Stock futures were trading mixed on Wednesday after Google's strong Q3 earnings report. Investors are now looking forward to earnings releases from Meta and Microsoft.

Here are some of Wednesday's biggest stock movers:

Biggest stock gainers

• Alphabet (GOOG, GOOGL) shares climbed over 6% after the company surpassed Q3 expectations. Revenue from Google Search and other segments grew 12% to $49.4B, while YouTube Ads also saw a 12% increase, reaching $8.92B. Google Network was the only segment to decline, slipping to $7.55B from $7.67B, yet overall advertising revenue rose 10% Y/Y. The subscriptions, platforms, and devices segment saw robust growth, up 28% to $10.7B, and Google Cloud continued to thrive as the company's second-largest segment, surging 35% to $11.35B.
• Reddit (RDDT) shares skyrocketed over 20% after the company’s Q3 earnings report blew past expectations, with revenue surging 68% Y/Y, fueled by a 47% rise in daily active users. The company also issued a strong Q4 outlook, projecting revenue between $385M and $400M, well above the consensus estimate of $356.2M, and adjusted EBITDA between $110M and $125M, compared to the $87M consensus. This positive outlook reflects Reddit's growing popularity and increased user engagement.
• Shares of Snap (SNAP) soared 10% after the company beat Q3 expectations, reporting 15% revenue growth to $1.37B, fueled by a 9% Y/Y increase in daily active users to 443M. Snapchat+ subscribers more than doubled to 12M, while Spotlight reached 500M average monthly active users, up 21%. For Q4, Snap projects revenue between $1.51B and $1.56B and adjusted EBITDA from $210M to $260M, with DAUs expected to reach 451M. However, Snap cautioned that full-year results could fall 4-5% below guidance due to rising stock-based compensation expenses in Q4.

Biggest stock losers

• Advanced Micro Devices (AMD) plunged nearly 9% after reporting Q3 earnings and offering Q4 guidance that fell slightly short of expectations. Revenue grew 18% Y/Y, driven by a record 122% increase in the data center segment, thanks to strong demand for AMD's AI processors. The client segment, including PC processors, also performed well, with a 29% sales increase. However, challenges emerged in the gaming and embedded segments, where revenues declined 69% to $462M and 25% to $927M, respectively. Additionally, semiconductor giant sees Q4 revenue between $7.2B and $7.8B (midpoint of $7.5B), which is slightly below the consensus of $7.55B.
• Eli Lilly (LLY) shares tumbled 13% after its Q3 results missed the consensus mark, weighed down by softer-than-expected sales from its GLP-1 weight loss drugs, Mounjaro and Zepbound (tirzepatide). While revenue grew around 20% Y/Y, but came in $680M below forecasts. The company also lowered its FY2024 guidance, cutting its adjusted EPS range from $16.10-$16.60 from $13.02-$13.52 (midpoint missing the consensus of $13.45) and revising its revenue outlook to $45.4B-$46B from $45.4B-$46.6B, slightly under the $46.22B market estimate.
• The Kraft Heinz Company (KHC) lost about 4% after reporting mixed Q3 results, which showed a sales decline of 2.9%. Moreover, the company anticipated FY2024 organic sales growth to fall at the low end of the previously provided guidance range of -2% to 0%. Additionally, the company projects its full-year adjusted EPS to land in the lower end of its prior guidance of $3.01 to $3.07, vs. the consensus of $3.02.
• Super Micro Computer (SMCI) shares plummeted nearly 26% after its auditor, Ernst & Young, resigned. The company, while disagreeing with the decision, has initiated a review and is seeking a new auditor. The resignation follows concerns raised by Hindenburg Research in August, which led to a delay in the company's 10-K filing. Despite the challenges, Super Micro maintains that no material changes are expected to its FY2024 results.
• GSK (NYSE: GSK) shares dropped 4% after the British drugmaker reported a roughly 2% Y/Y decline in Q3 revenue, largely due to an approximately 18% Y/Y decrease in vaccine sales, which are a key revenue source for the company. Sales from the Shingrix shingles vaccine fell about 10% Y/Y, while Arexvy, GSK's vaccine for respiratory syncytial virus (RSV), saw a significant 73% Y/Y drop. Overall, GSK's vaccine sales for the quarter totaled £2.7B, reflecting a 15% Y/Y decline on a currency-adjusted basis. In response to the weaker vaccine performance, GSK lowered its 2024 vaccine sales outlook to indicate a low single-digit percentage decline, compared to its previous guidance of low- to mid-single-digit percentage growth.