Several companies made headlines in extended trading, including Palantir Technologies, Lucid Group, Hims & Hers Health, Simon Property Group, Microchip Technology, Vertex Pharmaceuticals, and International Flavors & Fragrances. Palantir Technologies saw its shares decline nearly 5% after issuing lighter-than-expected guidance for full-year revenue. However, the company’s first-quarter adjusted earnings were in line with expectations at 8 cents per share, and quarterly revenue of $634 million topped forecasts of $625 million. Lucid Group tumbled 7.5% following its first-quarter results, which included a slight revenue beat but a loss of 30 cents per share based on generally accepted accounting principles. The company also reaffirmed its 2024 production guidance of about 9,000 vehicles.
Hims & Hers Health jumped 10% postmarket after its revenue guidance for the second quarter surpassed analysts’ estimates. The telehealth consultation platform expects revenue ranging between $292 million and $297 million, compared to analysts’ forecasts for $288 million. The company’s first-quarter results also came in ahead of Street estimates. Simon Property Group advanced 1.4% after reporting a quarterly revenue beat, posting $1.30 billion in revenue, slightly above estimates for $1.29 billion. Microchip Technology fell 4% after its current-quarter revenue guidance came below analysts’ estimates. The company forecasts first-quarter revenue between $1.22 billion and $1.26 billion, along with adjusted earnings in a range between 48 cents and 56 cents per share, missing analysts’ expectations of 59 cents per share.
Vertex Pharmaceuticals saw a slight increase in its shares after reporting first-quarter adjusted earnings of $4.76 a share on revenue of $2.69 billion. This exceeded analysts’ anticipated earnings of $4.06 per share and revenue of $2.58 billion. International Flavors & Fragrances experienced a 3.7% jump in its stock price after its first-quarter revenue topped expectations at $2.9 billion, higher than the anticipated $2.78 billion. The company also mentioned that full-year sales, adjusted operating earnings before interest, taxes, depreciation, and amortization, and volume should come in near the higher end of previously shared guidance ranges. Overall, the companies’ performance in extended trading varied, with some surpassing expectations and others falling short.
In summary, Palantir Technologies, Lucid Group, Hims & Hers Health, Simon Property Group, Microchip Technology, Vertex Pharmaceuticals, and International Flavors & Fragrances all experienced movement in their stock prices in extended trading. While some companies, such as Simon Property Group and International Flavors & Fragrances, reported revenue beats and positive outlooks, others, like Palantir Technologies and Microchip Technology, issued guidance that fell below analysts’ expectations. Despite this, companies like Hims & Hers Health and Vertex Pharmaceuticals saw increases in their stock prices after reporting strong results and surpassing revenue and earnings estimates. The performance of these companies reflects the varied outcomes seen in extended trading based on their quarterly results and guidance for future performance.
