Check out the companies making headlines in premarket trading. Fortinet, a cybersecurity company, experienced a significant drop of 23.1% in its shares after missing earnings expectations and providing a weak outlook for the current quarter. Fortinet reported $1.33 billion in revenue for the third quarter but expects between $1.38 billion and $1.44 billion for the current quarter, which fell short of analysts’ expectations.
On the other hand, the fintech stock Block surged over 15% in premarket trading. The company reported third-quarter earnings that exceeded analyst estimates on both the top and bottom line. Block also showed strong growth in both Cash App and Square revenue, resulting in an increase in its full-year guidance.
Bill Holdings, a software company, saw a decline of over 30% in its shares during premarket trading. This drop was due to Bill lowering its guidance for earnings and revenue for the full fiscal year. Despite beating estimates on the top and bottom lines for its fiscal first quarter, Bill’s reduced guidance negatively impacted investor sentiment.
Expedia, the vacation booking platform, experienced a positive 10.9% increase following a strong third-quarter report. The company reported adjusted earnings of $5.41 per share on $3.93 billion in revenue, surpassing analysts’ expectations.
Apple, however, saw a retreat of 2.2% in its shares. The technology giant posted its fourth consecutive decline in quarterly sales and provided a soft outlook for revenue in the December quarter. Although Apple beat analyst expectations in the fiscal fourth quarter, the negative outlook overshadowed the positive results.
Live Nation, the ticket provider, rose 2.9% after reporting earnings for the third quarter that surpassed expectations. The success of Live Nation’s report can be attributed to the popularity of Taylor Swift and Beyoncé’s tours, which have driven fans to purchase concert tickets.
Paramount Global, a media company, experienced a rally of 5.5% in its shares after offering a report that exceeded analyst expectations. The company reported adjusted earnings of 30 cents per share on $7.13 billion in revenue, outperforming the forecasts.
Floor & Decor Holdings, a home goods retailer, faced a tumble of 17% after posting earnings of 61 cents per share on $1.11 billion in revenue. Analysts expected 56 cents per share and $1.12 billion in revenue. The company also lowered its full-year guidance on both lines, contributing to the decline in its shares.
Carvana, a used car retailer, slipped 4.3% as its Thursday earnings report showed slightly weaker revenue than anticipated. Carvana’s revenue for the quarter reached $2.77 billion, just below the consensus estimate of $2.78 billion.
DraftKings, a sportsbook company, saw a 6.4% increase in its shares after reporting third-quarter revenue that surpassed Wall Street’s expectations. Revenue rose by 57% to $790 million, and monthly unique players increased by 40% year over year to 2.3 million.
Coinbase, a crypto company, experienced a loss of 4.5% in its shares after stating that revenue tied to subscriptions and services in the fourth quarter is expected to remain flat compared to the prior three-month period. However, Coinbase beat expectations on both lines in the third quarter.
Trupanion, a pet insurer, witnessed a 9.3% climb in its shares following positive earnings that surprised Wall Street. Revenue for the third quarter exceeded analyst forecasts, coming in at $285.9 million. Additionally, the company reported adjusted EBITDA at $6.1 million, while analysts had anticipated a loss of $0.6 million.
Uber, the rideshare stock, advanced 1.2% after receiving an upgrade to overweight from sector weight by KeyBanc. The firm expects Uber, which is scheduled to report earnings next week, to show an acceleration of growth in the third quarter.
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