Dell Technologies experienced a remarkable 37% increase in its stock price after raising its full-year earnings guidance to $17.90 per share and projecting revenue between $165 billion and $169 billion, significantly above analyst expectations of $13.09 per share and $142.5 billion in revenue.
This positive news also lifted shares of other computer hardware companies, with Hewlett Packard Enterprise rising over 17%, Super Micro Computer gaining nearly 10%, and HP increasing almost 7%. Conversely, American Eagle Outfitters saw its shares drop about 11% due to a 2% decline in comparable sales, falling short of the 3.1% growth analysts anticipated.
The company also provided disappointing second-quarter guidance, projecting operating income between $45 million and $50 million, below the consensus estimate of $65.3 million. Gap's shares fell more than 15% after it reduced its sales outlook for the year, now expecting growth of only 1% to 2%, down from a previous estimate of 2% to 3%.
Although Gap's first-quarter revenue of $3.50 billion was slightly below expectations, its adjusted earnings of 38 cents per share exceeded the anticipated 37 cents. In the space sector, shares of AST SpaceMobile dropped nearly 15% following a Blue Origin rocket explosion during a ground test, impacting other space-related stocks like EchoStar and Rocket Lab.
Okta's shares rose almost 8% after it provided revenue guidance that surpassed analyst expectations, while NetApp's stock jumped 16.5% on strong guidance and earnings. Autodesk shares fell 7% despite beating earnings expectations, and Snowflake's stock rose 1.5% after a strong earnings report and an upgrade from HSBC.
Other companies like Asana, MongoDB, PagerDuty, and Elastic also saw varied stock movements based on their earnings reports and guidance, with PagerDuty raising its full-year earnings guidance and Elastic's shares tumbling after missing earnings expectations