Streetbeat News

Earnings

GTLB

GitLab's shares are trading higher after the company reported better-than-expected Q2 results and issued strong guidance for Q3 and FY24.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 1:36 pm

CNM

Core & Main Inc (NYSE: CNM) reported Q2 FY23 sales of $1.861 billion, missing the consensus of $1.88 billion. EPS decreased 4.3% Y/Y to $0.66, also missing the consensus of $0.68. The company also adjusted its FY23 outlook, narrowing its net sales estimate to $6.6 billion-$6.8 billion from the previous $6.6 billion -$6.9 billion. CNM shares are trading lower by 4.81% at $30.07.

Portfolio Pulse from Akanksha Bakshi

September 06, 2023 | 1:36 pm

CBOE

Cboe Global Markets has reported a 10% YoY increase in Q2 net revenue, reaching $467.1 million, driven by strong growth in its options business and Data & Access solutions sectors. The options category contributed $283.2 million, marking a 20% boost from Q2 2022. However, the company saw declines in revenues across its North American equities, Europe and Asia Pacific, and futures business segments. The company's future outlook appears promising as it continues to expand its offerings, including the introduction of its 1-day volatility index (VIX1D) and new sweep order types for its European equities exchange.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 1:28 pm

ZS

Zscaler Inc's shares are trading slightly lower despite reporting a 43% YoY increase in Q4 revenue to $455.01 million, beating the consensus estimate of $430.42 million. The company also reported quarterly earnings of 64 cents per share, surpassing analyst estimates of 49 cents per share. For the fiscal first quarter, Zscaler anticipates revenue of $472 million to $474 million and earnings of 48 to 49 cents per share. Multiple analysts have reiterated or maintained their ratings, with price targets ranging from $175 to $210.

Portfolio Pulse from Adam Eckert

September 06, 2023 | 1:27 pm

AKTS

Akoustis Technologies, Inc (NASDAQ:AKTS) reported Q4 FY23 revenue growth of 60.2% YoY to $8.33 million, missing the consensus of $8.44 million. The company also reported a gross loss of $1.7 million and a non-GAAP EPS loss of $0.21, both worse than expected. Despite this, the company remains optimistic about significant growth over the next two years. AKTS shares traded lower by 13.3% premarket.

Portfolio Pulse from Anusuya Lahiri

September 06, 2023 | 1:24 pm

AVAV

AeroVironment Inc's (NASDAQ:AVAV) shares are trading higher after reporting better-than-expected Q1 results and issuing strong guidance. The company reported revenues of $152.3 million, up 40% YoY, and earnings of $1 per share, beating estimates. The company also announced the acquisition of Tomahawk Robotics, expected to close in Q2. Following the results, Baird analyst Peter Arment upgraded AeroVironment from Neutral to Outperform and raised the price target from $95 to $128.

Portfolio Pulse from Adam Eckert

September 06, 2023 | 1:24 pm

FOXO

VERB

In Wednesday's pre-market session, several information technology stocks saw significant movement. FOXO Technologies, Marin Software, Mitek Systems, ZeroFox Holdings, Daktronics, and T Stamp all saw their stocks rise, with FOXO Technologies leading the gainers with an 80.8% increase. On the other hand, Verb Tech, WeTrade Group, Akoustis Technologies, Photronics, UTime, and CXApp all saw their stocks decline, with Verb Tech leading the losers with a 25.6% decrease.

Portfolio Pulse from Benzinga Insights

September 06, 2023 | 1:05 pm

ROKU

Roku, Inc. (NASDAQ:ROKU) stock is trading higher after the company announced measures to reduce its year-over-year operating expense growth rate. These include consolidating office space, reviewing its content portfolio, reducing outside services expenses, and slowing headcount expense growth through workforce reduction. The company expects to record a restructuring charge of $45 million - $65 million for the workforce reduction. Roku now expects total net revenue of $835 million - $875 million for Q3, up from the prior $815 million.

Portfolio Pulse from Anusuya Lahiri

September 06, 2023 | 1:05 pm

UMC

United Microelectronics Corp (UMC) reported a 25.23% year-on-year decline in net sales for August 2023, with sales for the year-to-date period also falling by 20.0%. Despite a Q2 FY23 revenue decline of 21.9%, UMC's revenue and adjusted EPS in USD beat consensus estimates. The company forecasts a 3%-4% quarter-on-quarter decline in Q3 wafer shipments and a slight reduction in gross profit margin. UMC's FY23 capital expenditure is expected to be $3.0 billion.

Portfolio Pulse from Lekha Gupta

September 06, 2023 | 12:46 pm

ROKU

SST

TRVN

Trevena reported preliminary data from two proof-of-concept studies for TRV045. System1 confirmed receipt of interest for total security from Just Develop It. Roku announced plans to cut its workforce by 10% and raised its Q3 revenue guidance above consensus.

Portfolio Pulse from ryanfaloona@benzinga.com

September 06, 2023 | 12:38 pm