Discover the latest news from leading companies in after-hours trading on Thursday.
March 15, 2023 – Customers walking through a shopping mall along the Magnificent Mile in Chicago.
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Affirm Holdings – The stock rose by 10.8% after surpassing expectations with its quarterly results. Affirm reported a loss of 69 cents per share and generated $446 million in revenue. Analysts surveyed by Refinitiv had predicted a loss of 85 cents per share on $406 million in revenue. The CEO attributed this success to improved credit results and accelerated growth.
Nordstrom – The company’s shares declined by nearly 4% despite beating earnings and revenue expectations in the second quarter. However, sales dropped by 8.3% compared to the same period last year.
Gap – Despite a mixed quarterly report, the company’s stock rose by almost 2%. Gap exceeded Refinitiv estimates with earnings of 34 cents per share (after adjustments), while revenue fell short at $3.55 billion compared to the estimated $3.57 billion. Management reported a significant improvement in inventory position, but expects a low double-digit decline in third-quarter revenue year-over-year, contradicting analyst forecasts of a 6.8% decline.
Marvell Tech – The chipmaker’s shares fell by more than 5% despite exceeding Wall Street’s estimates for the quarter. Marvell reported earnings per share of 33 cents (excluding items), surpassing Refinitiv’s estimated 32 cents per share. The company’s revenue of $1.34 billion also outperformed analyst estimates of $1.33 billion.
Ulta Beauty – The beauty retailer experienced a more than 2% increase in shares after exceeding expectations in the second quarter. Ulta earned $6.02 per share on $2.51 billion in revenue, surpassing analyst forecasts of $5.85 per share on the same revenue according to Refinitiv. The company also revised its full-year forecast upward.
Intuit – Despite reporting fourth-quarter earnings that exceeded both top and bottom-line expectations, the company’s shares fell by more than 2%. Intuit’s revenue guidance for the current quarter fell below estimates, with expected growth of only 10% to 11% compared to analysts’ estimated 13% growth.
Workday – The cloud-based enterprise management company enjoyed a 4% increase in shares after exceeding expectations for the second quarter. Workday also revised its fiscal 2024 subscription revenue forecast upward.
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