Gilead stock rises, then falls, on top-, bottom-line beats

Gilead Sciences Inc.’s
GILD,
-0.65%
stock initially climbed 2% before dipping 1% in extended trading Tuesday after the pharmaceutical company reported quarterly results that topped analyst revenue and earnings estimates. Gilead reported fiscal third-quarter net income of $2.18 billion, or $1.73 a share, compared with net income of $1.79 billion, or $1.42 a share, in the same quarter a year earlier. Adjusted earnings were $2.29 a share. Revenue was $7.05 billion, up from $7.04 billion a year ago. Analysts surveyed by FactSet had expected on average net income of $1.92 a share on revenue of $6.8 billion. Shares of Gilead have shed 6% this year, while the broader S&P 500 index
SPX,
+0.28%
has increased 14%.