Cisco Systems (NASDAQ:CSCO) shares plummeted more than 10% in afterhours trade on Wednesday after the company guided weaker-than-expected sales and profits for the current quarter.
For 2Q fiscal 2024, the networking, cloud and security solutions provider guided revenue in the range of $12.6 billion to $12.8 billion, significantly lower than the Wall Street forecast of $14.15 billion. It projected earnings per share in the range of $0.82 and $0.84, below estimates of $0.98.
Sonos (NASDAQ:SONO) shares were little changed following a fiscal fourth-quarter loss that came in narrower than expected.
The audio technology company posted revenue of $305.1 million, down 3.5% year-over-year but above Street expectations of $299.4 million. Its adjusted loss was $0.07 per share, compared to $0.30 in the year-ago quarter and narrower than the $0.18 expected by analysts.
Palo Alto Networks Inc (NYSE:PANW) reported fiscal first-quarter financial results that beat analyst estimates but its stock price dropped more than 5% after hours as its billings guidance fell short of the Wall Street consensus.
The cybersecurity company’s 1Q revenue rose 20% year over year to $1.9 billion, edging past the analyst consensus forecast of $1.84 billion, according to Zacks Equity Research.
Meanwhile, Elon Musk and SpaceX have gotten the green light from the Federal Aviation Administration (FAA) to launch the company’s Starship rocket for the second time.
The company plans to move forward with the launch at 8 am ET on Friday, according to a post on X. A webcast will begin 30 minutes before lift-off, the company said.