Customers take out food from a Cava restaurant in Chicago, Illinois, on May 28, 2024.
Scott Olson | Getty Images
Check out the companies making headlines after the bell:
Cava Group — The fast-casual restaurant brand saw shares climb nearly 6% in after-hours trading following a better-than-expected earnings report. Cava posted a profit of 17 cents per share, or 4 cents above the LSEG estimate. Its revenue also came in above expectations.
Uber — Shares of the ride-sharing platform fell about 3% after the company and General Motors‘ Cruise announced a multiyear partnership. The embattled autonomous vehicle company plans to offer driverless rides to Uber users as soon as next year. GM shares rose more than 1% after hours.
Ross Stores — The off-price retailer’s stock surged about 6% in extended trading following an earnings beat. Ross reported earnings per share of $1.59 in the second quarter, 9 cents above analysts’ expectation, according to LSEG. Revenue of $5.25 billion matched the estimate.
Workday — Shares of the cloud company jumped more than 11% after the firm’s earnings and revenue exceeded expectations. The firm said its subscription revenue for the third quarter will be $1.96 billion, compared to $1.97 billion expected by analysts polled by StreetAccount.
Bill Holdings — The cloud-based payments company saw shares rising more than 3% after a stronger-than-expected quarterly report. Bill posted adjusted earnings of 57 cents per share in the fiscal fourth quarter, or 11 cents above an LSEG estimate. Revenue of $344 million was also higher than an expectation of $328 million.
Intuit — The financial technology platform’s shares climbed about 3% in extended trading, boosted by strong earnings. Intuit posted earnings of $1.99 per share, excluding items, on revenue of $3.18 billion. Analysts polled by LSEG expected earnings per share of $1.84 and revenue of $3.08 billion.
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Overall, after-hours trading showed a mix of positive and negative movements in stock prices. Companies such as Cava Group, Ross Stores, Workday, Bill Holdings, and Intuit experienced significant changes in their shares, with some beating expectations and others falling short. Investors will be keeping a close eye on these developments as they navigate the ever-changing market landscape.
It’s important for investors to carefully analyze earnings reports and partnerships like the one between Uber and General Motors’ Cruise to make informed decisions about their investments. The volatility in after-hours trading underscores the need for a strategic approach to stock trading and a keen understanding of market trends.
As the market continues to evolve, companies will need to adapt quickly to changing consumer preferences and technological advancements. The rise of autonomous vehicles and cloud computing companies highlights the importance of staying ahead of the curve in today’s fast-paced business environment.
While some stocks may experience fluctuations in after-hours trading, long-term investors should focus on the fundamentals of the companies they invest in and not get swayed by short-term market movements. Building a diversified portfolio and staying informed about industry developments will be key to long-term success in the stock market.
