Shares of the payment company, Block, soared nearly 11% in extended trading after reported a revenue beat for the fourth quarter. The company reported $5.77 billion in revenue, surpassing analysts’ expectations of $5.70 billion. Block also projected a gross profit of $8.65 billion in 2024, marking a 15% year-over-year increase. Carvana, a car resale company, also experienced a significant surge in its stock price, climbing more than 20% after announcing its anticipated retail unit growth for 2024. However, the company posted a fourth-quarter loss of $1 per share on revenue of $2.42 billion, missing the estimates of analysts polled by LSEG.
Live Nation Entertainment added about 1% in extended trading, fueled by its revenue of $5.84 billion that exceeded analysts’ estimates of $4.79 billion. On the other hand, Booking Holdings declined over 4% despite achieving a fourth-quarter earnings and revenue beat, due to initiating a quarterly cash dividend of $8.75 per share. Meanwhile, Insulet, a medical device company, saw a decrease of over 5% after offering a lower-than-expected revenue growth forecast for the first quarter. The company expects a revenue increase of 17% to 20%, falling short of analysts’ expectation of 24.3%.
MercadoLibre, an e-commerce company, tumbled 8% after announcing its fourth-quarter earnings of $3.25 per share, which remained flat from the year-ago period. The operating income, excluding items, was reported at $572 million, below the anticipated figure of $668.5 million. The financial software company, Intuit, also experienced a slight pullback of 1% despite posting a second-quarter revenue of $3.39 billion, in line with analyst expectations. However, the adjusted earnings came in ahead of Wall Street’s estimate, making the situation somewhat cautiously optimistic for the company.
