The fast-casual restaurant brand, Cava Group, saw its shares rise nearly 6% in after-hours trading following a better-than-expected earnings report. With a profit of 17 cents per share, surpassing the LSEG estimate by 4 cents, and revenue exceeding expectations, investors reacted positively to the news.
Uber Falls on Partnership Announcement
On the other hand, shares of the ride-sharing platform, Uber, dropped around 3% after announcing a multiyear partnership with General Motors’ Cruise. The plan to offer driverless rides to Uber users as soon as next year led to a decline in the stock price. However, GM shares rose more than 1% after hours, indicating a more favorable response from the market.
Ross Stores Surges After Earnings Beat
The off-price retailer, Ross Stores, experienced a 6% surge in its stock during extended trading following an earnings beat. With earnings per share of $1.59 in the second quarter, surpassing analysts’ expectations by 9 cents, and revenue matching estimates at $5.25 billion, investors showed confidence in the company’s performance.
Shares of the cloud company, Workday, jumped more than 11% as it exceeded earnings and revenue expectations. With a third-quarter subscription revenue forecast of $1.96 billion, slightly lower than the $1.97 billion anticipated by analysts, the positive momentum from the earnings report fueled the stock price increase.
Bill Holdings Exceeds Expectations
The cloud-based payments company, Bill Holdings, witnessed a more than 3% rise in its shares after reporting a stronger-than-expected quarterly performance. With adjusted earnings of 57 cents per share in the fiscal fourth quarter, surpassing an LSEG estimate by 11 cents, and revenue of $344 million exceeding expectations of $328 million, investors reacted positively to the news.
Financial technology platform, Intuit, observed a 3% climb in its shares during extended trading following strong earnings. With earnings of $1.99 per share, excluding items, and revenue of $3.18 billion, surpassing analyst expectations, the company’s performance resonated well with investors.
The after-hours stock report reflects the diverse reactions of investors to the earnings reports of different companies. While some stocks experienced gains on beating expectations, others faced declines on partnership announcements. The market movements highlight the significance of earnings performance and strategic partnerships in influencing stock prices after hours.
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