Here are the companies making headlines before the bell:
PepsiCo — The beverage and snacks giant saw its shares decline by 1.4% as it reported mixed fourth-quarter results. While revenue fell short of expectations at $27.85 billion compared to the consensus estimate of $28.4 billion, adjusted earnings per share of $1.78 surpassed the expected $1.72. Pepsi attributed the revenue miss to consumers feeling the impact of high borrowing costs and reduced personal savings.
Cloudflare — Shares of the cloud services provider surged by 27% after it exceeded analysts’ expectations in the fourth quarter. Cloudflare reported adjusted earnings of 15 cents per share on revenue of $362 million, surpassing the anticipated earnings of 12 cents per share and $353 million in revenue. The company also provided a positive outlook for adjusted earnings per share for the full year.
Pinterest — The image-sharing company’s stock dropped over 8% following a weaker-than-expected forecast and a revenue miss in its fourth-quarter report, despite beating earnings expectations.
Expedia Group — Despite posting fourth-quarter results that outperformed consensus expectations, shares of the travel platform operator plummeted by 15%. Expedia reported earnings of $1.72 per share on revenue of $2.89 billion, exceeding analysts’ expected $1.68 earnings on $2.88 billion revenue. However, the stock suffered due to a shortfall in the air travel category. Additionally, the company announced CEO Peter Kern’s replacement by Ariane Gorin on May 13.
CleanSpark — The bitcoin miner’s shares surged by 19% after reporting fiscal first-quarter results that surpassed expectations. CleanSpark posted earnings of 14 cents per share, beating analysts’ expected loss of 26 cents per share, with revenue reaching $73.8 million compared to the expected $71 million.
United Airlines — Shares of the airline rose by 2.7% after Evercore ISI upgraded the company to outperform from in-line, projecting a potential 50% increase in stock value.
Newell Brands — The consumer goods company’s shares dipped by 1% as it issued weaker-than-expected guidance for the first quarter and full year, despite surpassing fourth-quarter expectations. Newell Brands anticipated a normalized loss per share of 5 cents to 9 cents for the fiscal first quarter, contrasting with analysts’ expected earnings of 2 cents per share. Revenue growth is forecasted to be 8% to 10%, exceeding the expected decline of 7.2%.
Illumina — Despite topping fourth-quarter expectations, Shares of the company dropped by 4%.
Bill Holdings — The business software company’s shares fell by 3% despite reporting stronger-than-expected revenue in the fiscal second quarter and predicting a revenue below $310 million in the fiscal third quarter.
Affirm — Despite reporting second-quarter GAAP earnings per share and revenue that surpassed analyst expectations, shares of the digital commerce business dropped by 7%.
Source (CNBC)
