Marvell technology, Gap, RH and more
Matt Murphy, president and CEO of Marvell Technology
Adam Jeffery | CNBC
Check out the companies making headlines before the bell:
Marvell Technology — Marvell Technology surged 17% in premarket trading after reporting a top-and-bottom beat in the first quarter. Marvell posted adjusted earnings of 31 cents per share, topping estimates for 29 cents, according to Refinitiv. It reported $1.32 billion in revenue, while analysts polled by Refinitiv expected $1.3 billion. It expects revenue growth to accelerate in the second half of the financial year.
Gap — Shares of the apparel retailer rose more than 11% premarket despite the company posting a net loss and falling sales Thursday for its latest quarter, as investors cheered Gap’s big improvement in margins thanks to reduced promotions and lower air freight costs.
Workday — Workday jumped 9% after topping first-quarter expectations on the top and bottom lines. The financial management software firm also named a new chief financial officer, Zane Rowe, and raised the low end of its full-year subscription revenue.
Autodesk — Autodesk rose 1% in premarket trading. The software company reported first-quarter results that were in line with analysts’ expectations. It provided guidance for the second quarter that was weaker than expected, while the outlook for the full year was roughly in line.
Deckers Outdoor — Deckers Outdoor fell 2% in premarket trading. The lifestyle footwear company reported fourth-quarter results that beat analysts’ expectations, according to Refinitiv. However, it gave profit and revenue guidance for the whole year that was lower than expected.
RH — Shares of the retailer fell more than 3% in premarket trading despite RH beating estimates for its fiscal first quarter in a report Thursday night. The company reported $2.21 in adjusted earnings per share on $739 million in revenue. Analysts surveyed by Refinitiv were looking for $2.09 in earnings per share on $727 million in revenue. However, RH’s revenue guidance for the second quarter fell short of expectations, and the company warned of increased write-downs.
Ulta Beauty — Ulta Beauty fell 9% in premarket trading even after the beauty retailer posted strong first-quarter earnings and revenue. It increased revenue guidance for the full year, and confirmed guidance for earnings per share. However, comparable sales grew somewhat less than expected.
— CNBC’s Tanaya Macheel and Jesse Pound contributed reporting
