Stocks moving in after-hours: Zoom, Occidental Petroleum, Workday

These are the stocks making moves after hours on February 27, 2023:

Occidental Petroleum (OXY)

Occidental Petroleum shares were down fractionally in after hours following the oil and gas producer’s fourth quarter results. The shale giant’s adjusted earnings per share came in at $1.61, below expectations of $1.80.

The quarter is all about returning cash to shareholders, as the shale giant announced a $3 billion buyback program and dividend increase of 38%.

"Our operational success drove the financial achievements that enabled us to complete our $3.0 billion share repurchase program and deliver substantial balance sheet improvements,” said Occidental Petroleum’s President and CEO Vicki Hollub in the company's earnings release.

Occidental repaid $1.1 billion of debt in the fourth quarter.

OXY is down about 6% year-to-date, but last year it soared a whopping 117%, far outperforming the broader markets, and even outdoing the S&P 500’s Energy Select Sector (XLE), which was up 57%.

The company is a Warren Buffett favorite, as Berkshire Hathaway (BRK-A) (BRK-B) holds about a 21% stake of Occidental's outstanding shares.

Zoom Video Communicaitons (ZM)

Zoom's fourth-quarter adjusted earnings per share of $1.22 came in above estimates of 80 cents. Revenue also came in higher than expected at $1.12 billion. Free cash flow of $183.3 million beat Wall Street expectations of $150.1 million.

The video conferencing company’s year-end number of customers contributing more than $100,000 in trailing 12 month revenue was up approximately 27% year over year. Zoom forecasts first quarter revenue between $1.08 billion and $1.09 billion, below Wall Street estimates of $1.11 billion.

Immediately following the quarterly results, Citi analysts, who have a Sell rating on the stock wrote,"While recent restructuring actions to protect profitability/EPS are encouraging, we think the business may indefinitely struggle to maintain positive y/y revenue growth as a declining online business and international headwinds are unlikely to be offset by new product momentum."

In February, Zoom announced it would slash about 15% of its workforce, or 1,300 employees. It's CEO also took a 98% salary cut.

Zoom was an early pandemic darling, and Yahoo Finance’s company of the year in 2020, as users flocked online during lockdowns.

The stock pulled back severely last year as economies around the world reopened, workers returned to the office, and tech stocks overall were beaten down amid higher interest rates.

Workday (WDAY)

Workday’s revenue of $1.65 billion, up 20% year-over-year, came in above Wall Street estimates of $1.63 billion. Adjusted earnings per share of 99 cents beat expectations of 90 cents. Subscription revenue was up 22% year-over-year.

"Our solid fourth quarter and full-year fiscal 2023 results underscore the durable demand for our solutions, as organizations of all sizes continue to prioritize finance and HR modernization," said Barbara Larson, CEO of Workday.

Earlier this month, the enterprise management cloud company said it would layoff about 3% of its workforce, or about 525 employees.

Year-to-date Workday's stock is up 10% amid an overall tech rally earlier this year. The stock lost 38% of its value in 2022.

Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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