Stocks making the biggest moves after hours: Slack, Gap, RH and more

Finance

Interior Design area of the Restoration Hardware store in the Meatpacking District of New York. 

Source: RH

Check out the companies making headlines after the bell.

Broadcom — Shares of the semiconductor company climbed 1% in extended trading after Broadcom released its second-quarter financial results. The company posted earnings of $5.14 per share excluding some items, which was in line with analysts’ estimates, while its reported revenue of $5.74 billion exceeded Wall Street’s expectations of $5.69 billion, according to Refinitiv. Broadcom gave third-quarter guidance for semiconductors that “reflects a surge in demand from cloud, telecom and enterprise customers, offset by supply chain constraints and an expected substantial reset in wireless,” according to a company statement.

Slack Technologies — The workplace communication platform’s stock plummeted 15% in extended trading after the company gave its first-quarter earnings. Slack reported a loss of 2 cents per share excluding some items on revenue of $201.7 million, while analysts polled by Refinitiv anticipated a loss of 6 cents per share with revenue of $188.1 million. The company added a record 12,000 net new paid customers, according to its earnings release. However, the company’s 50% boost in revenue from last year was not much greater than the 49% increase seen in the previous quarter, suggesting the pandemic is not sparking as much growth for Slack as it is for other companies that make it easier to work from home. 

Gap — The clothing retailer’s stock tumbled 7% in extended trading after Gap announced its financial results for the first quarter. The company reported revenue of $2.11 billion, while analysts polled by Refinitiv expected $2.30 billion. Its sales plunged 43% as its stores stayed shuttered amid the coronavirus pandemic. Gap currently has 1,500 stores open in North America, and expects to reopen the majority of its locations in the region during June, according to a statement from Gap President and CEO Sonia Syngal. Syngal also said on the earnings call that 20 of the company’s stores sustained damage due to the recent protests.

RH —  Shares of the home furnishings retailer whipsawed in extended trading after RH provided its first-quarter earnings. The company reported earnings of $1.27 per share excluding some items on revenue of $482.9 million, while analysts estimated earnings of 81 cents per share with revenue of $480.6 million, according to Refinitiv. RH said its business continued to accelerate in May, with core business demand increasing around 7% from last year, according to a company statement. The retailer’s stock hit a new 52-week high on Thursday.

DocuSign — The digital transaction platform’s stock climbed 3% in extended trading after the company published its financial results for the first quarter. DocuSign reported earnings of 12 cents per share excluding some items on revenue of $297.0 million, while analysts polled by Refinitiv expected earnings of 10 cents per share on revenue of $281.1 million. The company offered strong guidance on revenue for the second quarter and fiscal year.

PagerDuty — The cloud computing company’s stock fell 5% in extended trading after the company posted its second-quarter financial results. PagerDuty reported a loss of 4 cents per share excluding some items on revenue of $49.8 million, while Wall Street expected a loss of 8 cents per share with revenue of $49.8 million, according to Refinitiv.

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