See which businesses made news on Wednesday during premarket trading.
Roku — Following the announcement that it will be laying off 10% of its workers, the streaming stock increased by 12.5%. Roku increased its revenue forecast for the third quarter, saying it now anticipates revenue to range between $835 million and $875 million, up from its previous forecast of $815 million. Roku stated that in addition to staff reductions, it also intends to examine its content lineup and consolidate office space in order to reduce costs.
Zscaler – The cloud security company fell 1.2% despite announcing fiscal fourth-quarter profitability that exceeded expectations and excellent current-quarter outlook. Zscaler’s adjusted earnings came in at 64 cents per share when analysts surveyed by LSEG, formerly Refinitiv, had predicted 49 cents.
Dominion Energy and Enbridge After Dominion, which is down 1.1%, announced on Tuesday that it would be selling its three natural gas distribution companies to the pipeline operator for $9.4 billion, Enbridge shares fell 7.1% in premarket trading.
ResMed – Shares increased 2% after Needham upgraded the maker of medical technology devices from hold to buy. Concerns about the potential influence of weight-loss medications on the market for ResMed’s equipment have caused a 30% decline in sales in the third quarter. ResMed develops CPAP devices for sleep apnea.
Gitlab — The technology platform’s shares increased 6.5% in premarket trading after a positive second-quarter report was released after the close on Tuesday. GitLab reported adjusted earnings of 1 cent per share on $140 million in revenue, compared to the analysts’ consensus estimates of a loss of 3 cents per share and $130 million in revenue. Analyst predictions were surpassed by the company’s current-quarter revenue estimate.
Shares of Toast rose 3.8% on Wednesday after UBS upgraded the stock from neutral to buy, citing increased prospects for quarterly net new additions as well as margin growth.
Source (CNBC)