In after-hours trading, several companies made headlines for various reasons. Snowflake saw its shares tumble nearly 7% despite beating quarterly expectations and slightly raising its full-year product revenue guidance. The software company reported fiscal second-quarter adjusted earnings of 18 cents per share, exceeding analysts’ expectations of 16 cents per share. Its revenue for the period also surpassed expectations at $869 million, compared to analysts’ forecast of $851 million. Urban Outfitters, on the other hand, fell roughly 4% as same-store sales disappointed analysts. Stores for the Urban Outfitters brand that were open for at least a year experienced a 9.3% decline in the second quarter, higher than analysts’ predicted 8.3% decline. The company reported earnings of $1.24 per share on $1.35 billion in revenue, missing analysts’ expectations of $1 per share on $1.34 billion in revenue.
Agilent Technologies, a provider of products used in laboratory processes, saw its shares rise almost 2% following its better-than-expected third-quarter earnings report. The company posted adjusted earnings per share of $1.32, beating analysts’ expectations of $1.26 per share. Revenue came in at $1.58 billion, slightly higher than analysts’ forecast of $1.56 billion. Conversely, semiconductor stock Wolfspeed slipped about 1% after reporting an adjusted loss of 89 cents per share in the fiscal fourth quarter, missing analysts’ estimated loss of 85 cents per share. The company’s quarter revenue of $201 million was in line with analysts’ estimates. Zoom Video, a video communications company, saw its shares rise 2.7% after reporting a strong second quarter and surpassing guidance estimates. The company posted adjusted earnings of $1.39 per share on $1.16 billion in revenue, exceeding earnings of $1.21 per share. Additionally, Zoom announced that its Chief Financial Officer, Kelly Steckelberg, is leaving the company.
Shares of brokerage firm Charles Schwab slid nearly 5% after TD Bank Group sold 40.5 million shares of Schwab, reducing its ownership in the brokerage to 10.1% from 12.3%. TD Bank Group also revealed that it is taking a provision of $2.6 billion to resolve investigations into its anti-money laundering program. The proceeds from the Schwab share sale will help offset this provision amount. Overall, the market reactions to these companies’ after-hours trading activities were mixed, with some companies experiencing gains and others facing losses. It is critical for investors to stay informed about company performance and market trends to make informed decisions about their investment portfolios. Ultimately, ongoing monitoring and analysis are crucial for successful investing in the ever-changing financial landscape.
