The fast-casual restaurant brand, Cava Group, experienced a notable increase in its share price by nearly 6% in after-hours trading following its latest earnings report. The company reported a profit of 17 cents per share, surpassing the LSEG estimate by 4 cents. Additionally, its revenue also exceeded expectations.
Contrary to Cava Group’s success, shares of the ride-sharing platform, Uber, dropped by approximately 3% after the announcement of a multiyear partnership with General Motors’ Cruise. The partnership involves plans to offer driverless rides to Uber users as early as next year. Interestingly, GM’s shares witnessed a rise of more than 1% in after-hours trading.
On the other hand, the off-price retailer, Ross Stores, saw a significant surge of about 6% in extended trading following an earnings beat. The company reported earnings per share of $1.59 in the second quarter, which surpassed analysts’ expectations by 9 cents. Its revenue of $5.25 billion also matched the estimated figure.
Shares of the cloud company, Workday, jumped by more than 11% after the firm’s earnings and revenue outperformed expectations. Workday announced that its subscription revenue for the third quarter is projected to be $1.96 billion, slightly below the $1.97 billion anticipated by analysts surveyed by StreetAccount.
Additionally, the cloud-based payments company, Bill Holdings, experienced a more than 3% increase in its share price following a robust quarterly report. Bill Holdings reported adjusted earnings of 57 cents per share in the fiscal fourth quarter, exceeding the LSEG estimate by 11 cents. Moreover, the company’s revenue of $344 million also surpassed the expectation of $328 million.
Lastly, the financial technology platform, Intuit, witnessed a 3% climb in its share price during after-hours trading, driven by strong earnings. Intuit reported earnings of $1.99 per share, excluding items, on revenue of $3.18 billion. This performance exceeded the analysts’ expectations, with the LSEG anticipating earnings per share of $1.84 and revenue of $3.08 billion.
The after-hours trading session showcased a mix of winners and losers in the stock market. Companies like Cava Group, Ross Stores, Workday, Bill Holdings, and Intuit experienced positive movements, either due to better-than-expected earnings or future growth prospects. Conversely, Uber faced a decline in its share price despite announcing a significant partnership with General Motors’ Cruise. The stock market remains volatile, and investors should carefully analyze company performance and market dynamics before making investment decisions.