Arm Holdings stock fell 6% in overnight trading after it warned of sluggishness in the smartphone industry, crimping a vital source of the chip company’s revenue, while promising that AI data center growth would more than offset the slump.
During a conference call to discuss fourth-quarter results, Chief Executive Officer Rene Haas said he saw unit growth for phones “flip to negative” last quarter. But the slowdown is concentrated in the lower end of the market, he said, limiting the impact on Arm.
IONQ's latest financial results, posted after Wednesday's market close, beat along top-line metrics. For the first quarter, IonQ recorded an adjusted loss of 34 cents a share, narrower than the 46-cent loss analysts had anticipated. Revenue grew 55% year-over-year to $64.7 million, surpassing the FactSet consensus estimate of $49.8 million.
Investors had maintained high expectations heading into the report, potentially accounting for the reversal in extended trading. Shares sank over 6% in after-hours trading.
Coherent reported quarterly earnings that were in-line with Wall Street's expectations, with gross margins increasing slightly. The optical networking company is benefiting from the artificial intelligence data center boom -- but shares fell 7.35% anyway.
Albemarle, the world's largest lithium producer, posted a quarterly profit on Wednesday more than double Wall Street's expectations due to rising prices and sales of the battery metal, and its shares rose 3%.
Snap said on Wednesday its first-quarter advertising revenue was impacted by the conflict in the Middle East and slowing growth in North America, sending its shares 9% lower in overnight trading.
Beyond Meat forecast current-quarter revenue below Wall Street expectations on Wednesday, as it grapples with sluggish demand for its once-iconic plant-based products.
The company expects quarterly revenue of $60 million to $65 million, lower than analysts' expectations of about $67 million, according to data compiled by LSEG.
Beyond Meat shares, which closed higher by about 13% on Wednesday, fell 13.5% in overnight trading to about 89 cents.
Shares of Fastly sank over 24% in overnight trading as the IT infrastructure provider's first-quarter revenue from artificial intelligence agentic traffic didn't impress investors.
The company posted first-quarter earnings of 13 cents a share, compared with a 5 cent a share loss a year ago and above Wall Street's call for earnings of 9 cents a share. Revenue rose 20% to $173.02 million, above the analyst consensus view of $171.8 million, according to FactSet.
Comments