Top movers | PINS, ANET Jump on Positive Outlook; WDC Plans to Separate Business

1. $Pinterest, Inc.(PINS)$ soars 15.86% after impressive Q3 earnings beat and upbeat Q4 outlook

Pinterest jumped 15% after Q3 earnings beat on the top and bottom lines.

• Revenue: $763.2 mln vs. $743.5 mln expected

• Adjusted EPS: 28 cents vs. 20 cents expected

Revenue unexpectedly achieved double-digit growth of 11%, beating its own estimates of “mid-single digits”.

For the fourth quarter, Pinterest said it expects revenue growth of 11% to 13%, higher than analyst estimates of 11.3%

Last week, $Meta Platforms, Inc.(META)$ and $Snap Inc(SNAP)$ plunged after earnings as they were pessimistic about Q4 guidance, citing the effects of conflicts.

2. $Arista Networks(ANET)$: strong AI demand leads to stellar Q3 earnings; Bullish Q4 revenue forecast

• Adjusted EPS: $1.83, beating estimates of $1.58.

• Revenue climbed to $1.51 bln, surpassing expectations of $1.48 bln.

The company provided a positive outlook for the future, projecting Q4 revenue of $1.5 to $1.55 billion, surpassing expectations of $1.47 billion.

Arista Networks' CEO highlighted the company's strong customer momentum in both enterprise and cloud/AI sectors.

3. $Western Digital(WDC)$  beats earnings estimates and announces business separation

 Western Digital's was up 7.26% after its quarterly earnings exceeded expectation.

• Adjusted EPS: -$1.76 vs. -$1.91

• Sales: $2.75 bln vs. $2.66 bln

The company also announced its decision to separate its flash-memory and traditional hard-drive businesses into two independent public companies.

This move followed the end of merger talks with Kioxia Holdings, a memory chip manufacturer.

However, Western Digital Corporation fell 5% after the bell.