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Q3 Earnings: Western Digital, American Express, SLB and Bloom Energy Beat, and the Market Shrugs

Western Digital, Bloom Energy and American Express all topped estimates and raised their outlooks, and all three stocks fell anyway. RingCentral and Robert Half were the exceptions, while Deckers and Autoliv got punished for missing.

EarningsBy · Markets EditorUpdated 3 min read

The pattern from this earnings season held through Thursday night and Friday morning: strong numbers, raised guidance, and lower stock prices. With the AI trade under pressure and oil above $110, investors are setting a very high bar, especially for companies tied to data-center spending. Here's what reported after Thursday's close and before Friday's open, with links to the filings and coverage.

Western Digital: record demand, nervous buyers

Western Digital reported fiscal first-quarter revenue of $4.38 billion, up 55% from a year earlier, according to its earnings release. Non-GAAP gross margin was 58.1%, and non-GAAP EPS was $4.64, up 161%. Free cash flow was $1.38 billion, and the company raised its quarterly dividend 17% to $0.175 a share.

The outlook was stronger still. For the December quarter, Western Digital guided revenue of $5.1 billion, plus or minus $100 million, gross margin of 60% to 61%, and non-GAAP EPS of $5.80, plus or minus $0.20.

Even so, the stock fell 6% after hours, CNBC said, and was down more than 4.5% premarket Friday. According to Investing.com, Western Digital said its average selling price per terabyte rose 28% in the quarter and expects capital spending to average 4% to 6% of revenue over the next five years.

Bloom Energy: a big beat and a cash question

Bloom Energy posted third-quarter non-GAAP EPS of $0.94 against a $0.68 estimate, and revenue of $1.24 billion against $1.06 billion expected, according to CNBC. Bloom also set its full-year 2026 revenue guidance to $4.40 billion to $4.60 billion. (Investing.com). The stock still fell about 5% after hours, then was up 2.5% in Friday's premarket after the slide.

American Express: raised guidance, job cuts

American Express reported adjusted EPS of $4.68, ahead of the roughly $4.48 analysts expected, as revenue rose 9% to $20.1 billion, according to Reuters. Billed business rose 8% to $454 billion, and travel and entertainment spending rose 10%, led by a 13% jump in the airline category. AmEx now expects 2026 adjusted EPS of $17.60 to $17.90 and plans to cut 5% of its workforce.

The stock slipped in premarket trading. Truist's Brian Foran wrote that if the decline held, it would be the ninth time in 11 quarters AmEx shares fell despite beating estimates.

SLB: the Middle East recovers, data centers grow

SLB reported third-quarter revenue of $9.45 billion, up 6% from a year earlier and 5% from the prior quarter, with adjusted EPS of $0.64, per its release. That beat consensus of $0.62 and $9.27 billion, Investing.com said. Middle East revenue rose 13% from the prior quarter, and SLB's Data Center Solutions revenue rose 23% sequentially and 76% from a year earlier. Free cash flow was $828 million. Shares rose about 0.9% premarket.

The rest of the reports

Where Loomi fits

When beats turn into selloffs, the pricing usually shows up in options first. Implied volatility runs up into a report and collapses after, and the stock's direction depends on what the market was already pricing in. Loomi's options scanner helps spot where implied moves look rich or cheap before a report, and the GEX regime view adds context on how dealer positioning might shape the next session. If you'd rather not trade each print by hand, Loomi's automated strategies follow set rules, with track records on results and verification.

What's next

Next week brings the heaviest stretch of tech earnings, including Intel on October 29 (Intel). For the reports that set up this week's AI selloff, see our recap of Tesla, Meta, Lam Research, IBM and P&G, and for the market backdrop, today's market wrap.

This article is for information only and is not financial advice.

— Rowan Ellery, Markets Editor, Loomi.Ai. Questions or corrections? See our research methodology.

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FAQ

Why did Western Digital stock fall after beating earnings?

Western Digital beat estimates with revenue of $4.38 billion and non-GAAP EPS of $4.64 and guided to $5.1 billion next quarter, but the stock fell about 6% after hours as investors worried about the capital the AI build-out requires.

What did American Express report for Q3 2026?

AmEx reported adjusted EPS of $4.68 on revenue of $20.1 billion, raised its 2026 adjusted EPS forecast to $17.60 to $17.90, and announced plans to cut 5% of its workforce, according to Reuters.

How did SLB do in the third quarter of 2026?

SLB reported revenue of $9.45 billion and adjusted EPS of $0.64, beating estimates, helped by a 13% sequential gain in the Middle East and 76% year-over-year growth in its data center business.

Loomi.Ai provides educational market research, not financial advice. Nothing here is a recommendation to buy or sell any security. Trading stocks, futures and options involves substantial risk of loss. Estimates and schedules cited were current at publication and can change.

Sources

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