Following its mixed second-quarter results, Yum China saw its shares dip 3.4%. The restaurant franchiser reported $2.65 billion in revenue and 47 cents in adjusted earnings per share, missing analysts' forecasts of $2.68 billion and 46 cents per share, respectively. Management noted that same-store sales across its restaurants remain below pre-pandemic levels. ZoomInfo Technologies experienced a 17% drop in extended trading due to a weak outlook for third-quarter revenue. The data company predicts $309 million to $312 million in revenue, compared to the $326 million estimated by analysts, according to Refinitiv. Additionally, the company's revenue in the latest quarter did not meet expectations, landing at $309 million instead of the expected $311 million. Western Digital earned a 2% stock increase after posting better-than-anticipated fiscal fourth quarter earnings. The data storage company reported a loss of $1.98 per share and $2.67 billion in revenue, while estimates had been a loss of $2.01 per share and $2.53 billion in revenue, respectively. Arista Networks saw its shares climb 11% after posting adjusted earnings of $1.58 per share that exceeded analyst estimates of $1.44 per share, while revenue also came in higher at $1.46 billion. Lattice Semiconductor's stock decreased 2.6% due to the company's acknowledgement that it is impacted by the macroeconomic challenges facing the chip sector. Its second quarter earnings were $190.1 million in revenue with 52 cents in adjusted earnings per share, marginally lower than FactSet's expected 51 cents per share and $188.2 million in revenue. Rambus' stock declined 8% after announcing its second-quarter earnings, with $120 million in revenue missing analysts' projections of $133 million. Additionally, its licensing billings and product revenue decreased year over year. Monolithic Power Systems' shares dropped 3.8% as the lower end of its third-quarter revenue guidance fell short of analysts' estimates. The semiconductor company forecasts revenue of $464 million to $484 million, below the predicted $473.4 million, according to FactSet. SBA Communications posted a 4% increase in its stock after posting $678.5 million in second-quarter revenue, edging out analysts' forecast of $676.9 million. Moreover, the wireless infrastructure company announced a new master lease agreement with AT&T.
Comments