A Crowded Day Of Tech Earnings

It was a massive day of tech earnings, but we’ll do our best to recap some of the biggest movers.

First up is C3.ai, which failed to live up to the recent hype. The company’s fourth-quarter adjusted loss per share of $0.55 on revenues of $72.4 million topped the $0.13 on $71.3 million in revenue consensus view. However, its fiscal 2024 revenue guidance of $295 to $320 million was shy of analysts’ $317 million estimate. While the results were positive, if your shares are up over 200% this year, you must beat on all metrics to maintain your momentum…, especially in this market. Unfortunately, the company didn’t, so $AI shares are falling 16% after hours following a 9% regular-session decline. 🤖

Next is Salesforce, which beat estimates and raised its full-year earnings guidance. The software giant reported adjusted earnings per share of $1.69 vs. the $1.61 expected. Its revenues of $8.25 billion also topped the $8.18 billion estimate. Like other tech giants, the company has been reining in costs to boost earnings amid slowing revenue growth. As a result, executives raised their fiscal year 2024 revenue forecast to $7.41-$7.43 per share. However, they left their revenue forecast intact. $CRM shares are volatile after hours but down about 5% currently. 🌧️

Then there’s Crowdstrike, which beat estimates but reported slowing YoY revenue growth. The cybersecurity firm reported adjusted earnings per share of $0.57 on revenues of $692.6 million. That compared to $0.51 and $676.4 million anticipated by analysts. Despite revenues growing 42% YoY, investors are concerned about the deceleration from last year’s 61% growth. As did executives’ current quarter revenue guidance of $717.2 to $727.4 million, which was mixed vs. the $698 to $742 million consensus range. $CRWD shares are down 12% after hours. đź”»

And finally, Chewy topped estimates. The online pet retailer’s adjusted earnings per share of $0.05 and revenues of $2.78 billion beat the $0.04 per share loss and $2.73 billion in revenue anticipated. In addition, the company said gross margins were up one percentage point. Meanwhile, net sales per active customer and sales from auto-ship customers reached record highs. $CHWY shares rose 12% after hours. 📦

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BJ’s Wholesale Club revenues grew 8.70% YoY to $5.357 billion, with adjusted earnings of $1.11 per share. While earnings topped expectations, revenue was slightly below, with executives citing an uncertain macroeconomic environment as the primary driver.

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