Stocks move big after hours: ENPH, PACW, CMG, MSFT
3,760 Enphase microinverters will power the drying and storage of more than 50,000 tons of California rice at Strain Ranch in Arbuckle, California, on Tuesday, February 1[ads1]9, 2013.
Alison Yin | AP
Check out the companies making headlines in expanded trading.
Enphase Energy — The solar inverter company saw shares slide about 16% after hours after reporting a mixed quarter that included disappointing revenue results. Enphase generated revenue of $726 million. Analysts were looking for $732.5 million, according to Refinitiv. Competitor SolarEdge fell more than 6%.
PacWest Bancorp — Shares of the regional bank jumped 15% after PacWest said it has seen deposit flows in the past month. PacWest said deposits fell more than 16% during the first quarter to about $28.2 billion. However, the bank said it has added about $1.8 billion in deposits since March 20, which was its previous update to investors. That total includes $700 million in deposits in April. PacWest also reported a net loss of $1.21 billion for the quarter, mainly due to a goodwill impairment charge.
Chipotle Mexican Grill — The burrito chain jumped 7.7% after hours following the company’s latest financial results. Chipotle’s first-quarter earnings and revenue beat estimates from analysts surveyed by Refinitv. Same-store sales rose 10.9%, topping StreetAccount estimates of 8.6%.
Microsoft — The tech giant’s shares rose nearly 5% after the company reported quarterly earnings and revenue that beat analysts’ expectations, according to Refinitiv. Revenue in Microsoft’s Intelligent Cloud business segment grew 16% to $22.08 billion, coming in higher than analysts predicted.
Alphabet – The Google parent saw shares rise 4% after it posted first-quarter revenue that topped estimates, according to Refinitiv, and said it reported a profit in its cloud business for the first time on record. The company’s board also approved a $70 billion share buyback. Big Tech peers Amazon and Meta gained about 2% each.
Texas Instruments — The chip maker gained nearly 2% after reporting better-than-expected first-quarter earnings and revenue that was in line with estimates, according to Refinitiv.
Visa — The payments giant rose nearly 2% in extended trading after reporting adjusted earnings of $2.09 per share on revenue of $7.99 billion for the latest quarter, according to Refinitiv. Analysts were expecting earnings of $1.99 per share on revenue of $7.79 billion.
– CNBC’s Jesse Pound contributed reporting