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. 🔻
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. 😮
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. 🛡️
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. 🧑💼
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. 🖥️
Software company MongoDB jumped 22% after its current-quarter results and fiscal 2024 forecast topped analyst expectations. 🔺
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. 🤖