A Fitbit display at a Target store in Los Angeles.
Check out the companies making headlines after the bell:
Shares of Fitbit plummeted as much as 21% in after-hours trading after the maker of health and fitness devices cut its guidance for the next quarter. In its second-quarter earnings report, the company said, “With weaker Versa Lite sales, we are lowering the midpoint of our 2019 revenue guidance by $95 million to $1.455 billion from $1.550 billion and now expect full year 2019 revenue to be $1.43 billion to $1.48 billion.”
The stock later rebounded slightly but was still down more than 15%. Fitbit reported an adjusted loss per share of 14 cents on revenue of $314 million for the second quarter. Analysts polled by Refinitiv had been expecting a loss per share of 18 cents on revenue of $312 million.
Qualcomm fell 5% after the semiconductor company reported revenue for its June quarter that was below what analysts had been expecting and issued disappointing guidance for the September quarter. The company reported adjusted earnings per share of 80 cents on revenue of $4.89 billion. Analysts had expected earnings per share of 75 cents on revenue of $5.08 billion, according to Refinitiv.
Qualcomm said adjusted earnings per share for the fiscal quarter ending in September would be between 65 cents and 75 cents and revenue would fall between $4.3 billion and $5.1 billion. Analysts had projected expected earnings per share of $1.08 on revenue of $5.63 billion for that quarter.
Twilio fell 3% despite beating analysts’ estimates for its second-quarter revenue. The cloud company reported adjusted earnings per share of 3 cents on revenue of $275 million. Analysts had expected earnings per share of 3 cents on revenue of $264 million, according to Refinitiv.
Cognizant Technology rose nearly 3% after the company reported second-quarter earnings that beat estimates. The professional services company reported adjusted earnings per share of 94 cents on revenue of $4.14 billion. Analysts had expected earnings per share of 92 cents on revenue of $4.14 billion, according to Refinitiv.
Shares of Western Digital climbed 2% after the data storage company reported mixed fourth-quarter results. Earnings per share fell right in line with analysts’ expectations at 17 cents. The company’s reported revenue of $3.63 billion, however, fell below the $3.66 billion analysts polled by Refinitiv had been expecting.
Western Digital CEO Milligan said the company ended a challenging fiscal 2019 “with leadership positions in capacity enterprise hard drives, 3D flash technology and branded retail products while achieving significant gains in client solid state drives.”