Several companies made headlines after the bell, with Cava Group, an fast-casual restaurant brand, experiencing nearly a 6% increase in shares following a better-than-expected earnings report. Cava reported a profit of 17 cents per share, which was 4 cents above the LSEG estimate, and its revenue also exceeded expectations. Additionally, Ross Stores, an off-price retailer, saw its stock surge by 6% in extended trading after reporting earnings per share of $1.59 in the second quarter, surpassing analysts’ expectations by 9 cents. The company’s revenue of $5.25 billion matched the estimate.
Uber, the ride-sharing platform, saw its shares fall approximately 3% after announcing a multiyear partnership with General Motors’ Cruise to offer driverless rides to Uber users as early as next year. Meanwhile, GM shares rose more than 1% in after hours trading following the news. Workday, a cloud company, experienced a surge of more than 11% in share price after reporting earnings and revenue that exceeded expectations. The firm announced that its subscription revenue for the third quarter is projected to be $1.96 billion, slightly below the $1.97 billion expected by analysts.
Bill Holdings, a cloud-based payments company, witnessed a more than 3% increase in shares after a strong quarterly report. The company reported adjusted earnings of 57 cents per share in the fiscal fourth quarter, surpassing an LSEG estimate by 11 cents. Additionally, revenue of $344 million exceeded expectations of $328 million. Intuit, a financial technology platform, saw its shares climb approximately 3% in extended trading following strong earnings. Intuit reported earnings of $1.99 per share, excluding items, on revenue of $3.18 billion, exceeding analyst expectations of earnings per share of $1.84 and revenue of $3.08 billion.
Overall, these companies made significant moves in after-hours trading based on their quarterly earnings reports and partnership announcements. Investors reacted positively to better-than-expected results and strategic partnerships that could potentially drive growth in the future. The market response to these companies highlights the importance of delivering strong financial performance and strategic initiatives to attract and retain investor confidence.
