Cava Group, the fast-casual restaurant brand, experienced a nearly 6% increase in after-hours trading due to a better-than-expected earnings report. The company posted a profit of 17 cents per share, surpassing the LSEG estimate by 4 cents. Additionally, its revenue exceeded expectations, contributing to the positive market reaction.
Despite a multiyear partnership announcement between Uber and General Motors’ Cruise, shares of the ride-sharing platform dropped by about 3% after hours. The embattled autonomous vehicle company plans to offer driverless rides to Uber users as early as next year. Interestingly, GM shares rose more than 1% following the news.
Ross Stores surges after earnings beat
The off-price retailer, Ross Stores, saw its stock surge approximately 6% in extended trading after reporting an earnings beat. Earnings per share for the second quarter came in at $1.59, surpassing analysts’ expectations by 9 cents, according to LSEG. The company’s revenue of $5.25 billion aligned with the estimate, further boosting investor confidence.
Shares of the cloud company, Workday, soared more than 11% as its earnings and revenue exceeded expectations. The firm announced that its subscription revenue for the third quarter is anticipated to reach $1.96 billion, slightly lower than the $1.97 billion expected by analysts polled by StreetAccount. This impressive performance fueled investor optimism and drove the stock price higher.
Bill Holdings, a cloud-based payments company, experienced a more than 3% increase in shares following a stronger-than-expected quarterly report. The company reported adjusted earnings of 57 cents per share in the fiscal fourth quarter, surpassing an LSEG estimate by 11 cents. Moreover, its revenue of $344 million exceeded the expectation of $328 million, showcasing solid financial performance.
Financial technology platform, Intuit, witnessed a 3% climb in shares during after-hours trading, propelled by strong earnings. The company reported earnings of $1.99 per share, excluding items, on revenue of $3.18 billion. Analysts polled by LSEG had anticipated earnings per share of $1.84 and revenue of $3.08 billion. This positive earnings report contributed to the upward trajectory of Intuit’s stock price in the post-market session.