Stocks to Watch: Arm Holdings, Applovin, Topgolf Callaway

By Ben Glickman

Arm Holdings reported a wider-than-expected loss in the fiscal second quarter, despite posting record sales. The chip designer warned that the industry was vulnerable to changes in the economy and the trajectory of the recovery in the semiconductor industry was not clear. Shares drop 7%, to $50.61, after-hours.

Applovin's revenue grew 21% and topped estimates as it reported a larger-than-expected profit in the third quarter. The marketing platform said the quarterly performance was driven by strong results from its artificial intelligence-based advertising engine. Shares rise 16%, to $46.70, after-hours.

Topgolf Callaway Brands said it is expecting a slowdown in demand at its Topgolf locations, slashing guidance for sales and earnings. The driving range and golf equipment company's sales and profit fell in the third quarter. Shares fall 16%, to $10.44, after-hours.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 08, 2023 19:03 ET (00:03 GMT)

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