Cloud networking solutions company Arista Networks saw a 6% increase in after-hours trading after reporting better-than-expected financial results. The company reported earnings per share of $1.83, excluding items, on $1.51 billion in revenue. This surpassed analysts’ estimates of $1.58 earnings per share on $1.48 billion in revenue. On the other hand, Lattice Semiconductor’s stock dropped by 16% in late trading due to its fourth-quarter revenue forecast falling short of analysts’ consensus estimate. Wolfspeed, a chipmaker, experienced a share price increase of more than 11% following its fiscal first-quarter results, which beat analysts’ expectations.
Healthcare services company Tenet Healthcare saw its shares rise by 3% after posting third-quarter adjusted earnings of $1.44 per share on revenue of $5.07 billion. These results exceeded analysts’ expectations of $1.20 per share in earnings and revenue of $5.02 billion. Meanwhile, V.F. Corporation, the parent company of The North Face, faced a 6% decline in its stock as it withdrew its previous guidance for earnings and revenue for full-year 2024. The company also mentioned that the performance of its shoe brand, Vans, is not expected to improve in the second half of fiscal-year 2024. However, Monolithic Power Systems experienced a 5% increase in its stock price after reporting third-quarter adjusted earnings slightly above analysts’ estimates and providing fourth-quarter revenue guidance within expectations. Lastly, social media company Pinterest’s stock surged by 13% as it surpassed analysts’ expectations for the third quarter, posting higher adjusted earnings per share and revenue.
In summary, Arista Networks, Wolfspeed, Tenet Healthcare, and Monolithic Power Systems outperformed analysts’ expectations and experienced stock price increases, while Lattice Semiconductor, V.F. Corporation, and Pinterest delivered mixed results, with the latter beating expectations. These companies’ performances reflect the diverse outcomes seen in the extended trading market.