Several companies were making headlines in after-hours trading, including Oracle, Rubrik, Rentokil Initial, and Paramount. Oracle’s shares jumped nearly 9% after announcing cloud deals with Google and OpenAI, despite posting a miss on fiscal fourth-quarter results. The tech company reported adjusted earnings of $1.63 per share on revenue of $14.29 billion, falling short of analyst expectations. Rubrik saw its shares rise 3% after beating first-quarter revenue expectations, reporting $187 million in revenue compared to analyst estimates of $172 million.
Rentokil Initial, the parent company of Terminix, also saw a significant increase in its stock price, jumping nearly 7% after Nelson Peltz’s Trian Partners confirmed it has taken a significant position in the pest-control giant. Trian Partners, which is now a top-10 shareholder of Rentokil, seeks to engage with leadership on “ideas and initiatives to improve shareholder value.” On the other hand, shares of Paramount slipped 0.4% in after-hours trading, extending late-day losses. National Amusements, owned by Paramount’s controlling shareholder Shari Redstone, reportedly stopped talks with Skydance on a proposed merger with Paramount. As a result, the stock slid about 7.9% during the trading session.
Overall, Oracle’s positive news regarding cloud deals with Google and OpenAI outweighed the disappointment of its fiscal fourth-quarter results, leading to a significant increase in its stock price. Rubrik’s better-than-expected first-quarter revenue also contributed to a rise in its shares. Rentokil Initial’s jump in stock price was driven by Trian Partners’ confirmation of a significant position in the company, with plans to collaborate with leadership on enhancing shareholder value. Paramount, however, experienced a decline in its stock price after talks with Skydance on a potential merger were halted by National Amusements, leading to a drop in its shares during after-hours trading. Despite these fluctuations, the after-hours trading market remains active with various companies making headlines and investors reacting to a mix of positive and negative news.
