ahead of the release of the . The core personal consumption expenditures price index is expected to show that prices rose faster in January than in previous months.
These stocks were set to make moves Thursday:
Snowflake tumbled 23% after the company’s revenue outlook for the fiscal first quarter and year came up short of expectations, and the cloud-data company announced that “effective immediately.” He will be replaced by Sridhar Ramaswamy, senior vice president of AI at Snowflake. Ramaswamy told Barron’s in an interview that Snowflake provides guidance based on historical consumption patterns. He noted that unlike companies that sign long-term contracts, Snowflake starts every quarter with zero revenue. He said the .
Salesforce was falling 1.3% after the provider of cloud-based enterprise application software said it of $37.7 billion to $38 billion, below analysts’ projections of $38.65 billion. Salesforce’s fourth-quarter earnings and revenue topped Wall Street estimates and the company announced its first-ever dividend and a $10 billion increase to its stock repurchase program.
HP Inc. declined 3.4% after the computer maker’s fiscal first-quarter earnings matched analysts’ estimates and revenue of $13.19 billion fell from a year earlier and missed forecasts of $13.57 billion. The company said it continues to see softness in its personal computer business but expressing optimism that a rebound was in the offing.
Shares of C3.ai jumped 16% after the maker of enterprise artificial-intelligence software posted a fiscal third-quarter adjusted loss of 13 cents a share, narrower than analysts’ expectations that called for a loss of 28 cents. Revenue at the company in the period was $78.4 million, up from $66.7 million a year earlier and better than analysts’ estimates of $76.1 million. Subscription revenue jumped 23% to $70.4 million.
Okta, the identity-management company, said it expects fiscal first-quarter revenue of $603 million to $605 million and adjusted earnings of 54 cents to 55 cents a share. Analysts had been calling for revenue of $584 million and earnings of 41 cents. Revenue in the fourth quarter climbed to $605 million from $510 million and topped expectations of $587.2 million.The stock surged 24%.
Duolingo jumped 21% after the language learning company posted fourth-quarter earnings and sales that beat analysts’ forecasts and guided for revenue in the fiscal first quarter and year ahead of estimates. The company said daily active users rose 65% from a year earlier and monthly active users rose 46%.
Fourth-quarter revenue at AMC Entertainment rose nearly 12% to $1.1 billion and topped expectations of $1.06 billion. CEO Adam Aron said the company benefited from deals to distribute the concert movies of Taylor Swift and Beyonce despite a “diminished box office overall.” AMC shares fell 8%.
Paramount Global reported an of 4 cents a share, better than estimates that called for a loss of 1 cent. Revenue fell 6% to $7.64 billion, missing expectations of $7.83 billion. Revenue at Paramount’s streaming segment surged 34% in the period to to $1.9 billion. The flagship Paramount+ service reached 67.5 million subscribers. The company said it expects Paramount+ to reach profitability in the U.S. in 2025. The stock rose 5.3%.
Marathon Digital, the crypto miner, earned 66 cents a share in the fourth quarter, a swing from a year-earlier loss of $3.13. Revenue rose to $156.8 million from $28.4 million a year earlier and topped analysts’ forecasts. The stock was down 6% in premarket trading. Through Wednesday, the stock has risen 395% over the past 12 months.
Shoals Technologies was falling 18% after the solar company reported fourth-quarter adjusted earnings of 12 cent a share, missing Wall Street estimates of 17 cents. Revenue in the period rose 38% to $130.4 million, below estimates of $132 million. The company said it expects a “softer first half of 2024 as sustained higher interest rates are resulting in project delays.”
Earnings reports are expected Thursday from Dell Technologies, Autodesk, Zscaler, Hewlett Packard Enterprise, NetApp, Hormel Foods, Best Buy, Elastic, and Bath & Body Works.
Write to Joe Woelfel at
