11:51 AM EDT, 10/30/2024 (MT Newswires) -- All three major US stock indexes were up in late morning trading Wednesday, led by the Nasdaq Composite, which hit a new high as investors digested better-than-expected earnings from Alphabet (GOOG, GOOGL).

In company news, Alphabet reported Q3 earnings late Tuesday of $2.12 per diluted share, up from $1.55 a year earlier and above the Capital IQ consensus analyst estimate of $1.85. Third-quarter revenue was $88.27 billion, up from $76.69 billion in the year-ago period and above the Capital IQ consensus of $86.22 billion. Google ( GOOG ) services revenue increased to $76.51 billion from $67.99 billion, driven by a jump in advertising to $65.85 billion from $59.65 billion. Google ( GOOG ) cloud segment revenue increased to $11.35 billion from $8.41 billion. Shares of Alphabet were up nearly 6% near noon.

In a Wednesday regulatory filing, Super Micro Computer ( SMCI ) disclosed that Ernst & Young on Oct. 24 sent the company a letter of resignation as its registered public accounting firm. Super Micro Computer ( SMCI ) has started the process of identifying a successor to Ernst & Young, the company said. Super Micro Computer ( SMCI ) shares were down 31%.

Visa (V) reported fiscal Q4 non-GAAP earnings late Tuesday of $2.71 per diluted share, up from $2.33 a year earlier and above the Capital IQ consensus analyst estimate of $2.58. Fiscal Q4 net revenue was $9.62 billion, up from $8.61 billion in the year-ago period and above the Capital IQ consensus of $9.49 billion. The company also announced on Tuesday its plan to lay off about 1,400 employees and contractors by the end of the year, according to a report by The Wall Street Journal. Visa shares were up 3.6%.

Advanced Micro Devices ( AMD ) reported Q3 non-GAAP earnings late Tuesday of $0.92 per diluted share, up from $0.70 a year earlier and in line with the Capital IQ consensus estimate. Third-quarter revenue was $6.82 billion, up from $5.80 billion in the year-ago period and above the Capital IQ consensus of $6.71 billion. The chipmaker said it expects Q4 revenue to be about $7.5 billion, plus or minus $300 million. Analysts polled by Capital IQ expect $7.55 billion. Shares of the company were down 9.3%.

Eli Lilly ( LLY ) reported Q3 non-GAAP earnings Wednesday of $1.18 per diluted share, up from $0.10 a year earlier but below the Capital IQ consensus analyst estimate of $1.47. Third-quarter revenue was $11.44 billion, up from $9.50 billion in the year-ago period but below the Capital IQ consensus of $12.12 billion. The drugmaker lowered its full-year 2024 non-GAAP earnings guidance to a range of $13.02 to $13.52 per share from a range of $16.10 to $16.60. It also narrowed its full-year revenue outlook to a range of $45.4 billion to $46 billion from a range of $45.4 billion to $46.6 billion. Eli Lilly ( LLY ) shares were down 6.2%.

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