Marvell Technology Group Ltd. (NASDAQ:MRVL) posted better-than-expected fourth-quarter results on Thursday, driven by robust demand in its data center business and record design wins.
For the quarter ended February 29, Marvell reported revenue of $2.219 billion, up 22% year-over-year and slightly above analysts’ estimate of $2.21 billion. Adjusted earnings per share came in at $0.80, beating the Street’s $0.79 forecast. Non-GAAP gross margin for the quarter was 59%.
StubHub Holdings was downgraded to Neutral from Outperform by analysts at Wedbush Securities following weaker-than-expected quarterly results and reduced visibility into growth from the company’s direct ticket issuance business.
StubHub reported second-quarter gross merchandise sales (GMS) of about $2.3 billion, down roughly 8% year over year, missing Wedbush’s estimate of a 1.1% decline and consensus expectations for a 2.8% drop.
Okta Inc (NASDAQ:OKTA)’s latest quarterly results showed solid growth in key metrics, with analysts at Jefferies highlighting that the company appears to be prioritizing accelerating revenue growth even if it comes at the expense of near-term margins.
In a note following the results, Jefferies maintained a ‘Buy’ rating on the identity management company and a $105 price target. Shares traded up almost 11% at $79 on Thursday afternoon.
Palladyne AI (NASDAQ:PDYN) saw its shares surge more than 32% to almost $10 per share on Thursday as it reported fourth quarter revenue growth that exceeded expectations.
Revenue for the quarter reached $1.66 million, up 118% year over year and well above analyst expectations of $809,000.
Kroger Co (NYSE:KR, XETRA:KOG) has reported its fourth quarter financial results, with earnings surpassing Wall Street expectations, even as the food retailer's revenue slightly lagged estimates.
For the fourth quarter, Kroger posted GAAP earnings per share of $1.35, exceeding the consensus estimate of $1.28.
Rigetti Computing (NASDAQ:RGTI), a developer of full-stack quantum-classical computing systems, reported mixed financial results for the fourth quarter, with a revenue miss sending its shares 9% lower on Thursday.
Total revenue for the quarter was $1.87 million, below analysts’ estimate of $2.37 million.
Shares of BJ's Wholesale Club (NYSE:BJ) fell 3.4% in early trading on Thursday after the retailer reported fourth-quarter results that beat expectations but issued full-year earnings guidance below Street forecasts.
For the quarter ended in February, BJ’s posted adjusted earnings per share of $0.96, topping Wall Street estimates, while comparable club sales excluding fuel rose 2.6%, modestly above consensus.
Victoria's Secret & Co. (NYSE:VSCO) reported fourth quarter results that topped Wall Street expectations and issued a stronger-than-anticipated outlook for the year ahead, as the lingerie retailer pointed to continued momentum from its turnaround strategy.
For the quarter ended January 31, the company reported adjusted earnings of $2.77 per diluted share, above analysts’ expectations of $2.52.
Shares of Burlington Stores Inc. (NYSE:BURL) rose more than 6% in early trading on Thursday after the off-price retailer reported stronger-than-expected fourth-quarter results, although its full-year comparable sales outlook lagged some rivals.
The company reported fourth-quarter revenue of $3.64 billion, beating Wall Street expectations of $3.58 billion. Earnings before interest and taxes totaled $434 million, above analysts’ estimates of $415.7 million.