Check out the companies making headlines in midday trading.
Qualcomm – Shares of Qualcomm lost 6% after the company reported earnings after the bell that included a guidance for its fiscal first quarter that fell below expectations, due to weak demand in China and elevated inventories. The technology firm reported adjusted earnings per share of $3.13, in-line with Wall Street expectations, according to Refinitiv. Revenues in the quarter were $11.39 billion compared to the estimate of $11.37 billion.
Roku – Shares of TV streaming platform slipped nearly 20% when the company said it sees fourth-quarter revenues lower than Wall Street expects and a larger adjusted EBITDA loss than anticipated. The company reported third-quarter results that beat analysts’ forecasts, with a per-share loss of 88 cents compared to a $1.28 loss, according to Refinitiv. Revenue was $761 million, more than the estimate of $694 million.
Etsy – Etsy jumped more than 10% after the company reported quarterly earnings that beat the Street. The online retailer posted $594.47 million in revenue versus expectations of $564.48 million. The company also said it expects sales strength to continue in the fourth quarter, lifting shares.
MGM Resorts –Shares of MGM fell more than 5% after the company posted quarterly results. Revenue was $3.42 billion, which beat Wall Street’s estimate of $3.24 billion. However, the company posted net revenue for its business in Las Vegas and China that came in below expectations, according to StreetAccount.
Fortinet – Fortinet shed more than 13% after the company’s quarterly earnings release showed mixed results. The company reported adjusted earnings per share of 33 cents on $1.15 billion in revenue, where analysts expected earnings of 27 cents and $1.12 billion in revenue. Billings, however, were in-line with analyst expectations at $1.41 billion.
Cognizant Technologies – Shares of Cognizant Technologies fell 3% after the company reported revenue that missed Wall Street expectations, weighed down by slower bookings and fulfillment challenges against an uncertain economic backdrop.
Robinhood – Shares of online trading platform Robinhood ticked up 3.9% in after hours trading after reporting quarterly results that showed a boost from interest rates and lower expenses. The company lost 20 cents per share during the quarter, better than the 31 cent per share loss analysts expected. Net revenue was $361 million, more than the $355 million expected.
Zillow – Zillow jumped 2.7% after reporting earnings that exceeded analyst expectations. The housing marketplace reported adjusted earnings per share of 38 cents, more than the forecast of 11 cents. Revenue was $483 million where Wall Street expected $456 million.