Stocks making the biggest moves after hours: Gap, Salesforce, Intuit
Check out the companies making headlines after the bell:
Shares of Gap slid as much as 7% before settling around 1% lower in extended trading after the retailer posted second-quarter sales that missed estimates. The company reported adjusted earnings per share of 63 cents on revenue of $4.01 billion. Analysts had expected earnings per share of 53 cents on revenue of $4.02 billion, according to Refinitiv consensus estimates. CEO Art Peck cited a "challenging environment" in which all of its brands, including Old Navy, experienced a sales decline.
Salesforce climbed 7% after the company announced better-than-expected quarterly revenue and raised its annual forecast. The cloud-based software company reported adjusted second-quarter earnings per share of 66 cents on revenue of $4 billion. Analysts had expected earnings per share of 47 cents on revenue of $3.95 billion, according to Refinitiv consensus estimates. For the third quarter, the company expects revenue between $4.44 billion and $4.45 billion, which would represent 31% year-over-year growth. Salesforce has been investing in new expansion opportunities, including its $15.3 billion acquisition of data visualization company Tableau.
Shares of Intuit jumped 5% after the TurboTax parent reported better-than-expected fourth-quarter earnings. The company reported an adjusted loss per share of 9 cents on revenue of $994 million. Analysts had expected a loss per share of 15 cents on revenue of $962 million, according to Refinitiv consensus estimates. Sasan Goodarzi, Intuit's chief executive officer, cited improvements in customer experience.
VMware tumbled 6% after announcing it would acquire Carbon Black and Pivotal, which are valued together at $4.8 billion. These are the company's largest acquisitions and are expected to help it compete in the security market and hybrid-cloud infrastructure operations. The software company also reported adjusted second-quarter earnings per share of $1.60 on revenue of $2.44 billion. Analysts had expected earnings per share of $1.55 on revenue of $2.43 billion, according to Refinitiv consensus estimates.
Shares of Hasbro dropped 5% after announcing an all-cash deal to acquire Entertainment One for about $4 billion, an entertainment and media company. The deal would add family brands like Peppa Pig and PJ Masks to the toymaker's portfolio.