Companies Making Headlines in After-Hours Trading
Chegg
Shares of Chegg soared more than 25% after the educational tech company released its quarterly results. Chegg reported second-quarter revenue of $183 million, surpassing the Refinitiv analysts’ expected $177 million.
Hims & Hers Health
Stock in the telehealth company, Hims & Hers, climbed 16% following an earnings beat. The company posted a second-quarter loss of 3 cents per share on revenue of $208 million, outperforming the Refinitiv analysts’ estimate of a 5 cent loss per share and revenue of $205 million. Hims & Hers also provided optimistic revenue guidance for the third quarter, projecting a range of $217 million to $222 million, while analysts estimated $214 million.
Paramount Global
Media conglomerate Paramount Global gained almost 4% in extended trading hours after reporting an earnings and revenue beat. The company earned an adjusted 10 cents per share and $7.62 billion in revenue in the second quarter, exceeding the Refinitiv analysts’ forecast of flat EPS and $7.43 billion in revenue.
Lucid
Shares of electric vehicle maker Lucid rose roughly 3% despite reporting second-quarter revenue of $150.9 million, lower than the analysts’ estimate of $175 million. However, the company’s $3 billion capital raise from May alleviated capital concerns for another year, according to executives.
International Flavors & Fragrances
Shares of International Flavors & Fragrances slipped more than 19% after the company reported $2.9 billion in revenue for the second quarter, falling short of the Refinitiv analysts’ expectation of $3.07 billion in revenue.
Celanese
Materials stock Celanese fell nearly 3% after missing on both the top and bottom line in the second quarter. The company reported adjusted earnings of $2.17 per share and $2.8 billion in revenue, lower than the FactSet forecast of $2.49 per share in earnings and $2.55 billion in revenue.
Beyond Meat
Plant-based meat supplier Beyond Meat experienced a decline of more than 8% due to lower U.S. demand, resulting in a second-quarter revenue miss. The company reported an adjusted loss of 83 cents per share and $102.1 million in revenue, while analysts polled by Refinitiv expected a loss of 86 cents and revenue of $108.4 million.
