Cava Group, a fast-casual restaurant brand, saw its shares climb nearly 6% in after-hours trading following a better-than-expected earnings report. The company posted a profit of 17 cents per share, which was 4 cents above the LSEG estimate. Additionally, its revenue also exceeded expectations, contributing to the positive movement in its stock price.
Uber: Down 3%
In contrast, shares of the ride-sharing platform Uber fell about 3% after the company announced a multiyear partnership with General Motors’ Cruise. The collaboration aims to offer driverless rides to Uber users as early as next year. Despite this innovative alliance, Uber’s stock experienced a slight dip in after-hours trading. On the other hand, General Motors saw its shares rise more than 1% following the news.
The off-price retailer Ross Stores witnessed a stock surge of about 6% in extended trading after reporting earnings that beat expectations. With earnings per share of $1.59 in the second quarter, which was 9 cents higher than analysts’ estimate, and revenue of $5.25 billion matching the expectation, investors responded positively to the company’s performance.
Shares of the cloud company Workday soared more than 11% after the firm’s earnings and revenue surpassed expectations. Workday announced that its subscription revenue for the third quarter is projected to reach $1.96 billion, slightly below the $1.97 billion expected by analysts. This strong financial performance led to a significant increase in its stock price in after-hours trading.
Bill Holdings, a cloud-based payments company, experienced a more than 3% increase in its shares after reporting a stronger-than-expected quarterly performance. The company posted adjusted earnings of 57 cents per share in the fiscal fourth quarter, exceeding an LSEG estimate by 11 cents. Moreover, its revenue of $344 million also surpassed expectations, which contributed to the positive movement in its stock price.
Financial technology platform Intuit saw its shares rise approximately 3% in extended trading, driven by strong earnings. Intuit reported earnings of $1.99 per share, excluding items, on revenue of $3.18 billion. These figures outperformed analysts’ expectations, as they were anticipating earnings per share of $1.84 and revenue of $3.08 billion. This positive performance led to an increase in investor confidence and a rise in the company’s stock price.
Overall, the after-hours market movements of Cava Group, Uber, Ross Stores, Workday, Bill Holdings, and Intuit reflect a mix of positive and negative reactions to the companies’ recent earnings reports and strategic announcements. Investors are closely monitoring these companies’ performances and market dynamics to make informed decisions about their portfolios.