After the closing bell on Tuesday, the stock market witnessed notable movements in extended trading:
Ambarella: The chip stock experienced a significant 12% decline after providing second-quarter revenue guidance that fell short of analysts’ expectations. Ambarella’s projected revenue of $60 million to $64 million missed the estimated $67.2 million. Despite reporting a smaller-than-expected adjusted loss in the first quarter, investors reacted negatively to the weaker revenue outlook.
Box: Shares of the cloud company rose by a modest 3% in extended trading after delivering better-than-expected results in its fiscal first quarter. Box exceeded analysts’ estimates by reporting adjusted earnings per share of 32 cents on $252 million in revenue, compared to expectations of 27 cents per share on $249 million of revenue. The positive performance signaled a strong start to the year for Box and resonated well with investors.
Hewlett Packard Enterprise: The technology services company witnessed a 4% decline in its stock price post-market following mixed results in its fiscal second quarter. While Hewlett Packard Enterprise reported adjusted earnings per share of 52 cents, beating expectations by 4 cents, the company’s revenue of $6.97 billion fell short of the estimated $7.31 billion. The market reaction indicates concerns about the company’s revenue performance despite exceeding earnings expectations.
HP Inc.: The tech hardware stock dipped around 2% in extended trading after delivering a mixed fiscal second-quarter report. HP Inc. reported adjusted earnings per share of 80 cents, surpassing estimates by 4 cents. However, the company’s revenue of $12.91 billion fell below analysts’ expectations of $13.07 billion. The market’s response reflected disappointment in the revenue figures despite the positive earnings beat.
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