Shares of Qualcomm Inc. (NASDAQ: QCOM) plunged about 5.50% in early trade after the semiconductor company, late last evening, provided lower-than-expected guidance on fiscal third quarter earnings although its outlook on revenue exceeded Wall Street’s expectation. For the fiscal second quarter, Qualcomm posted adjusted earnings of $1.17 a share, in-line with analysts’ expectation. Revenue stood at $6.12 billion, beating analysts’ consensus estimate of $6.09 billion.
Meanwhile, analysts at Piper Jaffray slashed its price target on the stock to $74 from $83,
Shares of Akamai Technologies Inc. (NASDAQ:AKAM) rallied 18.50% in early trade after the content delivery and cloud infrastructure services provider, late last evening, reported fiscal first quarter results which comfortably edged past Street’s expectation and provided upbeat guidance on the current quarter. For the fiscal first quarter, Akamai reported adjusted earnings of 51 cents a share on revenue of $368 million. Analysts’ consensus estimate was for earnings of 46 cents a share on revenue of $358 million.
Shares of Zynga Inc. (NASDAQ: ZNGA) slumped about 8% in early trade after the social gaming company provided lackluster outlook on the fiscal second quarter. Investors were also disappointed with Zynga Inc’s dwindling active users’ base.
The Company following the closing bell on Wednesday said that users’ base contracted 13% to 253 million, in the recently concluded quarter, which is the lowest level recorded ever since the number reached peaked at 331 million, in the third quarter of 2012.
However, the San Francisco, California-based Company handed less-than-feared fiscal first quarter results. For the quarter, the Company reported adjusted earnings of $9.1 million or a penny a share down from earnings of $47 million or 6 cents a share, in the year-earlier quarter
Revenue in the first quarter shrank 30% to $230 million from $329 million, in the same period of last fiscal. Analysts’ consensus estimate was for a loss of 3 cents a share on revenue of $210 million.
Shares of F5 Networks Inc. (NASDAQ: FFIV) climbed about 9% in early trade after the Application Delivery Networking (ADN) technology provider following closing bell on Wednesday handed fiscal second quarter results, which were in-line with Street’s expectation. The Company posted adjusted earnings of $1.07 a share on revenue of $350 million, slightly short of analysts’ expectation of $352 million.
Shares of The Dow Chemical Company (NYSE: DOW) climbed about 4.75% by early trade after the fiscal first quarter earnings topped analysts’ expectation; however, revenue fell slightly short. The Company posted adjusted earnings of 69 cents a share which was 8 cents better than what analysts had forecasted. Although the Company see no immediate improvement in the U.S this fiscal, it expects profit margin and pricing will improve in coming quarters.
Shares of The Cheesecake Factory Incorporated (NASDAQ: CAKE) soared about 7.25% in early trade on Thursday after the upscale dining chain on Wednesday handed stronger-than-expected results. Net profit for the period surged 22%. Stripping out onetime items, the dining chain reported adjusted earnings of $25.7 million or 47 cents a share. Revenue jumped to $463 million from $435.8 million, in the same quarter of last year. Analysts were expecting earnings of 42 cents a share on revenue of $456.2 million.
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