Technology Marvell, Gap, HR and more
Matt Murphy, President and CEO of Marvell Technology
Adam Jeffery | CNBC
Check out the companies making headlines before the bell:
Marvell Technology – Marvell Technology jumped 17% in premarket trading after hitting a record high and low in the first quarter. Marvell posted adjusted earnings of 31 cents per share, beating estimates of 29 cents, according to Refinitiv. It grossed $1.32 billion in revenue, while analysts polled by Refinitiv expected $1.3 billion. He expects revenue growth to accelerate in the second half of the fiscal year.
Gap – Shares of the clothing retailer jumped more than 11% premarket despite the company posting net losses and lower sales on Thursday for its latest quarter, as investors applauded Gap’s big improvement in its margins thanks to reduced promotions and lower air freight spending.
Working day — Workday jumped 9% after beating first-quarter revenue and earnings expectations. The financial management software company also named a new chief financial officer, Zane Rowe, and raised the bottom of its full-year subscription revenue forecast.
Autodesk — Autodesk rose 1% in premarket trading. The software company released first-quarter results in line with analysts’ expectations. It gave a weaker-than-expected second-quarter outlook, while its full-year outlook was roughly in line.
Outdoor bridge workers – Deckers Outdoor fell 2% in premarket trading. The lifestyle footwear company reported fourth-quarter results that beat analysts’ expectations, according to Refinitiv. However, he gave full-year profit and revenue forecasts that fell short of expectations.
HR – The retailer’s shares fell more than 3% in premarket trading despite RH beating estimates for its fiscal first quarter in a Thursday night report. The company reported adjusted earnings per share of $2.21 on revenue of $739 million. Analysts polled by Refinitiv were looking for $2.09 in earnings per share on $727 million in revenue. However, the HR revenue forecast for the second quarter fell short of expectations and the company warned of increased markdowns.
Ultimate Beauty – Ulta Beauty fell 9% in premarket trading even after the beauty retailer reported strong first-quarter earnings and revenue. He marginally raised the full-year revenue forecast and reaffirmed the earnings-per-share forecast. However, comparable sales grew slightly less than expected.
– CNBC’s Tanaya Macheel and Jesse Pound contributed reporting