The company reported a net income of 674.2 million USD for the fiscal first quarter, beating the 1.26 earnings per share estimations with a total of 1.37 USD earnings per share, which came as an 8.73% surprise.
However, despite the positive data, the share price opened in today's premarket trading session with a more than 5% drop within the first 10 minutes of trading. The shares fell on weaker product revenues totalling 170.6$ million, which is a drop of 0.6% on a year to year basis.
In yesterday's trading session the price was trading close to the resistance level of 267 USD per share, but in today's trading the price opened close to the 252 support level, which is also the 23% Fibonacci support. We are yet to see if the major support level will hold or whether the price would eventually break below it.
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