Stocks making the biggest moves after hours: Slack, Cloudera and more

The Slack Technologies logo is seen on a banner outside the New York Stock Exchange (NYSE) during the company's IPO June 20, 2019.

Brendan McDermid | Reuters

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Shares of Slack plunged 15% in expanded trading after the company released its first earnings report since its publication, falling short of the reference price from its direct listing. The maker of the popular workplace chat app reported an adjusted loss per share of $ 0.1[ads1]4 for the second quarter on revenue of $ 145 million. Analysts had expected a loss of $ 18 per share on revenue of $ 141 million, according to Consensus estimates from Refinitive. For the third quarter, Slack provided strong sales guidance, but predicted a somewhat larger loss than expected per share than analysts had projected.

Cloudera jumped 7% after reporting better results than expected in the second quarter. The enterprise software company reported an adjusted loss per share of $ 0.10 for the second quarter of $ 197 million. Analysts had expected a loss of $ 0.10 per share on revenue of $ 182 million, according to Consinitive consensus estimates. Marty Cole, chairman and interim CEO of Cloudera, cited the company's improved pipeline generation and internal metrics.

Shares in Palo Alto Networks fell briefly 5% after predicting that tax-adjusted profits in 2020 would be below estimates. The security platform expected an annualized earnings per share of between $ 5.00 and $ 5.10. Analysts had expected earnings per share of $ 6.25, according to Consinitive Consensus Estimates.

The stock has since reversed to trade about 6% above the closing price. The cybersecurity company announced better-than-expected sales and earnings in the fourth quarter. Palo Alto Networks also announced the acquisition of Zingbox, an Internet of Things security platform.

Mallinckrodt shares fell more than 40% after a Bloomberg report that the company could seek bankruptcy protection as it outweighs the potential costs of thousands of opioid lawsuits. Bloomberg reported that the drug company has hired advisors to help it navigate the debt. The company would seek bankruptcy protection if those costs were determined to be unmanageable, Bloomberg reported, citing people familiar with the situation. Prior to the report, the company had a market valuation of around $ 217 million.

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