Pedestrians pass by the Yum! Brands location in Shanghai, China.
Bloomberg | Getty
Take a look at the companies making waves in after-hours trading.
Yum China – The restaurant franchiser’s shares dropped 3.4% following its mixed results in the second quarter. The company reported adjusted earnings per share of 47 cents on $2.65 billion in revenue. Analysts surveyed by Refinitiv had predicted earnings per share of 46 cents on $2.68 billion in revenue. Management acknowledged that same-store sales across its restaurants are still below pre-pandemic levels.
ZoomInfo Technologies – Shares fell 17% in after-hours trading after the company issued a weak outlook for third-quarter revenue. The data company expects revenue of $309 million to $312 million, while analysts had projected $326 million, according to Refinitiv. ZoomInfo’s revenue in the latest quarter also fell short of expectations, reaching $309 million compared to analysts’ estimated $311 million.
Western Digital – The data storage company’s stock increased by 2% after it reported better-than-expected earnings for the fiscal fourth quarter. Western Digital reported a loss of $1.98 per share on $2.67 billion in revenue. Analysts had estimated a loss of $2.01 per share on $2.53 billion in revenue, according to Refinitiv.
Arista Networks – Shares rose more than 11% after the company’s quarterly earnings exceeded analysts’ expectations. Arista reported adjusted earnings of $1.58 per share, compared to the consensus analyst estimate of $1.44 per share, according to Refinitiv. Revenue also surpassed expectations at $1.46 billion, compared to analysts’ forecast of $1.38 billion.
Lattice Semiconductor – The stock declined 2.6% after management acknowledged that the company “is not immune to macroeconomic challenges” affecting the chip sector. Lattice reported second-quarter adjusted earnings of 52 cents per share on $190.1 million in revenue, while analysts polled by FactSet had anticipated earnings of 51 cents per share on revenue of $188.2 million.
Rambus – The stock dropped more than 8% after the release of its second-quarter earnings. Rambus reported $120 million in revenue, compared to analysts’ forecast of $133 million, according to Refinitiv. Licensing billings and product revenue also declined year over year.
Monolithic Power Systems – Shares fell by 3.8% in after-hours trading on Monday. The semiconductor company’s lower end revenue forecast for the third quarter was below analysts’ estimates. Monolithic expects revenue in the range of $464 million to $484 million, while analysts projected $473.4 million, according to FactSet.
SBA Communications – Shares of the real estate investment trust rose by more than 4%. The wireless infrastructure company reported second-quarter revenue of $678.5 million, while analysts forecasted $676.9 million. SBA also announced a newly signed master lease agreement with AT&T.
