Matt Murphy, President and CEO, Marvell Technology
Adam Jeffery | CNBC
Check out the companies making headlines before the bell:
Marvell Technology Marvell Technology rose 17% in premarket trading after reporting a top-and-bottom win in the first quarter. Marvell reported adjusted earnings of 31 cents per share, beating estimates by 29 cents, according to Refinitiv. It reported revenue of $1.32 billion, while analysts polled by Refinitiv expected $1.3 billion. It expects revenue growth to accelerate in the second half of the fiscal year.
Gap — Shares of the apparel retailer jumped more than 11% pre-market even though the company posted a net loss and sales fell Thursday in its most recent quarter, as investors welcomed Gap’s big improvement in its margins thanks to lower promotions and lower air freight costs.
Labor Day — Labor Day jumped 9% after missing first-quarter expectations on the top and bottom lines of earnings. The financial management software company also named its new Chief Financial Officer, Zane Rowe, and raised its minimum subscription revenue guidance for the full year.
Autodesk – Autodesk rose 1% in premarket trading. The software company reported first-quarter results that were in line with analyst expectations. It gave guidance for the second quarter that was weaker than expected, while its full-year forecast was roughly in line.
Deckers Outdoor – Deckers Outdoor was down 2% in premarket trading. The trendy footwear company reported fourth-quarter results that beat analyst expectations, according to Refinitiv. However, it gave lower-than-expected full-year earnings and guidance.
RH — Shares of the retailer fell more than 3% in premarket trading despite RH’s superior outlook for the fiscal first quarter in a report Thursday evening. The company reported $2.21 in adjusted earnings per share on $739 million in revenue. Analysts surveyed by Refinitiv were looking for $2.09 earnings per share on $727 million in revenue. However, RH’s revenue guidance for the second quarter fell short of expectations, and the company warned of increased writedowns.
Ulta Beauty — Ulta Beauty fell 9% in pre-market trading even after the beauty retailer reported strong first-quarter earnings and revenue. It raised very slightly its full year revenue guidance, and reaffirmed its earnings per share guidance. However, comparable sales grew slightly less than expected.
— CNBC’s Tanaya Machell and Jesse Pound contributed reporting