Workday, NetApp, and Leslie's Stocks React to Quarterly Results in After-Hours Trading
ICARO Media Group
In extended trading, several companies made headlines as their stocks experienced significant movements following the release of their quarterly results. Workday, a workforce platform provider, saw its stock rise by over 6% after surpassing Wall Street estimates for the third quarter. NetApp, a data infrastructure firm, also experienced a notable climb of nearly 10% after reporting strong performance in its fiscal second quarter. However, Leslie's, a company specializing in swimming supplies, faced a significant decline of more than 16% after its first-quarter forecast disappointed analysts.
Workday's impressive third-quarter results exceeded expectations, with adjusted earnings of $1.53 per share on $1.87 billion in revenue. Analysts surveyed by LSEG (formerly known as Refinitiv) had anticipated earnings of $1.41 per share and $1.85 billion in revenue. This strong performance drove investor confidence and resulted in a surge in the company's stock price during extended trading.
NetApp also delivered better-than-expected results for its fiscal second quarter, leading to a stock increase of approximately 10%. The company reported adjusted earnings of $1.58 per share on $1.56 billion in revenue, beating analyst forecasts of $1.39 per share and $1.53 billion in revenue. Furthermore, NetApp provided higher-than-anticipated guidance for the third quarter, further fueling investor optimism.
On the other hand, Leslie's faced a sharp decline in its stock price after issuing a disappointing forecast for the first quarter. The company expects an adjusted loss ranging from 21 cents to 20 cents per share, which is wider than analysts' expectations of a loss of 16 cents per share, according to FactSet. Additionally, fourth-quarter adjusted earnings fell below expectations, further contributing to the decline in investor confidence.
Jabil, a manufacturing solutions company, also faced challenges as its shares dropped more than 8% in response to a lower revenue forecast for the fiscal first quarter of 2024. The company now expects revenue in the range of $8.3 billion to $8.4 billion, down from the previous range of $8.4 billion to $9 billion.
In other news, Las Vegas Sands, a prominent casino operator, experienced a 3.5% decline after announcing that Miriam Adelson, the largest shareholder of the company, plans to sell $2 billion in shares. The funds generated from the share sale will be used to acquire a professional sports team, as stated in a regulatory filing.
Another development to note is the passing of Charlie Munger, the chair and publisher of the Daily Journal and second-in-command at Berkshire Hathaway. The shares of Daily Journal, where Munger held a prominent role, fell by 4.5% during regular trading hours as news of his death emerged.
Overall, the after-hours trading session witnessed varied reactions among companies, with Workday and NetApp enjoying positive stock movements following strong quarterly results. In contrast, Leslie's and Jabil faced challenging forecasts that resulted in significant declines. The market remains dynamic, with various factors influencing investor sentiment and stock performance.
Note: The information provided in this article is based on the facts mentioned in the user's text.