Stocks Shaking Up the Market: Salesforce, Snowflake, Okta, Duolingo
The stock market is always on the move, and after-hours trading can reveal significant changes in the fortunes of companies. Let’s take a look at some of the recent afters-hours movers that are set to make waves in the coming days.
Salesforce – Guidance Disappoints, but Fourth Quarter Shines
Salesforce, the software company, saw its stock drop 4% after announcing weaker-than-expected guidance for the fiscal year. However, the company had reason to celebrate its fourth-quarter performance, as it exceeded Wall Street expectations both in terms of revenue and profits. Salesforce also revealed an increase in its buyback program by $10 billion and a new dividend of 40 cents per share.
Snowflake – CEO Retires Amidst Mixed Results
Snowflake, a business software company, witnessed a 20% drop in its stock price as CEO Frank Slootman announced his retirement. Despite this news, Snowflake’s quarterly results surpassed expectations, but the company’s product revenue guidance for the first quarter fell short of projections.
Duolingo – Language Learning Platform Soars
Duolingo, the popular language learning platform, experienced a 19% surge in its stock price after surpassing quarterly estimates. The platform recorded impressive figures in terms of monthly average users and bookings. Duolingo also provided strong revenue guidance for the first quarter and the full year.
Okta – Better-Than-Expected Performance Boosts Stock
Okta, a leading identity management company, witnessed a 20% rally in its stock price following better-than-expected quarterly results and first-quarter guidance. Okta’s earnings exceeded expectations by 12 cents per share, and the company expects strong revenue to range between $603 million and $605 million for the current period.
C3.ai – Artificial Intelligence Stock Sees Solid Gains
C3.ai, an artificial intelligence company, experienced a 13% increase in its stock price. The company reported a smaller-than-expected adjusted loss per share and surpassed revenue estimates for the recent quarter.
Paramount Global – Mixed Results Cause Modest Increase
Paramount Global, a media company, saw a 1% increase in its stock price despite posting mixed quarterly results. The company reported surprise adjusted earnings per share, beating analyst expectations, but fell short in terms of revenue.
Pure Storage – Data Storage Stock Performs Well
Pure Storage, a data storage company, witnessed a 6.6% increase in its stock price after exceeding Wall Street’s quarterly estimates. The company reported impressive earnings per share and revenue figures, and its first-quarter revenue guidance also surpassed expectations.
Nutanix – Cloud Computing Company Shows Promise
Nutanix, a cloud computing company, experienced a 1% rise in its stock price after announcing fiscal second-quarter earnings that beat analyst forecasts. The company surpassed expectations in terms of both earnings per share and revenue.
HP Inc – First Quarter Results Disappoint
HP Inc, the technology company, saw its stock fall nearly 4% after reporting first-quarter revenues that fell short of analyst expectations.
AMC Entertainment – Movie Theater Stock Takes a Hit
AMC Entertainment, the movie theater chain, experienced an 8% drop in its stock price after announcing a wider-than-expected loss for the fourth quarter.
Figs – Health-Care Apparel Company Faces Mixed Results
Figs, a health-care apparel company, saw its stock plummet 13% following mixed fourth-quarter results. While adjusted earnings per share exceeded estimates, revenues fell short of expectations.
These after-hours market movements highlight the dynamic nature of the stock market. Investors and traders should stay vigilant and keep an eye on these companies as they continue to navigate challenges and seize opportunities.
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