A video sign displays the logo for Roku Inc, a Fox-backed video streaming firm, in Times Square after the company’s IPO at the Nasdaq Market in New York, September 28, 2017.
Check out the companies making headlines in midday trading.
Qualcomm – Shares of Qualcomm lost 6% after the company reported earnings after the bell that included a guidance for its fiscal first quarter that fell below expectations, due to weak demand in China and elevated inventories. The technology firm reported adjusted earnings per share of $3.13, in-line with Wall Street expectations, according to Refinitiv. Revenues in the quarter were $11.39 billion compared to the estimate of $11.37 billion.
Roku — Shares of TV streaming platform slipped nearly 20% when the company said it sees fourth-quarter revenues lower than Wall Street expects and a larger adjusted EBITDA loss than anticipated. The company reported third-quarter results that beat analysts' forecasts, with a per-share loss of 88 cents compared to a $1.28 loss, according to Refinitiv. Revenue was $761 million, more than the estimate of $694 million.
Etsy — Etsy jumped more than 10% after the company reported quarterly earnings that beat the Street. The online retailer posted $594.47 million in revenue versus expectations of $564.48 million. The company also said it expects sales strength to continue in the fourth quarter, lifting shares.
MGM Resorts — Shares of MGM fell more than 5% after the company posted quarterly results. Revenue was $3.42 billion, which beat Wall Street's estimate of $3.24 billion. However, the company posted net revenue for its business in Las Vegas and China that came in below expectations, according to StreetAccount.
Fortinet — Fortinet shed more than 13% after the company's quarterly earnings release showed mixed results. The company reported adjusted earnings per share of 33 cents on $1.15 billion in revenue, where analysts expected earnings of 27 cents and $1.12 billion in revenue. Billings, however, were in-line with analyst expectations at $1.41 billion.
Cognizant Technologies — Shares of Cognizant Technologies fell 3% after the company reported revenue that missed Wall Street expectations, weighed down by slower bookings and fulfillment challenges against an uncertain economic backdrop.
Money Report
Robinhood — Shares of online trading platform Robinhood ticked up 3.9% in after-hours trading after the company reported quarterly results that showed a boost from interest rates and lower expenses. The company lost 20 cents per share during the quarter, better than the 31 cent per share loss analysts expected. Net revenue was $361 million, more than the $355 million expected.
Zillow — Zillow jumped 2.7% after reporting earnings that exceeded analyst expectations. The housing marketplace reported adjusted earnings per share of 38 cents, more than the forecast of 11 cents. Revenue was $483 million where Wall Street expected $456 million.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly> Chicago Catch-Up newsletter.
