Sun. Apr 5th, 2020

Stocks making the biggest moves after hours: Pinterest, Beigene, Arista Networks and more

2 min read

Shares of Pinterest plummeted 20% after the bell following the company’s third-quarter revenue miss. The company pulled in revenue of $279.7 million, while analysts had forecast $280.6 million. Pinterest posted earnings of 1 cent per share, topping the 4 cent loss per share expected, according to Refinitiv.

Pinterest reported 322.8 million monthly active users, exceeding the 312 million analysts expected, according to FactSet. Average revenue per user fell just shy of estimates, however, coming in at 90 cents compared to the 91 cents per user expected.

Shares of Beigene skyrocketed more than 30% after Amgen announced it is investing $2.7 billion in the Chinese biotech firm. Under the all-cash deal, Amgen will pay BeiGene shareholders $174.85 per share, a 25% premium to BeiGene’s closing price on the Nasdaq on Wednesday. Amgen’s shares, meanwhile, remained unchanged after the bell, though reached a year-to-date high during mid-day trade.

Arista Networks shares plunged more than 20% after the company said it expects “a sudden softening with a specific cloud titan customer” for its fourth quarter. Arista sees fourth-quarter revenue between $540 million and $560 million, short of the $686 million expected by analysts surveyed by Refinitiv.

The steep price drop comes despite the computer network company’s stronger-than-expected earnings for its third quarter. Arista posted earnings of $2.69 per share on revenue of $654 million, exceeding the earnings of $2.41 per share and revenue of $653 million analysts expected, according to Refinitiv.

Shares of Qorvo spiked more than 8% after the company issued strong third-quarter guidance and reported a second-quarter earnings beat on the top and bottom line. The chip-maker expects revenue next quarter between $840 million and $860 million, exceeding the $758 million Wall Street expected, according to Refinitiv. The company cited strong handset demand supported by 5G volume increases in its press release. Qorvo also announced a common stock repurchase of up to $1 billion.

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