Check out the companies making headlines before the bell:
Netflix (NFLX) – Netflix plummeted 26.8% in the premarket after reporting it lost 200,000 subscribers during the first quarter. The streaming service had projected subscriber additions of 2.5 million. Netflix also said it was exploring an ad-supported version.
Walt Disney (DIS), Roku (ROKU), Warner Brothers Discovery (WBD) – Other streaming-related companies saw their stocks fall in sympathy with Netflix. Disney slid 5% in the premarket, Roku tumbled 6.7% and Warner Brothers Discovery lost 4.3%.
Procter & Gamble (PG) – The consumer products giant's stock gained 1.1% in premarket trading after a top and bottom-line beat. Procter exceeded estimates by 4 cents with adjusted quarterly earnings of $1.33 per share and saw its biggest year-over-year sales gain in two decades as demand remained high for household products, even in the face of higher prices. Procter also raised its organic sales guidance.
Baker Hughes (BKR) – The oilfield services company fell 5 cents short of estimates with adjusted quarterly earnings of 15 cents per share, and revenue also missed forecasts. Baker Hughes said its results reflected a volatile operating environment, and the stock fell 2% in premarket action.
Lululemon (LULU) – Luluemon added 2.2% in the premarket after the apparel maker announced a five-year plan to double revenue. The plan focuses on quadrupling international sales and doubling revenue from its men's and digital operations.
IBM (IBM) – IBM reported an adjusted quarterly profit of $1.40 per share, 2 cents above estimates, with revenue also coming in above analyst forecasts. IBM's results got a boost from strong hybrid cloud platform business. IBM shares rallied 2.7% in premarket trading.
ASML (ASML) – ASML's latest quarter beat analyst forecasts on the top and bottom lines, with the Amsterdam-based semiconductor equipment maker reporting strong demand from chip makers trying to ramp up production. ASML shares jumped 5.4% in the premarket.
Teva Pharmaceutical (TEVA) – Teva shares slid 4.8% in premarket trading after the FDA sent a rejection letter in response to a new drug application for a schizophrenia treatment. Teva said it is studying possible next steps and will work with the FDA to address the agency's concerns.
Omnicom (OMC) – Omnicom reported better-than-expected profit and revenue for its latest quarter, despite what the ad agency operator called "uniquely challenging global events." Omnicom took a $113.4 million charge relating to its investment in Russian businesses. Shares added 3.7% in premarket action.