Companies Making Headlines Before the Bell
Apple
Shares of the tech giant dropped nearly 2.4% in premarket trading. The company reported earnings per share for the fiscal third quarter came at $1.26, above the $1.19 expected by analysts. Apple’s revenue, which came in higher than anticipated, was down about 1% on a year-over-year basis, showing a decline for the third consecutive quarter as the company reported a decline in sales of its hardware products.
Block
Shares of the payments tech company slid more than 5% in premarket trading even after the firm reported second-quarter earnings and revenue above expectations. The company formerly known as Square reported earnings of 39 cents per share, beating expectations by 3 cents. Revenue of $5.53 billion also came in higher than the expectation of $5.10 billion.
Coinbase
Shares of the crypto exchange fell 1.5% in early morning trading Friday after the company posted a narrower-than-expected loss of 42 cents a share late Thursday. Revenue also surpassed expectations, coming in at $708 million, versus analysts’ forecast for $633 million.
Amazon
The e-commerce giant popped more than 9% following a strong second-quarter results and upbeat revenue guidance for the current period. Amazon reported earnings of 65 cents a share, ahead of the 35 cents expected by analysts. Revenue rose 11% during the period and came in at $134.4 billion, ahead of the expected $131.5 billion.
Booking Holdings
The stock soared by more than 12% after Bookings Holdings said it expects gross bookings to grow in the third quarter. The online travel company also reported second-quarter adjusted earnings of $37.62 per share on revenue of $5.46 billion, while analysts called for earnings of $28.90 per share on revenue of $5.17 billion.
Nikola
Shares of the electric truck maker rose 1.9% after the company said it won shareholder approval to issue new stock. The vote will allow Nikola to raise additional funds to support the launch of a fuel-cell-powered electric semi truck and buildout of a hydrogen refueling network in the U.S. and Canada.
Fortinet
Fortinet tumbled 18.8% after posting a mixed second-quarter report and outlook. The cybersecurity company posted 38 cents in adjusted earnings per share on $1.29 billion in revenue, while analysts had expected 34 cents per share on $1.3 billion. Fortinet similarly issued mixed guidance for the current quarter.
Tupperware Brands
The stock popped 56% before the bell Friday on news that the container maker finalized a debt restructuring deal, which it expects will help reduce or reallocate about $150 million of cash interest and fees. The deal would also give Tupperware immediate access to a revolving borrowing capacity of about $21 million.
Opendoor Technologies
Shares dropped 10.3% after Opendoor Technologies issued weak third-quarter revenue guidance. The online home selling company estimates third-quarter revenue of $950 million to $1.0 billion, lower than the $1.36 billion expected by analysts.
DraftKings
Shares of the digital gambling company gained 12% after DraftKings flew past analysts’ estimates in the second quarter. The company reported a loss of 17 cents per share on revenue of $875 million, surpassing analysts’ calls for a loss of 25 cents a share and $764 million in revenue.
— HaberTusba’s Tanaya Macheel, Yun Li and Sarah Min contributed reporting.
Companies Making Headlines Before the Bell
Apple
Shares of the tech giant dropped nearly 2.4% in premarket trading. The company reported earnings per share for the fiscal third quarter came at $1.26, above the $1.19 expected by analysts. Apple’s revenue, which came in higher than anticipated, was down about 1% on a year-over-year basis, showing a decline for the third consecutive quarter as the company reported a decline in sales of its hardware products.
Block
Shares of the payments tech company slid more than 5% in premarket trading even after the firm reported second-quarter earnings and revenue above expectations. The company formerly known as Square reported earnings of 39 cents per share, beating expectations by 3 cents. Revenue of $5.53 billion also came in higher than the expectation of $5.10 billion.
Coinbase
Shares of the crypto exchange fell 1.5% in early morning trading Friday after the company posted a narrower-than-expected loss of 42 cents a share late Thursday. Revenue also surpassed expectations, coming in at $708 million, versus analysts’ forecast for $633 million.
Amazon
The e-commerce giant popped more than 9% following a strong second-quarter results and upbeat revenue guidance for the current period. Amazon reported earnings of 65 cents a share, ahead of the 35 cents expected by analysts. Revenue rose 11% during the period and came in at $134.4 billion, ahead of the expected $131.5 billion.
Booking Holdings
The stock soared by more than 12% after Bookings Holdings said it expects gross bookings to grow in the third quarter. The online travel company also reported second-quarter adjusted earnings of $37.62 per share on revenue of $5.46 billion, while analysts called for earnings of $28.90 per share on revenue of $5.17 billion.
Nikola
Shares of the electric truck maker rose 1.9% after the company said it won shareholder approval to issue new stock. The vote will allow Nikola to raise additional funds to support the launch of a fuel-cell-powered electric semi truck and buildout of a hydrogen refueling network in the U.S. and Canada.
Fortinet
Fortinet tumbled 18.8% after posting a mixed second-quarter report and outlook. The cybersecurity company posted 38 cents in adjusted earnings per share on $1.29 billion in revenue, while analysts had expected 34 cents per share on $1.3 billion. Fortinet similarly issued mixed guidance for the current quarter.
Tupperware Brands
The stock popped 56% before the bell Friday on news that the container maker finalized a debt restructuring deal, which it expects will help reduce or reallocate about $150 million of cash interest and fees. The deal would also give Tupperware immediate access to a revolving borrowing capacity of about $21 million.
Opendoor Technologies
Shares dropped 10.3% after Opendoor Technologies issued weak third-quarter revenue guidance. The online home selling company estimates third-quarter revenue of $950 million to $1.0 billion, lower than the $1.36 billion expected by analysts.
DraftKings
Shares of the digital gambling company gained 12% after DraftKings flew past analysts’ estimates in the second quarter. The company reported a loss of 17 cents per share on revenue of $875 million, surpassing analysts’ calls for a loss of 25 cents a share and $764 million in revenue.
— HaberTusba’s Tanaya Macheel, Yun Li and Sarah Min contributed reporting.