Tripadvisor, Vertex Pharmaceuticals, International Flavors & Fragrances, Coterra Energy, Sanmina, Hims & Hers Health, Veeco Instruments, and Fabrinet are among the companies making headlines in extended trading.
Tripadvisor saw a nearly 12% increase in its stock after beating expectations in the third quarter. The online travel agency reported adjusted earnings of 52 cents per share on $533 million in revenue, surpassing analysts’ forecasts of 47 cents per share and $505 million.
On the other hand, Vertex Pharmaceuticals experienced a decrease of almost 2% as it missed revenue estimates for the third quarter. The biotech company reported adjusted earnings of $4.08 per share on $2.48 billion in revenue, falling short of analysts’ forecasts of $3.97 per share and $2.50 billion in revenue.
In contrast, International Flavors & Fragrances (IFF) rose by 5% after announcing the continuation of its cooperation agreement with Icahn Capital. As part of the agreement, one Icahn director and one mutually agreed-upon director will be re-nominated to the IFF board for the 2024 proxy season. Additionally, IFF reported third-quarter adjusted earnings and revenue that exceeded analysts’ estimates.
Energy company Coterra Energy experienced a 3% increase in after-hours trading. Coterra Energy posted adjusted earnings of 50 cents per share in the third quarter, surpassing analysts’ expectations of 44 cents per share. The company also raised its production guidance for the full year.
In contrast, shares of Sanmina, an electronics manufacturing company, slipped by nearly 12% after revealing a bleak outlook for the fiscal first quarter. Sanmina’s management stated that the first quarter outlook is expected to decline sequentially, anticipating headwinds for the next few quarters.
Hims & Hers Health, a telehealth company, gained over 6% in after-hours trading. The company raised its full-year guidance, increasing its revenue forecast to $868 million to $873 million, compared to the previous prediction of $830 million to $850 million. Hims & Hers also raised its expectations for full-year adjusted earnings before interest, taxes, depreciation, and amortization.
Shares of Veeco Instruments, a manufacturer of thin film process equipment, increased by 4.5% following a third-quarter earnings beat on both the top and bottom lines. Veeco reported adjusted earnings of 53 cents per share and $177.4 million in revenue, surpassing analysts’ expectations of 37 cents per share and $168.2 million in revenue.
Fabrinet, a company involved in the manufacturing of optical packaging products, saw a 1.5% climb in its stock after reporting a beat on earnings and revenue for the fiscal first quarter. The company posted adjusted earnings of $2 per share on $685.5 million in revenue, exceeding analysts’ forecasts of $1.85 per share in earnings and $659.2 million in revenue.
Overall, these companies have had varied performance in extended trading, with some exceeding expectations and others falling short. Investors will continue to monitor their movements closely as they navigate the market in the upcoming quarters.
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