Market volatility dominated after-hours trading as key earnings reports and revised guidance sent major stocks in opposite directions. Semiconductor firms, delivery giants, and real estate players saw significant price swings following the release of quarterly results and forward-looking statements.
Top Performers: Gains Driven by Strong Guidance
Several companies saw notable gains after beating analyst expectations or raising future forecasts:
- ARM Holdings: The semiconductor company rose 6% after reporting adjusted fourth-quarter earnings of 60 cents on revenue of $1.49 billion. This surpassed LSEG analyst expectations of 58 cents and $1.47 billion, respectively.
- DoorDash: Shares jumped 14% following the food delivery platform's positive guidance for second-quarter orders. The company projected marketplace gross order value between $32.4 billion and $33.4 billion, and its first-quarter EPS of 42 cents beat the 36 cents anticipated by LSEG analysts.
- Fortinet: The cybersecurity stock climbed 16% after increasing its full-year billings guidance to a range of $8.8 billion to $9.1 billion, significantly higher than its previous forecast of $8.4 billion to $8.6 billion.
- Albemarle: The specialty chemical producer saw its shares jump 3%. First-quarter adjusted earnings reached $2.95 per share, substantially beating the $1.19 per share forecast, with revenue also exceeding estimates.
Significant Declines and Cautionary Signals
Conversely, several stocks fell sharply due to disappointing guidance or lower-than-expected revenue:
- Zillow Group: The real estate marketplace fell nearly 7% after reporting first-quarter residential revenue of $450 million, which was below the $454.2 million estimate from StreetAccount.
- Fastly: The cloud platform provider dropped nearly 30% after its guidance disappointed Wall Street. Fastly projected second-quarter earnings between 5 cents and 8 cents per share, compared to the LSEG consensus of 4 cents.
- Whirlpool: The household appliance manufacturer lost 16% after slashing its full-year guidance. The company revised its adjusted earnings guidance down to a range of $3 to $3.50 per share, down from a previous guidance of $6 per share.
Mixed Results and Other Movers
Other notable movements included:
- Flutter Entertainment: Shares rose 3% after reporting first-quarter adjusted earnings of $1.22 per share, beating the $1.20 expectation, alongside revenue exceeding the consensus forecast.
- IonQ: The quantum computing company's shares slid more than 4% after reporting adjusted losses before interest, taxes, depreciation, and amortization of $96.8 million for the first quarter, which was wider than the $80.4 million loss anticipated by FactSet.
- Snap: The social media platform's shares dropped 6% after providing cautious sales guidance for the second quarter. The company also announced it no longer has a deal with Perplexity, a generative AI startup.
- Coherent: The photonics stock slipped 7%. While its third-quarter adjusted earnings narrowly beat consensus, the company's fourth-quarter guidance on adjusted gross margin remained in line with analyst forecasts.
