Several companies made headlines in extended trading, including Palantir Technologies, Lucid Group, Hims & Hers Health, Simon Property Group, Microchip Technology, Vertex Pharmaceuticals, and International Flavors & Fragrances. Palantir Technologies saw its shares decline nearly 5% after issuing lighter-than-expected guidance for full-year revenue. Despite this, the company’s first-quarter adjusted earnings met expectations at 8 cents per share, with quarterly revenue of $634 million exceeding forecasts of $625 million. Lucid Group, on the other hand, tumbled 7.5% following its first-quarter results, despite posting a slight revenue beat. The company reported a loss of 30 cents per share based on generally accepted accounting principles and reaffirmed its 2024 production guidance of around 9,000 vehicles.
Hims & Hers Health experienced a 10% jump in postmarket trading after the company’s second-quarter revenue guidance surpassed analysts’ estimates. The telehealth consultation platform expects revenue between $292 million and $297 million, compared to analysts’ forecasts of $288 million, with first-quarter results also coming in ahead of Street estimates. Simon Property Group advanced 1.4% after reporting a quarterly revenue beat, posting $1.30 billion in revenue slightly above estimates of $1.29 billion. Microchip Technology, on the other hand, saw its stock fall 4% after its current-quarter revenue guidance fell below analysts’ estimates. The company expects first-quarter revenue between $1.22 billion and $1.26 billion, missing Street estimates of $1.34 billion, with adjusted earnings forecasted in a range between 48 cents and 56 cents per share, also below analysts’ expectations of 59 cents per share.
Vertex Pharmaceuticals shares ticked higher by less than 1% after reporting first-quarter adjusted earnings of $4.76 a share on revenue of $2.69 billion, exceeding analysts’ expectations of earnings of $4.06 per share and revenue of $2.58 billion. International Flavors & Fragrances, another company in the spotlight, jumped 3.7% after first-quarter revenue topped expectations, posting $2.9 billion in revenue compared to analysts’ anticipated $2.78 billion. The company also mentioned that full-year sales, adjusted operating earnings before interest, taxes, depreciation, and amortization, and volume should come in near the higher end of previously shared guidance ranges.
In summary, the companies that made headlines in extended trading experienced a mix of results, with some exceeding expectations and others falling short. While Palantir Technologies and Lucid Group faced challenges with their revenue guidance and losses, Hims & Hers Health and Simon Property Group saw positive movements in their revenue and results. Meanwhile, Microchip Technology’s lower-than-expected revenue guidance led to a decline in its stock, while Vertex Pharmaceuticals and International Flavors & Fragrances outperformed analysts’ expectations with their first-quarter results. Overall, these companies will continue to navigate the market as they strive to meet their revenue targets and deliver value to their shareholders.
