Marvell Technology Group
Source: marvell.com
Explore the companies making headlines before the market opens.
Marvell Technology— Despite beating Wall Street’s expectations for the recent quarter, shares of Marvell Technology fell over 3% in pre-market trading. Marvell reported earnings of 33 cents per share, excluding items, on $1.34 billion in revenue. Analysts surveyed by Refinitiv had predicted earnings of 32 cents per share and $1.33 billion in revenue. Revenue and EPS expectations for the current period were in line with estimates.
Affirm— Online payment firm Affirm witnessed a nearly 7% surge in its stock before the market opened after reporting better-than-expected fiscal fourth-quarter results and fiscal first-quarter revenue guidance. Affirm reported a loss of 69 cents per share on revenue of $446 million for the recent period, surpassing Refinitiv’s prediction of a loss of 85 cents per share on $406 million in revenue.
Hawaiian Electric— Shares of Hawaiian Electric plummeted 20% following news that Maui County is suing the utility company for damages caused by wildfires on the island. The county alleges that Hawaiian Electric failed to shut down power lines despite warnings of high winds. In response, Hawaiian Electric expressed disappointment with Maui County’s decision to pursue litigation while the investigation is still ongoing, as reported by NBC News.
Nordstrom— Department store retailer Nordstrom saw a decline of 3.6% in pre-market trading. While the company exceeded Wall Street’s quarterly earnings and revenue expectations, it maintained its previously issued full-year forecast, which anticipates a 4% to 6% decline in revenue. Nordstrom reported earnings of 84 cents per share on $3.77 billion in revenue.
Workday— Shares of enterprise software company Workday rose by 3% in pre-market trading as it reported stronger-than-expected results for the second quarter. Workday generated $1.43 in adjusted earnings per share on $1.79 billion in revenue, surpassing Refinitiv’s prediction of $1.26 per share on $1.77 billion in revenue. Although Workday anticipates a slowdown in subscription revenue growth for the third quarter, it has a total subscription revenue backlog of nearly $18 billion.
Intuit— Intuit’s stock declined by 1.2% before the market opened, despite surpassing quarterly expectations. Intuit reported fiscal fourth-quarter adjusted earnings of $1.65 per share, exceeding analysts’ forecast of $1.44 per share. The company posted $2.71 billion in revenue, ahead of the expected $2.64 billion. Intuit provided strong guidance for the full year.
Ulta Beauty— The stock of beauty retailer Ulta rose by nearly 1% after reporting second-quarter results that surpassed analysts’ expectations. Ulta reported earnings of $6.02 per share on $2.53 billion in revenue, exceeding Refinitiv’s prediction of earnings of $5.85 per share on $2.51 billion in revenue. The company also reported stronger-than-expected growth in same-store sales and raised its full-year forecast.
Gap— Gap shares gained 1.8% after the retailer reported mixed quarterly results. The company reported adjusted earnings per share of 34 cents, surpassing analysts’ expectation of 9 cents. However, Gap’s $3.55 billion in revenue fell short of the estimated $3.57 billion. Sales declined year-over-year, and Gap anticipates a low double-digit decline in net sales for the fiscal third quarter.
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