Several major companies experienced significant stock movements in after-hours trading, with Adobe, RH, Oracle, and others making notable shifts following earnings reports and guidance updates.
Adobe shares dropped more than 10% on Thursday after the software company issued a softer-than-expected revenue forecast for its fiscal fourth quarter. The company projected revenue between $5.50 billion and $5.55 billion, falling short of analysts’ estimates of $5.61 billion, according to LSEG. Adobe also provided adjusted earnings guidance of $4.63 to $4.68 per share, with the market expecting $4.67. Despite beating third-quarter estimates for both revenue and earnings, Adobe’s cautious outlook overshadowed its strong performance, including record revenues of $5.41 billion for the third quarter, an 11% year-over-year increase.
Oracle saw its stock rise nearly 6% after the company raised its revenue guidance during its analyst day presentation. The cloud software company now expects revenue of at least $66 billion by 2026, surpassing its previous estimate of $65 billion. Analysts had projected revenue of $64.8 billion, according to FactSet, making Oracle’s revised outlook a positive surprise for investors.
Shares of Neurocrine Biosciences fell by more than 2% after the company announced disappointing results from a phase two study for its investigational schizophrenia treatment, luvadaxistat. The drug failed to meet its primary endpoints, leading to the stock’s decline.
RH shares surged nearly 19% after the home furnishings company reported stronger-than-expected second-quarter earnings. RH posted adjusted earnings of $1.69 per share on $830 million in revenue, surpassing analyst expectations of $1.56 per share and $825 million in revenue, according to LSEG. The company’s robust performance drove its stock higher in after-hours trading.
Auto parts company Aptiv PLC saw a modest 1.7% increase in its stock price after it was revealed through a US Securities and Exchange Commission filing that CEO Kevin Clark purchased nearly 30,000 shares earlier in the week. The insider buy likely bolstered investor confidence, contributing to the stock’s rise.
CNBC, Market Watch, and Forbes contributed to this report.
