Snowflake Stock Plummets 20.3% After CEO Transition; C3.ai, Okta, and Duolingo Surge Post-Strong Quarterly Reports, and More

Snowflake (NYSE:SNOW) – Snowflake’s shares plummeted 20.3% following the announcement of CEO Frank Slootman’s retirement, replaced by Sridhar Ramaswamy, former head of advertising at Google. Fourth-quarter sales rose 32% to $774.7 million, but operating losses widened to $275.5 million. The revenue forecast for the first quarter fell short of expectations.

Okta (NASDAQ:OKTA) – Okta’s shares surged 24% in pre-market trading after reporting quarterly results that exceeded expectations, along with an optimistic projection for the first quarter. Okta posted an adjusted earnings per share of 63 cents, while the FactSet consensus was 51 cents. The company also projected revenue for the current period between $603 million and $605 million, surpassing the forecasts of $583.8 million by analysts surveyed by FactSet.

C3.ai (NYSE:AI) – C3.ai’s shares rose 14.4% in pre-market trading. The company reported an adjusted loss per share of 13 cents, which was better than expected, and surpassed revenue estimates for the most recent quarter. Revenue increased 18% to $78.4 million. Wall Street analysts surveyed by FactSet had anticipated a loss of 28 cents per share on revenue of $76.1 million.

Duolingo (NASDAQ:DUOL) – Shares of the language learning platform rose 22.13% in pre-market trading after exceeding quarterly expectations, showcasing robust monthly user numbers and bookings. Duolingo also issued an optimistic revenue forecast for both the first quarter and the full year.

Salesforce (NYSE:CRM) – Salesforce’s financial results revealed a mixed trajectory, with its shares declining up to 1.6% in Thursday’s pre-market trading. The company also announced the start of dividend payments at 40 cents per share. Salesforce posted an adjusted earnings per share of $2.29 compared to the expected $2.26, and revenue of $9.29 billion compared to the projected $9.22 billion. Net profit reached $1.45 billion, a significant improvement from the previous quarter. The company’s future forecasts for the next quarter and fiscal year 2025 indicate cautious optimism, with adjusted earnings per share and revenue projections in line with market expectations.

Pure Storage (NYSE:PSTG) – Pure Storage’s shares rose 8.0% in pre-market trading. The data storage company exceeded Wall Street’s quarterly estimates by reporting earnings of 50 cents per share with revenues of $790 million. Additionally, its revenue outlook for the first quarter exceeded analysts’ expectations surveyed by StreetAccount.

Nutanix (NASDAQ:NTNX) – Nutanix’s shares increased 3.3% in pre-market trading after reporting fiscal second-quarter earnings that exceeded analysts’ forecasts. The cloud computing company announced an adjusted profit of 46 cents per share, with revenue of $565 million, surpassing profit expectations of 29 cents per share and revenue of $551 million as predicted by analysts surveyed by LSEG.

Bumble (NASDAQ:BMBL) – Bumble issued a pessimistic revenue forecast. Additionally, the company plans to cut 350 jobs, approximately 30% of its workforce. The average revenue per paying user in the Badoo and Bumble apps fell to $22.64 in the last quarter, compared to $23.01 in the previous year. Revenue increased 13% in the fourth quarter to $274 million.

HP Inc (NYSE:HPQ) – HP Inc.’s shares declined approximately 4.1% in pre-market trading after reporting fiscal first-quarter results, with the company posting revenue of $13.19 billion. This figure fell short of analysts’ expectations surveyed by LSEG, who had anticipated revenue of $13.56 billion.

Marathon Digital (NASDAQ:MARA) – Marathon Digital’s shares fell 4.3% in pre-market trading, despite quarterly profits. Following a 74% increase in shares the previous month, the positive results were not sufficient to maintain momentum. In the fourth quarter, Marathon reported a net profit of $151.8 million, or 66 cents, on revenue of $156.8 million. The company plans to significantly increase its mining hash rate in the coming years and has reduced its debt by 56%, to $331 million, with a 21% discount from the nominal value. The company produced 4,242 bitcoins in the fourth quarter, compared to 1,562 in the same period last year.

Paramount Global (NASDAQ:PARA) – Paramount Worldwide fell short of revenue expectations in the fourth quarter but surprised with a quarterly profit. Its streaming service, Paramount+, performed strongly. During the period, it recorded a profit of $514 million, or 77 cents per share, adjusted to 4 cents per share, against expectations of a 1-cent per share loss. However, revenue was $7.64 billion against the expected $7.85 billion.

AMC Entertainment (NYSE:AMC) – AMC Entertainment’s shares fell 9.8% in pre-market trading after reporting a larger-than-expected loss of 83 cents per share in the fourth quarter. Analysts surveyed by LSEG had anticipated a loss of 70 cents per share. Revenue grew 11.5% to $1.104 billion, above the FactSet consensus of $1.058 billion. AMC’s adjusted EBITDA increased 193% to $42.5 million.

Figs Inc (NYSE:FIGS) – Shares of the medical apparel company fell 18.7% in pre-market trading due to mixed fourth-quarter results. The adjusted earnings per share were 5 cents, exceeding the LSEG estimate of 2 cents per share. However, Figs recorded revenue of $145 million, below the expected $150 million.

Monster Beverage (NASDAQ:MNST) – Monster Beverage missed Wall Street’s fourth-quarter revenue expectations due to consumer caution over higher drink prices. However, its shares rose about 5% after the company reported an estimated increase in January sales. Net profit increased 14.4% to $1.73 billion but fell short of estimates, while earnings per share excluding items were 35 cents, below the 38-cent expectations.

Anheuser-Busch InBev (NYSE:BUD) – The world’s largest brewery reported annual revenue of $59.38 billion, a 7.8% increase, but below analysts’ expectations of $60.48 billion, according to LSEG. Anheuser-Busch InBev raised its annual dividend by 9% on Thursday, but without a new share buyback, worrying investors. As it seeks to reward shareholders’ patience, it faces challenges with lower-than-expected sales in the U.S. and significant debt of over $100 billion. Additionally, the Teamsters union and Anheuser-Busch Inbev reached a provisional 5-year agreement, avoiding a strike at U.S. brewery facilities. The agreement includes wage increases and enhanced benefits for the 5,000 union members.

Wallbox (NYSE:WBX) – The electric vehicle charging company revealed a smaller-than-expected quarterly loss of $12 million on sales of $46.8 million, surpassing expectations.

Virgin Galactic (NYSE:SPCE) – Virgin Galactic reported its fourth-quarter results, where the company recorded a loss of 26 cents per share, better than the forecasted 30 cents. It ended the year with nearly $1 billion in cash, expecting to use about $500 million in 2024. Sales were $2.8 million for the quarter against sales expectations of $3 million. The company expects first-quarter revenue of about $2 million, while Wall Street had anticipated $3.6 million.

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