Several companies were making headlines in after-hours trading. Paramount Global saw its shares rise slightly after announcing that CEO Bob Bakish would be stepping down and replaced by an “office of the CEO.” The company also reported per-share earnings that beat analyst expectations, but revenue fell short. Chegg, an education technology company, saw its stock drop over 7% after announcing a CEO change and providing lower-than-expected revenue guidance for the second quarter. In contrast, NXP Semiconductors saw shares rise more than 5% after posting adjusted earnings that surpassed estimates, with revenue in line with forecasts. Amkor Technology also saw shares rise nearly 7% after reporting earnings that topped expectations, with better-than-expected guidance for the second quarter.
Medifast, a nutrition and wellness company, saw its shares plunge more than 17% after posting first-quarter adjusted earnings that missed analyst estimates, along with a weak outlook for the second quarter. F5, an application security cloud company, saw its stock drop 9% due to disappointing third-quarter revenue guidance, as well as second-quarter revenue that missed expectations. Coursera, an online course provider, saw shares tumble 15% after estimating second-quarter revenue that was lower than expected. However, Woodward, an aircraft supplier, saw shares rise more than 6% after beating revenue expectations in the second quarter and raising its forecast for the year. Sensata Technologies saw its shares soar 17% after beating first-quarter expectations on both the top and bottom lines and announcing changes in leadership, including the retirement of CEO Jeff Cote and the appointment of Martha Sullivan as interm president and CEO. The company also reached an agreement with Elliott Investment that would see Phillip Eyler join the board and serve on the CEO search committee.
In summary, Paramount Global, Chegg, NXP Semiconductors, Amkor Technology, Medifast, F5, Coursera, Woodward, and Sensata Technologies were all in the spotlight in after-hours trading. While some companies saw their shares rise after posting strong earnings and guidance, others saw their stock prices fall due to weaker-than-expected results and outlooks. Changes in leadership at several companies also influenced investor sentiment. Overall, the market reaction to these companies varied, with some seeing significant gains and others experiencing notable losses. Investors will continue to monitor these companies closely as they navigate their respective challenges and opportunities in the current market environment.
