Check out the companies that make headlines during afternoon trading.
Qualcomm Shares of Qualcomm lost 6% after the company reported earnings after the bell that included a fiscal first quarter forecast that fell below expectations, amid weak demand in China and increased inventories. The tech company reported adjusted earnings per share of $3.13, according to Refinitiv, in line with Wall Street’s expectations. Revenue in the quarter was $11.39 billion, compared to the estimate of $11.37 billion.
Roku Shares of the TV streaming platform fell nearly 20% as the company said fourth-quarter earnings are below Wall Street expectations and a larger-than-expected adjusted EBITDA loss. The company reported third-quarter results that beat analysts’ forecasts, with a loss per share of 88 cents compared to a loss of $1.28, according to Refinitiv. Revenue was $761 million, surpassing the $694 million estimate.
Etsy — Etsy was up more than 10% after the company reported quarterly results that outperformed the street. The online retailer posted revenue of $594.47 million against expectations of $564.48 million. The company also said it expects its selling power to continue into the fourth quarter, pushing its shares up.
MGM Resorts — Shares of MGM fell more than 5% after the company released quarterly results. Revenue was $3.42 billion, which beat Wall Street’s estimate of $3.24 billion. However, according to StreetAccount, the company posted net sales for its Las Vegas and China operations that were below expectations.
fortinet — Fortinet lost more than 13% after the company’s quarterly earnings showed mixed results. The company reported adjusted earnings per share of 33 cents on revenue of $1.15 billion, where analysts expected earnings of 27 cents and revenue of $1.12 billion. However, Billings was in line with analyst expectations at $1.41 billion.
Cognizant Technologies — Shares of Cognizant Technologies fell 3% after the company reported sales that fell short of Wall Street’s expectations, amid slower bookings and fulfillment challenges against an uncertain economic backdrop.
Robin Hood Shares of online trading platform Robinhood rose 3.9% in after-hours trading after the company reported quarterly results that showed an increase in interest rates and lower costs. The company lost 20 cents a share during the quarter, better than analysts had expected from the loss of 31 cents a share. Net sales were $361 million, ahead of the expected $355 million.
Zillow — Zillow rose 2.7% after reporting gains that beat analysts’ expectations. The housing market reported adjusted earnings per share of 38 cents, ahead of the forecast of 11 cents. Revenue was $483 million, where Wall Street expected $456 million.
