After-Hours Trading Highlights: Key Company Performance Reports
Starbucks Underperforms Expectations
Starbucks experienced a decline in shares, falling 4% following the release of its fiscal second-quarter earnings. The coffee giant reported adjusted earnings per share (EPS) of 41 cents on revenue of $8.76 billion. Analysts, however, had forecasted 49 cents in EPS on $8.82 billion in revenue. Additionally, the company noted a decrease in same-store sales for the fifth consecutive quarter.
First Solar Adjusts Guidance
Shares of First Solar dropped by 10% after the company provided weaker-than-expected full-year guidance. The anticipated earnings range is between $12.50 and $17.50 per share, whereas analysts were expecting $18.14 per share. The first-quarter earnings also fell short of expectations.
Booking Holdings Surpasses Earnings Expectations
Despite a 3% drop in shares, Booking Holdings reported strong top and bottom-line results for the first quarter. The company recorded gross bookings totaling $46.7 billion, just exceeding the StreetAccount consensus estimate of $46.53 billion.
Super Micro Computer Faces Major Decline
Super Micro Computer’s shares plunged 16% in after-hours trading as the company announced preliminary fiscal third-quarter results below analyst expectations. Additionally, it revised its earlier guidance downward for the quarter ending March 31.
Visa Exceeds Earnings Projections
In contrast to some of its peers, Visa shares increased slightly by less than 1% after the company reported quarterly earnings of $2.76 per share, excluding items, on revenue of $9.59 billion. Analysts had projected earnings of $2.68 per share with revenue expectations at $9.55 billion.
Snap Records Revenue Beat but Declines to Offer Guidance
Snap’s shares fell over 12% despite reporting better-than-expected first-quarter revenue. The company cited uncertainties in the macroeconomic environment that could affect advertising demand, which led to its decision not to provide guidance. Snap reported a loss of 8 cents per share on revenue of $1.36 billion, slightly above the $1.35 billion forecasted by analysts.
Caesars Entertainment’s Financial Report
Caesars Entertainment saw a 3% increase in shares after reporting first-quarter revenue of $2.79 billion, aligning with Wall Street expectations. However, losses were higher than anticipated, at 54 cents per share, compared to the expected loss of 19 cents.
Qorvo Reports Strong Guidance
Qorvo shares surged nearly 9% following the company’s robust fiscal first-quarter guidance, estimating revenue at $775 million, exceeding analyst expectations of $757 million. Their fourth-quarter results also outperformed forecasts.
Oneok Experiences Earnings Drop
Oneok faced a 3% decline in shares after reporting adjusted earnings before interest, taxes, depreciation, and amortization of $1.78 billion for the first quarter. This figure fell short of the $1.93 billion projected by analysts, reflecting transaction costs related to its acquisition of EnLink Midstream.
Seagate Technology’s Positive Outlook
Seagate Technology shares jumped nearly 8% after issuing optimistic guidance for the fiscal fourth quarter, expecting adjusted earnings of $2.40 per share on revenue of $2.40 billion. Analysts had predicted earnings of $2.07 per share and revenue of $2.30 billion, making the results especially noteworthy.