US stock futures opened the day slightly lower on Friday, with the Nasdaq futures shedding around 0.2%. This downward trend was primarily driven by a wave of disappointing financial results from various companies.
Sweetgreen, the popular salad chain, saw its shares plummet by 15% in pre-market trading. The company’s quarterly loss per share came in at 18 cents, exceeding analysts’ expectations of a 16-cent loss. Furthermore, Sweetgreen’s quarterly revenue fell short of estimates, reaching $173.4 million compared to the anticipated $175.533 million.
Several other companies experienced significant pre-market declines due to underwhelming performance. Evolent Health, a healthcare company, witnessed its shares drop by 33.6% after reporting worse-than-expected third-quarter financial results. Similarly, Agilon Health, a provider of healthcare services for seniors, saw its stock fall by 29% following a miss on quarterly revenue expectations.
Maravai LifeSciences, a biotech company, experienced a 26.6% decline in its share price after posting disappointing third-quarter results and trimming its FY24 sales guidance. Real estate platform Redfin Corporation also faced a 14.1% drop in pre-market trading due to worse-than-expected third-quarter financial results.
Pinterest, a popular visual discovery platform, saw its shares dip by 12.7% after reporting lower-than-expected third-quarter earnings per share. Pacific Biosciences, a genomics company, witnessed a 12.6% decline in its stock price after reporting weaker-than-anticipated third-quarter revenue.
The Trade Desk, an advertising technology company, saw its shares decrease by 9.7% in pre-market trading following the release of its third-quarter results. DraftKings, a sports betting and entertainment platform, experienced a 5.2% drop in its share price after reporting worse-than-expected third-quarter revenue results and lowering its FY24 revenue guidance.
This trend of disappointing earnings and revenue reports underscores the challenges faced by many companies amid the current economic climate. Investors are carefully scrutinizing these reports, and any deviation from expectations is met with significant market reactions.
