Several companies made headlines after the bell, with Align Technology seeing a 3.6% increase in its stock price after beating analysts’ expectations for its first-quarter results. The orthodontics technology company reported adjusted earnings of $2.14 per share on revenue of $997.4 million, surpassing the $1.97 in earnings per share on revenue of $974 million that analysts had predicted. Meta Platforms, the parent company of Facebook, on the other hand, saw its shares plummet about 12% after issuing lighter-than-expected second-quarter revenue guidance, despite beating analysts’ expectations in the first quarter. Ford Motor rose 2% after posting a first-quarter earnings beat and raising its adjusted free cash flow outlook for 2024, although its revenue fell below expectations. Ethan Allen Interiors slipped 4% after reporting a decline in adjusted earnings and revenue for its fiscal third quarter.
International Business Machines (IBM) saw a 6.6% decline after hours as its first-quarter revenue of $14.46 billion missed consensus estimates. IBM also announced its plans to acquire HashiCorp for $6.4 billion in enterprise value, with HashiCorp shares jumping more than 4%. Whirlpool, the home appliance company, added 2% after reporting first-quarter earnings of $1.78 per share on revenue of $4.49 billion, surpassing analyst estimates. Chipotle Mexican Grill saw its shares rise more than 3% as it posted first-quarter profits well above analysts’ estimates, driven by strong restaurant traffic. Lam Research, the wafer fabrication equipment provider, reported adjusted earnings of $7.79 per share on revenue of $3.79 billion for the fiscal third quarter, beating analyst expectations and also issuing strong guidance for the current quarter.
ServiceNow, the digital workflow company, dropped 5% after narrowly beating analysts’ revenue expectations in the first quarter. Churchill Downs, the horse-racing and casino gaming company, climbed 5.4% after exceeding analysts’ estimates for first-quarter earnings per share, revenue, and adjusted earnings before interest, taxes, depreciation, and amortization. United Rentals, the equipment rental company, saw a 2.4% increase after posting a first-quarter adjusted earnings and revenue beat, and raising its revenue forecast for the full year of 2024. Overall, the companies making headlines after the bell saw a mix of positive and negative reactions from investors based on their financial performance and guidance.
