In after-hours trading, several companies faced stock declines after missing earnings estimates, with Starbucks reporting a 4% drop due to lower-than-expected earnings and declining same-store sales for five consecutive quarters. First Solar's shares fell 10% after it provided weak full-year guidance. Super Micro Computer experienced a 16% plunge due to disappointing preliminary fiscal third-quarter results. Conversely, Visa's shares rose slightly after exceeding profit expectations. Snap's stock tumbled over 12% despite stronger-than-expected revenue, as uncertainty in advertising demand led to a lack of guidance for future quarters.
Starbucks reported adjusted earnings per share of 41 cents on $8.76 billion in revenue, missing analyst expectations of 49 cents and $8.82 billion.
First Solar dropped 10% in after-hours trading due to weaker guidance for the full year, anticipating earnings between $12.50 and $17.50 per share.
Super Micro Computer experienced a 16% plunge after reporting preliminary results that fell short of consensus expectations and adjusting its earlier guidance for the quarter.
Snap's shares fell over 12% despite better-than-expected first-quarter revenue, as the company refrained from providing guidance due to uncertain advertising demand.
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