Shares of Zoom Video Communications Inc added nearly 4% in extended trading Monday after the company’s second-quarter results topped Street expectations.
The company posted earnings of $1.34 per share, well above expectations of $1.05 per share, on revenue of $1.14 billion, compared to expectations of $1.12 billion. Net income was $182 million, compared to $45.7 million in the year-ago quarter. Its enterprise customers (business units Zoom or its partners work with) totaled 218,100 on July 31, compared to 215,900 on April 30.
Fabrinet shares rose more than 16% as the manufacturer's fourth-quarter earnings beat expectations and new artificial intelligence (AI) products drove strong growth in its datacom segment.
The provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products reported 4Q earnings per share (EPS) of $1.86, up from $1.68 in the year-ago quarter and ahead of the Street estimate of $1.80. Revenue rose from $587.9 million to $655.9 million, topping estimates of $641.9 million.
Faraday Future Intelligent Electric shares edged higher in extended trading Monday after the electric car startup announced a narrowing second-quarter loss. In the period ended June 30, the Gardena, California company posted a loss of $124.9 million, $0.10 per share, compared to $141.7 million, or $0.44 per share, a year earlier.
Faraday Future generated no revenue, but the company says that’s about to change.
Agora Inc failed to meet Street expectations on the top or bottom line with its second-quarter results. The Zoom rival posted revenue of $34 million, down 17% year-over-year and below expectations of $39 million, and its net loss per share was $0.45, compared to $0.27 a year earlier and well wider than an expected $0.12.
The Agora division brought in $15.3 million, down 5.6% from $16.2 million, which the company attributed to declining consumer spending. Its Shengwang division, which serves China, saw revenue decline nearly 20% to $18.7 million.
Meanwhile, ARM Holdings, the semiconductor company owned by SoftBank, officially filed for a Nasdaq listing. The UK company previously filed confidentially with US regulators earlier this year, announcing its attention to trade in the US instead of the London Stock Exchange.
Arm technology is used in chips made by a high-profile slate of companies including Amazon, Alphabet, AMD, Intel, Nvidia, Qualcomm, and Samsung, according to the filing.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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