Pre-Market Stock Movements
Here’s a look at companies making significant pre-market moves:
Akamai Technologies
Shares surged 27% after the cybersecurity and cloud computing firm revealed an investment commitment of $1.8 billion over seven years from a leading U.S.-based provider. They also announced adjusted earnings for the first quarter that exceeded expectations, with revenue aligning with forecasts.
CoreWeave
The cloud infrastructure company saw a 7% drop after its second-quarter revenue outlook fell short of Wall Street predictions. Sales are expected to be between $2.45 billion and $2.6 billion, with the midpoint of $2.53 billion under the consensus of $2.69 billion.
Microchip Technology
Shares rose by 3% as the company reported increased profits and sales in its fourth-quarter earnings. They predict first-quarter revenue will reach between $1.44 billion and $1.47 billion, surpassing the $1.34 billion anticipated by analysts.
IREN Limited
Shares jumped more than 8% following a deal with Nvidia to implement up to 5 gigawatts of AI infrastructure, with Nvidia planning to invest $2.1 billion.
Gen Digital
Shares rose 6% after better-than-expected revenue guidance for the quarter and full year. They also reported higher adjusted earnings and revenue for the fiscal fourth quarter.
Upwork
Shares plunged 23% after disclosing a restructuring plan, including a 24% workforce reduction to maintain profitability amid changing work dynamics. First-quarter profits and sales were slightly below expectations.
Trade Desk
Shares fell nearly 13% as the company provided revenue guidance for the current quarter of at least $750 million, which matched expectations but still disappointed investors. Adjusted earnings also came in lower than anticipated.
Expedia
Shares decreased 7% as expected second-quarter revenue ranged from $4.11 billion to $4.19 billion, slightly below analyst predictions of $4.12 billion. Room reservations fell short as well.
Lyft
Shares fell 1% despite posting a profit of 4 cents per share for the first quarter, missing analysts’ expectations of 6 cents. However, revenue of $1.65 billion surpassed the expected $1.63 billion.
Bill Holdings
Shares of the financial operations platform rose 6% after reporting adjusted earnings of 68 cents per share in its fiscal third quarter, exceeding expectations. The company also plans to reduce its workforce by 30% by early 2027.
Gilead Sciences
Shares fell 2% as the company now anticipates a full-year adjusted loss, down from an earlier projected profit. They cited high ongoing research and financing costs.
Texas Roadhouse
Shares gained 6% after reporting first-quarter earnings of $1.87 per share, which beat estimates. Same-store sales rose 6.5% year-over-year in the early part of the second quarter.
Wendy’s Company
Shares increased over 5% after exceeding sales expectations with $540.6 million in revenue for the first quarter. They also announced plans to open up to 1,000 restaurants in China in the next decade.
Sweet Green
Shares fell nearly 2% after posting a profit of $1.06 per share, which was an improvement from a loss in the previous year, yet sales did not meet analyst projections.
Cheers
Stock dropped almost 10% after guiding for second-quarter adjusted EBITDA below consensus estimates. First-quarter sales were in line with expectations.
Rocket Lab
The aerospace manufacturer saw a 7% rise in shares after reporting strong first-quarter sales and a record backlog. They also announced plans for an acquisition and secured a significant launch contract.
Block
Shares rose roughly 7% on expectations that second-quarter and full-year earnings will exceed estimates.
Monster Beverage
Shares climbed nearly 8% after reporting adjusted earnings that topped predictions along with stronger than expected revenue.
Illustration
Shares declined 7.5% after narrowly beating profit estimates but still missing overall expectations.
Coinbase Global
Stock dropped 3% after posting an unexpected loss in the first quarter and missing revenue targets.
Cloudflare
Shares decreased 18% after plans to cut about 1,100 jobs were announced. Their adjusted earnings outlook matched consensus expectations.
Synaptics
Shares fell 1% despite reporting adjusted earnings that beat expectations, along with exceeding revenue forecasts.
JFrog
Shares rose approximately 16% after better-than-anticipated full-year earnings were reported, along with sales guidance exceeding expectations.
SoundHound AI
The stock dropped 9.5% after reporting a larger than expected adjusted loss in the first quarter, despite reaffirming revenue estimates that were still higher than expectations.
DraftKings
Shares decreased 1.5% after releasing a less impressive revenue outlook for the year, even as their first-quarter adjusted EBITDA performance was favorable.
