Exciting Pre-market Moves: Snowflake, Salesforce, Okta, and more

The pre-market session has been buzzing with activity as several companies make significant moves before the opening bell. Here are the top highlights to keep you in the loop:

Snowflake: Disappointing Guidance and CEO Retirement

Cloud data company Snowflake experienced a drop in its stock price after announcing disappointing product revenue guidance for the first quarter. The company expects product revenue to range between $745 million and $750 million, falling short of analysts’ expectations. Snowflake’s CEO, Frank Slootman, also announced his retirement, adding to the investors’ concerns.

C3.ai: Artificial Intelligence Stock Surges

Artificial intelligence software stock C3.ai saw a surge of over 15% following its robust earnings report. The company reported a narrower-than-expected adjusted loss per share of 13 cents, along with revenue that exceeded expectations.

Salesforce: Beats Expectations but Offers Light Revenue Forecast

Software giant Salesforce surpassed Wall Street’s expectations for its fiscal fourth quarter. However, the company’s revenue forecast for the new fiscal year fell below analysts’ expectations. Salesforce anticipates single-digit revenue growth moving forward.

Okta: Impressive Quarter and Strong Outlook

Identity-management company Okta witnessed a surge of over 25% after reporting a stronger-than-expected quarter and an optimistic outlook for the current period. Okta expects its revenues to range between $603 million and $605 million, surpassing analyst estimates. Bank of America even double-upgraded shares to a buy.

Duolingo: Exceeding Expectations

Educational technology firm Duolingo saw its shares rise by 20% following its impressive fourth-quarter earnings report. The company posted earnings of 26 cents per share on revenue of $151 million, beating analysts’ expectations. Duolingo also provided a positive revenue forecast for the first quarter and full year.

Birkenstock: Mixed Results

Footwear retailer Birkenstock reported revenue of €303 million for its first fiscal quarter, exceeding analysts’ expectations. However, earnings for the same period fell short of expectations. Despite this, Birkenstock’s shares rose by over 3% before the market opened.

AMC Entertainment: Revenue Beats, but Larger Losses

AMC Entertainment, the movie theater chain, surpassed Wall Street’s revenue estimates. However, it also reported a bigger-than-expected loss of 83 cents per share. As a result, the company’s stock saw a decline of over 10%.

Paramount Global: Surprise Profit

Media company Paramount Global reported a surprise profit for the fourth quarter, with earnings per share coming in at 4 cents. This exceeded analysts’ expectations and led to a 2% increase in the company’s shares. On the other hand, CNBC sources revealed that Warner Bros Discovery is no longer pursuing a merger with Paramount.

Figs: Lower Sales and CFO Departure

Apparel company Figs experienced a 16% drop in shares as it reported lower-than-expected fourth-quarter sales. Additionally, the company announced that its chief financial officer would be leaving in April. The decline in revenue was partially attributed to an accounting change related to Canadian customers.

Celsius: Strong Earnings with a Minor Stock Drop

Even though energy drink maker Celsius reported stronger-than-expected earnings for the fourth quarter, its stock declined by 4.4%. The company posted 17 cents in earnings per share on $347.4 million in revenue, surpassing analyst estimates.

Best Buy: Exceeding Expectations

Consumer electronics retailer Best Buy impressed investors with its quarterly results, causing a 2.6% jump in its shares. The company’s adjusted earnings per share of $2.72 outperformed analysts’ estimates, and its revenue of $14.65 billion also surpassed expectations.

Nutanix and Pure Storage: Beating Estimates

Cloud computing stocks Nutanix and Pure Storage both saw positive moves in the pre-market. Nutanix posted earnings of 46 cents per share on revenues of $565 million, exceeding Wall Street’s estimates. Pure Storage reported stronger-than-expected fourth-quarter earnings, contributing to a rally of over 9%.

HP: Missing Revenue Estimates

Tech company HP experienced a 2.2% decline in its shares after missing first-quarter revenue estimates. Slower demand in the personal computer market has impacted HP as customers delay system upgrades and reduce spending.

The pre-market session showcased a wide range of movements, with some companies exceeding expectations and others falling short. Stay informed and make wise investment decisions. For more financial news, visit Business Today.

Note: This article has been created for informational purposes only and should not be considered as financial advice.