Several companies made headlines in after-hours trading, with Robinhood gaining 4.5% after announcing a $1 billion share repurchase program. The program is expected to be executed over a two- to three-year period starting in the third quarter of 2024. Cava Group’s stock dropped 5% despite the restaurant chain posting earnings and revenue for the first quarter that exceeded expectations. Cava reported earnings of 12 cents per share on revenue of $259 million, surpassing analyst estimates.
Box, a cloud storage company, added 1.2% after reporting better-than-expected earnings and revenue. The company reported adjusted earnings of 39 cents per share, higher than the 36 cents per share expected by analysts. Revenue came in at $264.7 million, beating expectations of $262 million for the quarter. Microchip Technology saw its shares dip 2.8% after announcing a plan to raise $1.1 billion worth of convertible senior notes due 2030 in a private offering, subject to market conditions and other factors.
On the other hand, American Airlines slid more than 6% after slashing its outlook for sales in the second quarter. The airline is now expecting adjusted earnings of $1 to $1.15 per share for the period, revised down from its previous guidance of $1.15 to $1.45 per share. This updated outlook is also below FactSet’s consensus expectations for $1.30 per share. United Airlines also saw a drop of 2% after issuing an update on its financial outlook, with expectations for second-quarter 2024 adjusted diluted earnings to range between $3.75 and $4.25 per share.
Overall, the market reactions to these companies in after-hours trading varied, with some seeing gains and others facing declines. Robinhood, Cava Group, and Box experienced positive movements based on their earnings and revenue reports, while Microchip Technology faced a slight drop due to its convertible senior notes offering. On the other hand, American Airlines and United Airlines both saw declines after revising their financial outlooks for the second quarter. Market conditions and other external factors will continue to play a role in how these companies perform in the near future.
