After-hours trading saw dramatic price swings for several key tech and delivery companies. Arm Holdings tumbled 7% on weaker-than-expected future guidance, while DoorDash surged 12% following an optimistic outlook for order volume and a strong earnings beat. Zillow Group declined 6% despite beating overall quarterly results, due to slightly missed residential revenue figures.
In other notable moves, Fortinet climbed 17% on an improved full-year outlook, and Whirlpool dropped 16% after a significant slash in its annual guidance. The market reacted sharply to forward-looking statements, highlighting investor focus on future growth prospects.
Stocks experienced significant shifts in after-hours trading as companies released their latest financial results and forward-looking guidance. Arm Holdings, the renowned semiconductor designer, saw its shares plummet 7% following a release that indicated underwhelming future projections. The company forecasted first-quarter earnings between 40 cents and 44 cents per share, with revenue expected to be around $1.26 billion, plus or minus $50 million. This outlook fell short of analyst expectations and revealed concerns about flat or slightly negative growth in its mobile market unit for fiscal year 2027.
Conversely, DoorDash provided a significant boost to investor sentiment, with its shares jumping 12%. The food delivery giant's optimistic guidance for second-quarter orders, projecting marketplace gross order value between $32.4 billion and $33.4 billion, surpassed analyst forecasts of $32.43 billion. Furthermore, DoorDash reported first-quarter earnings of 42 cents per share, exceeding the 36 cents anticipated by analysts polled by LSEG.
Real estate platform Zillow Group faced a downturn, with shares falling 6% after reporting first-quarter residential revenue of $450 million, which was slightly below StreetAccount's estimate of $454.2 million. Despite this, the company achieved an overall beat on both top and bottom lines for the quarter.
In the cybersecurity space, Fortinet's stock surged 17% after the company raised its full-year billings guidance to a range of $8.8 billion to $9.1 billion, an increase from its previous forecast of $8.4 billion to $8.6 billion. Both its earnings and revenue guidance for the full year exceeded LSEG consensus estimates.
Flutter Entertainment, a major player in sports betting and gambling, saw its shares climb nearly 3%. The company announced first-quarter adjusted earnings of $1.22 per share, narrowly beating the $1.20 expected by analysts, and reported revenue of $4.30 billion, surpassing the consensus forecast of $4.29 billion.
Coherent, a company specializing in photonics, experienced an 8% decline. While its third-quarter adjusted earnings of $1.41 per share slightly beat the $1.40 consensus estimate, its fourth-quarter adjusted gross margin guidance was within analysts' expectations, per FactSet.
Quantum computing firm IonQ saw its shares slide more than 6%. The company reported first-quarter adjusted losses before interest, taxes, depreciation, and amortization (EBITDA) of $96.8 million, which was wider than the $80.4 million loss anticipated by analysts polled by FactSet.
Social media platform Snap's shares dropped 7% amid cautious second-quarter sales guidance, projecting revenue between $1.52 billion and $1.55 billion. The midpoint of this range aligns with analysts' estimates of $1.54 billion. Additionally, Snap revealed the termination of its deal with generative artificial intelligence startup Perplexity.
Whirlpool, a manufacturer of household appliances, suffered a significant 16% loss after drastically cutting its full-year guidance. The company now expects adjusted earnings per share to range from $3 to $3.50 on revenue of approximately $15 billion, a sharp reduction from its prior forecast of $6 per share and $15.3 billion to $15.6 billion in revenue.
Fastly, a cloud platform provider, plummeted 25% as its second-quarter guidance disappointed Wall Street. The company anticipates earnings between 5 cents and 8 cents per share, against the LSEG consensus of 4 cents, and revenue ranging from $170 million to $176 million, compared to the $170 million sought by analysts. Despite the guidance concerns, Fastly's first-quarter results exceeded expectations on both the top and bottom lines.
Specialty chemical producer Albemarle witnessed a nearly 4% jump in its shares. The company's first-quarter adjusted earnings significantly surpassed analyst forecasts, coming in at $2.95 per share against the $1.19 expected by analysts per FactSet. Revenue also beat expectations at $1.43 billion compared to estimates of $1.34 billion, with Adjusted EBITDA reaching $663.8 million, well above the $443.7 million forecast.
Cybersecurity and cloud computing company Akamai Technologies lost almost 7%, with its earnings report anticipated after the market close on Thursday. Leading up to the earnings release, Akamai's shares had been on an upward trend, marking their sixth consecutive session of gains on Wednesday and reaching a new 52-week high.
