PayPal's shares dropped nearly 16% after Bloomberg reported that Advent and Stripe decided not to pursue a buyout, which would have been a major leveraged buyout. In contrast, Affirm's stock rose 13% after it reported $1.17 billion in revenue for the fiscal fourth quarter, exceeding the LSEG estimate of $1.11 billion, and provided optimistic first-quarter guidance.
Gap's shares surged nearly 15% following the announcement of Michael Francis as the new CEO of Old Navy, along with adjusted earnings that surpassed estimates at 52 cents per share compared to the expected 48 cents.
Elastic N.V. saw its shares jump over 17% after providing full-year guidance that exceeded analyst expectations, projecting adjusted earnings per share between $3.29 and $3.37, above the $3.24 forecast.
Conversely, Marvell Technology's shares fell nearly 8% after it projected adjusted earnings of $1.10 per share for the current quarter, slightly above the $1.07 anticipated by analysts, but with a non-GAAP gross margin forecast that did not meet expectations. Rubrik's shares dropped over 5% despite beating revenue and earnings estimates, as its gross margin fell short of the consensus.
Lastly, Autodesk's shares declined nearly 4% after its earnings projections for the third quarter did not meet analyst expectations, forecasting adjusted earnings per share of $3.04 to $3.09, below the $3.14 expected