Paramount’s Leadership Shakeup and Mixed Earnings
Paramount Global’s shares saw a modest increase after the company announced the departure of CEO Bob Bakish. The company also posted earnings per share of 62 cents, exceeding analysts’ expectations of 36 cents. However, revenue of $7.69 billion fell short of the anticipated $7.73 billion.
Chegg’s Leadership Change and Revenue Disappointment
Chegg stock witnessed a significant drop of over 7%. The education technology company announced a CEO transition and released disappointing revenue guidance for the second quarter, ranging from $159 million to $161 million, below analysts’ expectations of $174 million.
NXP Semiconductors and Amkor Technology’s Earnings Surge
NXP Semiconductors shares jumped over 5% after the chipmaker reported adjusted earnings of $3.24 per share, surpassing the consensus estimate of $3.16 per share. Revenue of $3.13 billion aligned with forecasts. Similarly, Amkor Technology’s shares climbed nearly 7% after the semiconductor manufacturing company outperformed expectations. First-quarter earnings per share of 24 cents exceeded analysts’ estimate of 11 cents, and revenue of $1.37 billion surpassed the anticipated $1.36 billion. Second-quarter earnings and revenue projections also exceeded expectations.
Medifast’s Earnings Miss and Weak Outlook
Medifast’s shares plummeted over 17% after the nutrition and wellness company posted first-quarter adjusted earnings of 66 cents per share, falling below the FactSet consensus estimate of 80 cents per share. The company also provided a weak outlook for earnings and revenue in the second quarter.
F5’s Revenue Disappointment and Coursera’s Revenue Revision
F5, an application security cloud company, saw a decline of 9% after issuing disappointing third-quarter revenue guidance of $675 million to $695 million, below the $695 million LSEG consensus estimate. Second-quarter revenue of $681 million also fell short of the $685 million anticipated by analysts. Coursera shares dropped 15% after the online course provider reduced its projected revenue for the second quarter to $162 million to $166 million, below analysts’ expectations of $178 million.
Woodward’s Revenue Exceeds Expectations and Sensata’s Leadership Transition and Positive Results
Woodward, an aircraft supplier, witnessed a rise of over 6% after exceeding revenue expectations in the second quarter. Revenue of $835.3 million surpassed the $807 million FactSet consensus estimate, prompting the company to upgrade its forecast for the year. Sensata Technologies shares soared 17% after the sensor technology company outperformed expectations on both the top and bottom lines in the first quarter. The company also announced the retirement of CEO Jeff Cote and the appointment of Martha Sullivan as interim president and CEO. Sensata also reached an agreement with Elliott Investment, resulting in Phillip Eyler joining the board and contributing to the CEO search committee.
