Global Courant 2023-05-26 17:05:40
Matt Murphy, president and CEO of Marvell Technology
Adam Jeffrey | CNBC
Check out the companies making headlines before the bell:
Marvell technology — Marvell Technology was up 17% in premarket trading after reporting a top and bottom beat in the first quarter. Marvell posted adjusted earnings of 31 cents per share, which Refinitiv said beat estimates of 29 cents. It reported revenue of $1.32 billion, while analysts polled by Refinitiv expected $1.3 billion. It expects revenue growth to accelerate in the second half of the fiscal year.
Hole — Shares of the apparel retailer rose more than 11% premarket despite the company posting net losses and falling sales for its most recent quarter on Thursday, as investors cheered Gap’s big improvement in its margins thanks to reduced promotions and lower airfreight costs.
Business day — Workday rose 9% after beating expectations for the first quarter on the top and bottom lines. The financial management software company also named a new CFO, Zane Rowe, and raised the bottom of its full-year subscription revenue forecast.
Auto desk — Autodesk was up 1% in premarket trading. The software company reported first-quarter results that were in line with analyst expectations. It gave a second-quarter forecast that was weaker than expected, while its full-year outlook was roughly in line.
Deckers outside — Deckers Outdoor fell 2% in premarket trading. The lifestyle footwear company reported fourth-quarter results that beat analyst expectations, according to Refinitiv. However, it gave a lower-than-expected full-year profit and revenue outlook.
RV — Shares of the retailer fell more than 3% in premarket trading, despite RH beating estimates for its fiscal first quarter in a Thursday night report. The company reported $2.21 in adjusted earnings per share on $739 million in revenue. Analysts polled by Refinitiv were looking for earnings per share of $2.09 on revenue of $727 million. However, RH’s second-quarter revenue forecast fell short of expectations and the company warned of more markdowns.
Ultimate beauty — Ulta Beauty was down 9% in premarket trading even after the beauty retailer posted strong earnings and earnings for the first quarter. It slightly raised full-year revenue expectations and confirmed earnings per share. However, comparable store sales grew slightly less than expected.
— CNBC’s Tanaya Macheel and Jesse Pound contributed reporting
