Stock markets saw significant after-hours volatility, driven by varied earnings reports, major contract wins, and corporate guidance updates across technology and travel sectors.
Technology and Software Sector Highlights
The tech sector presented a mixed picture, with some companies surging on major deals while others faced dips due to lowered expectations.
- Akamai Technologies: Shares surged by 25% after announcing a commitment of $1.8 billion over seven years from a leading U.S.-based frontier model provider for its Cloud Infrastructure Services. The company also reported an adjusted earnings beat for the first quarter.
- Gen Digital: The software stock rose 8% after issuing current-quarter and full-year revenue guidance that surpassed analyst expectations. The company also reported an adjusted earnings and revenue beat for the fiscal fourth quarter.
- Trade Desk: The ad-tech stock fell 14% after guiding for current-quarter revenue of at least $750 million, falling short of the $771 million anticipated by analysts. First-quarter adjusted earnings also missed expectations.
- Cloudflare: The internet services stock plunged 14% after announcing plans to reduce its workforce by approximately 1,100 employees.
- JFrog: The supply chain software company jumped 17% after its full-year earnings forecast beat estimates, with both top and bottom-line guidance for the second quarter surpassing expectations.
- SoundHound AI: Shares declined 11% after reporting first-quarter adjusted losses before interest, taxes, depreciation, and amortization of $26.7 million, which was wider than the $12 million loss anticipated by analysts.
Travel and Consumer Stocks
The travel and consumer segments showed divergence, with some companies benefiting from strong operational metrics while others saw declines.
- Expedia: Shares dropped 8% after forecasting second-quarter revenue between $4.11 billion and $4.19 billion, slightly below the $4.12 billion anticipated by analysts. First-quarter booked room nights also missed consensus estimates.
- Airbnb: The vacation rental stock gained 1%. While first-quarter revenue beat expectations, the earnings per share fell below analyst estimates.
- Lyft: The rideshare app fell 2% after reporting first-quarter earnings of 4 cents per share, missing the 6 cents anticipated by analysts, despite exceeding revenue expectations.
Industrials and Retail Performance
Several industrial and retail names reported mixed results based on their latest filings.
- Texas Roadhouse: The steakhouse chain rose 6% after reporting first-quarter earnings of $1.87 per share, beating the consensus estimate. Same-store sales also showed growth.
- Rocket Lab: The aerospace manufacturer gained 3% following a first-quarter revenue beat and reporting a record backlog of $2.2 billion. The company also announced plans to acquire Motiv Space Systems.
- Block: Shares climbed about 8% after guiding for second-quarter and full-year adjusted earnings that surpassed FactSet consensus estimates.
- Gilead Sciences: The pharmaceutical stock shed 3% after revising its full-year adjusted loss guidance, citing significant research and development costs.
Other Notable Movers
- Sweetgreen: Shares added 2% after reporting first-quarter earnings of $1.06 per share, though revenue came in below analyst expectations.
- Coinbase Global: Shares fell 5% after posting a surprise first-quarter loss and missing revenue estimates, with transaction and subscription revenues also falling short.
- Synaptics: The IoT solutions provider gained 2% after beating both adjusted earnings and revenue expectations for the third quarter.
