Box, a cloud-based content management provider, saw its shares decline by 2% after it projected full-year adjusted earnings of $1.56 per share, which fell short of the $1.63 expected by analysts. Despite this, Box reported first-quarter adjusted earnings of 37 cents per share on revenue of $306 million, surpassing the anticipated 36 cents and $304 million.
Zscaler, a cloud security firm, faced a 16% drop in its stock price after it guided for current-quarter revenue between $875 million and $878 million, below the $879 million forecast. However, Zscaler's fiscal third-quarter adjusted earnings of $1.08 per share and revenue of $850 million did exceed expectations of $1.01 per share and $835 million, respectively.
This decline in Zscaler's shares also affected Palo Alto Networks and CrowdStrike, which both fell by 2%. In contrast, Semtech's stock rose by 8% after it reported first-quarter adjusted earnings and revenue that beat estimates, along with a positive guidance for the current quarter.
Insulet's shares dropped approximately 9% following a voluntary medical device correction due to a manufacturing issue that could lead to insulin under-delivery. Lastly, Modine Manufacturing's stock increased by 1% after reporting fiscal fourth-quarter adjusted earnings of $1.71 per share on revenue of $954.5 million, exceeding analyst expectations of $1.55 per share and $920.7 million in revenue.
Modine's shares had surged nearly 14% earlier in the week after announcing a significant $4 billion data center cooling deal