Stocks making the biggest moves after the bell: Palo Alto Networks, Ross Stores, Deckers & more
Check out the companies making headlines after the bell Thursday:
Applied Materials — Applied Materials shares fell more than 2% after the chipmaker posted quarterly results that missed analyst estimates. The company earned $1.85 per share on revenue of $6.25 billion. Analysts expected a profit of $1.90 per share on revenue of $6.38 billion, according to Refinitiv. Applied Materials’ current-quarter guidance for earnings and revenue was also below StreetAccount estimates. CEO Gary Dickerson said the company is “constrained by on-going supply chain issues.”
Palo Alto Networks — Shares of the cybersecurity company jumped 10% on the back of better-than-expected quarterly results. Palo Alto Networks reported earnings per share of $1.79 on revenue of $1.39 billion. Analysts polled by Refinitiv expected a profit of $1.68 per share on revenue of $1.36 billion. The company also issued stronger-than-expected earnings and revenue guidance for the fiscal fourth quarter.
Ross Stores — Ross Stores fell more than 18% after the retailer posted first-quarter revenue that was below analyst expectations. The company’s earnings per share and same-store sales guidance for the second quarter also came in below estimates. “Following a stronger-than-planned start early in the period, sales underperformed over the balance of the quarter,” CEO Barbara Rentler said.
Deckers Outdoor — Shares of Deckers Outdoor rallied more than 12% after the company posted a profit of $2.51 per share on revenue of $736 million. Those results topped Refinitiv estimates of $1.32 per share on sales of $639 million. The company’s full-year revenue guidance was also above expectations.
VF Corp — VF Corp shares rose more than 3% after the clothing company hiked its full-year earnings outlook. The company expects a profit ranging between $3.30 per share and $3.40 per share for fiscal 2023. That’s up from prior guidance of roughly $3.20 per share.
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