports:

Read more here.

Here’s Yahoo Finance’s Daniel Howley on what to expect from Amazon earnings:

Read more here.

Apple (AAPL) will release its fourth quarter earnings after the bell on Thursday, giving investors and analysts their first glimpse into how well the company’s latest iPhones are selling just days after its market cap touched the $4 trillion mark, Yahoo Finance’s Daniel Howley writes.

Read Dan’s preview of what to expect from Apple earnings after the bell on Wednesday:

Read more here.

Cigna (CI) stock plunged more than 12% on Thursday after the health services company reaffirmed its profit guidance for 2025 but warned that its pharmacy benefit manager (PBM) segment would face margin pressures.

Cigna CEO David Cordani said on the company’s earnings call that its partners operating in government programs like Medicaid and Medicare are facing “significant financial and affordability pressures.” Reduced government reimbursements and seniors utilizing more services through Medicare Advantage plans have created dual headwinds for health insurers this year.

“As a result of these factors, we expect margin pressure within our Pharmacy Benefit Services segment over the next two years,” Cordani said (PBMs manage prescription drug benefits for health insurance plans).

For the third quarter, the medical care ratio (MCR) for Cigna’s health insurance arm was 84.8%, slightly above analyst estimates and higher than its MCR of 82.8% a year ago. Cigna anticipates its MCR will be on the high end of its guidance range of 83.2% to 84.2% for the full year.

Cigna reported earnings per share of $6.98 in Q3, beating estimates of $6.24, according to S&P Global Market Intelligence. Revenue also came in ahead, with the company bringing in $69.7 billion for the quarter.

Tobacco company Altria (MO) expects its earnings growth to decelerate in the fourth quarter as fewer people are smoking cigarettes.

The company said it expects earnings per share growth to “moderate” in the fourth quarter but did not issue specific Q4 guidance. Altria adjusted its EPS guidance for the full-year by raising the low-end of its previous outlook to a new range of $5.37 to $5.45, representing a growth rate of 3.5% to 5.0% from 2024.

Altria has been working to shore up its share of the smoke-free market for products like nicotine pouches, which is the biggest area of growth as consumers shift away from traditional cigarettes.

Volumes of its smokeable products, like Marlboro cigarettes, declined 8.2% in the third quarter. Overall revenue declined 3% year over year to $6 billion. Earnings per share of $1.45 grew 3.6%, matching Wall Street analyst estimates, according to S&P Global Market Intelligence.

Altria stock dropped over 7% on Thursday following the results. Year to date, the stock is up 9%, versus a nearly 17% gain for the S&P 500 (^GSPC).

Crocs (CROX) stock popped 7% in premarket trading on Wednesday after the footwear company said it’s targeting $100 million in cost savings in an effort to turn things around after profits declined by double digits over the previous year.

For the third quarter, Crocs’ revenue decreased 6.2% year over year, led by a 14.7% decline in wholesale retail, which was marginally offset by a 1% increase in direct-to-consumer sales. Earnings per share of $2.92 also declined 18.9% year over year.

Still, both revenue and earnings per share topped analysts’ expectations for the quarter. The Street was looking for EPS of $2.36 and revenue of $961 million, compared to the $996 million it reported.

Listen to the earnings call here.

Hershey (HSY) reported an earnings beat and guidance raise on Thursday, but the stock fell around 1% in premarket trading.

Earnings per share of $1.36 came in above expectations for $1.30 per share, according to S&P Global Market Intelligence. Revenue of $3.18 billion was above the $3.11 billion expected.

The company said it expects $160 million to $170 million in tariff costs this year. The company is also grappling with soaring cocoa prices.

Here’s a look at net sales in each of Hershey’s business segments:

Hershey sees full-year net sales growth of around 3%, up from its previous forecast of 2% growth. Year over year, Hershey expects earnings per share to decrease 36% to 37% in 2025.

Listen to the earnings call live here.

Merck (MRK) stock fell over 2% in premarket trading as the company’s earnings beat was not enough to reassure investors, as the company braces for the expiration of key patents.

The drugmaker reported earnings per share of $2.58 a share, topping Wall Street analysts’ estimates of $2.35 per share. Revenue of $17.2 billion also beat estimates for $16.9 billion.

Sales of Merck’s blockbuster cancer immunotherapy drug Keytruda rose 10% to $8.14 billion, and sales of its hypertension drug Winrevair grew 141% to $360 million. However, Gardasil sales declined 24% to $1.7 billion.

The company also said it received FDA approval for a version of Keytruda that patients can inject under the skin, as Merck barrels toward the 2028 expiration of its Keytruda patent.

Merck now expects full-year sales to be between $64.5 billion and $65 billion, a narrower range than the $64.3 billion and $65.3 billion the company previously forecast. Earnings per share are expected to be between $8.93 and $8.98 for 2025, which is raised slightly.