Monday, March 4, 2024

Stocks trending after hours: Salesforce, Okta, Snowflake and more

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Salesforce (CRM): Salesforce co-CEO and vice chair Bret Taylor is stepping down as of January 31, 2023, the company announced in its earnings release Wednesday. Co-founder Marc Benioff will become Salesforce’s solo CEO.

For its third quarter, Salesforce reported adjusted earnings of $1.40 per share on revenue of $7.84 billion, topping the Street’s estimates on the top and bottom lines. Despite the beat, shares fell in extended trading after the company’s fourth-quarter revenue guidance range of $7.9 billion to $8.03 billion missed analyst expectations.

Okta (OKTA): Shares jumped in after-hours trading after the company’s fourth quarter adjusted earnings guidance of 9 cents to 10 cents a share blew past analyst’s estimate for a loss of 11 cents per share.

The company reported third quarter total revenue of $481 million, an increase of 37% from a year ago. Subscription revenue was $466 million, up 38% year-over-year.

Snowflake (SNOW): Shares of Snowflake fell after the company’s fourth-quarter product revenue forecast missed estimates, signaling a slowdown in tech spending. Snowflake sees $Q product revenue of $535 million to $540 million, missing analyst’s estimate of $551.9 million.

Five Below (FIVE): Shares of the retailer surged after the company boosted its full-year guidance. Five Below now sees FY net sales of $3.04 billion to $3.06 billion, up from its previous range of $2.97 billion to $3.02 billion. Five Below CEO and President Joel Anderson said the company is “continuing to play offense”, writing in the earnings release, “We delivered third quarter results that were better than our guidance in spite of the difficult macro environment and challenging year-over-year comparison.” Five Below shares are up more than 23% in the past six months.

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