Earnings

June 1, 2023

Another Ton Of Tech Earnings

It was another busy day of tech earnings. We’re gonna hit you with the headlines to summarize the action. 🔍

Identity and access management company Okta fell 20%. Although its first-quarter results beat expectations and it hiked its full-year outlook, a slowdown in spending and weaker revenue growth remain investors’ key concerns. đŸ”ģ

Pure Storage soared 19% after the tech company reported better-than-expected Q1 results and announced Q2 revenue guidance that topped estimates. 💾

Computer application company Veeva Systems experienced an un-be-Veeva-ble 20% run after beating Q1 expectations and raising its full-year earnings guidance. 😮

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CyberSecurity company SentinelOne is plunging 30% after missing revenue expectations and cutting its full-year guidance. Executives cited a slowdown in business spending, with macro pressure impacting deal sizes, sales cycles, and pipeline conversion rates. 🛡ī¸

Electric vehicle infrastructure company ChargePoint fell 5% after lowering its revenue growth forecast to below analyst estimates. ⚡

Work management software company Asana rose 6% after reporting a narrower-than-expected loss and beating on revenue. Its revenue outlook also met expectations. 🧑‍đŸ’ŧ

PC manufacturer Dell released earnings early, showing the largest sales decline on record. It still topped expectations but did not provide a second-quarter forecast or update annual guidance due to the current uncertainty around the PC market. đŸ–Ĩī¸

Software company MongoDB jumped 22% after its current-quarter results and fiscal 2024 forecast topped analyst expectations. đŸ”ē

Semiconductor giant Broadcom fell 2% after reporting its slowest revenue growth in years. The company’s shares have been propelled to all-time highs on the recent artificial intelligence (AI) hype, as investors hope that it can drive future growth. 🤖

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