Several companies made headlines after the bell, with some experiencing significant stock movements. Align Technology, the orthodontics technology company, saw its stock rise 3.6% after beating analysts’ expectations for its first-quarter results. The company posted adjusted earnings of $2.14 per share on revenue of $997.4 million, surpassing the $1.97 in earnings per share on revenue of $974 million that analysts had forecasted.
On the other hand, Meta Platforms, the parent company of Facebook, saw its shares plummet about 12% after issuing lighter-than-expected second-quarter revenue guidance, despite beating analysts’ expectations on both its top and bottom lines in the first quarter. Ford Motor, the automobile stock, rose 2% after posting a first-quarter adjusted earnings beat and raising its adjusted free cash flow outlook for 2024, even though its revenue for the first quarter fell below expectations.
Ethan Allen Interiors, the home furnisher, experienced a 4% drop in shares after reporting results from its fiscal third quarter. The company’s adjusted earnings came in at 48 cents per share, down from 86 cents per share in the year-ago quarter, while revenue decreased by 21% from the same period in 2023. International Business Machines (IBM) also saw a 6.6% slide after hours, as its first-quarter revenue of $14.46 billion missed consensus estimates of $14.55 billion. IBM announced the acquisition of HashiCorp for $6.4 billion in enterprise value, causing HashiCorp shares to jump more than 4%.
Whirlpool, the home appliance company, gained 2% after reporting a first-quarter earnings beat, with adjusted earnings of $1.78 per share on revenue of $4.49 billion, surpassing consensus estimates. Chipotle Mexican Grill saw a more than 3% increase in shares after posting first-quarter profits well above analysts’ estimates, thanks to robust restaurant traffic. Lam Research, the wafer fabrication equipment provider, saw a 2% slide after posting adjusted earnings of $7.79 per share on revenue of $3.79 billion for the fiscal third quarter, exceeding analyst expectations.
ServiceNow, the digital workflow company, dropped 5% after barely beating analysts’ revenue expectations for the first quarter, with adjusted earnings also surpassing estimates. Churchill Downs, the horse-racing and casino gaming company, climbed 5.4% postmarket as its first-quarter earnings per share, revenue, and adjusted earnings before interest, taxes, depreciation, and amortization all exceeded analysts’ consensus estimates. United Rentals, the equipment rental company, added 2.4% after posting a first-quarter adjusted earnings and revenue beat and lifting its revenue forecast for the full year of 2024.
