Snowflake shares surged 22% in after-hours trading on Sept. 2 after its second-quarter results beat Wall Street estimates, one of several stock market moves tied to separate earnings reports. Chipmaker Broadcom's stock steadied after an early drop tied to its fourth-quarter guidance, while Hewlett Packard Enterprise and NetApp slid on their own outlooks.
Snowflake and Netskope jump on earnings beats
Snowflake shares surged 22% after its second-quarter results topped analyst expectations. The company posted adjusted earnings of 62 cents per share on revenue of $1.55 billion, while analysts surveyed by LSEG had anticipated 45 cents in earnings per share and $1.48 billion in revenue. Snowflake also raised its full-year product revenue guidance.
Netskope climbed as well. The cybersecurity company's shares popped 12% after it guided full-year revenue to a range of $888 million to $892 million, above the LSEG consensus of $881 million. Netskope also anticipates an adjusted loss of 15 cents a share for the period, narrower than the estimated loss of 18 cents per share.
Broadcom steadies after guidance disappoints
Broadcom's stock was last little changed after an earlier slide. Shares had lost 5% in extended trading as investors responded to the chipmaker's fourth-quarter revenue forecast of $34.8 billion, below a $35.03 billion estimate. Fourth-quarter non-GAAP operating margin projections came in at 66%, below the 66.5% estimate. Broadcom reported third-quarter revenue of $29.59 billion and adjusted earnings of $3.32 per share.
HPE and NetApp slide on soft metrics
Hewlett Packard Enterprise slipped 4%. The company is calling for earnings growth of 16% to 20% for the fiscal year ending October 2027, while the FactSet consensus sought an 18.7% increase, and it expects cash flow of at least $5 billion versus the Street's $4.79 billion forecast.
NetApp shed 8% after first-quarter deferred revenue of $4.85 billion fell slightly short of the $4.86 billion StreetAccount consensus estimate, even as non-GAAP gross margin of 70.6% beat the Street's 69.7% call.
Retailers and industrials outperform
Five Below rose 5% after second-quarter earnings of $1.68 per share on revenue of $1.26 billion beat the $1.40 per share and $1.22 billion analysts polled by FactSet had sought, with same-store sales also topping estimates. Petco jumped almost 9% as adjusted EBITDA margin of 8.2% beat the 7.4% StreetAccount consensus.
Argan popped nearly 9% after earning $3.76 per share on revenue of $384 million, well above the $2.64 per share and $300.5 million analysts polled by FactSet had projected. C3.ai fell 2% as its second-quarter revenue guidance disappointed the Street.
Source: CNBC
Trading involves risk.
Risk Disclaimer
