Capri Holdings, Salesforce, Weibo and others
Check out the companies making headlines before the bell:
Capri Holdings (CPRI) – The parent of luxury brands, like Michael Kors, Versace and Jimmy Choo, saw its stock surge 11% in the premarket after posting better-than-expected quarterly numbers before giving back nearly all those gains. Capri earned an adjusted $1.02 per share, 20 cents above estimates, and managed to expand profit margins in the face of pandemic-related issues. However, the company issued a lighter-than-expected revenue forecast for the full year.
HP Inc. (HPQ) – HP beat estimates by 3 cents with an adjusted quarterly profit of $1.08 per share. The computer and printer maker’s revenue also topped Street forecasts. HP raised its profit outlook, benefiting from strong commercial customer demand despite supply chain disruptions.
Salesforce (CRM) – Salesforce rallied 9.1% in the premarket after beating analyst estimates by 4 cents with an adjusted quarterly profit of 98 cents per share. The business software giant also beat revenue forecasts and raised its full-year guidance amid continued strong demand.
Victoria’s Secret (VSCO) – Victoria’s Secret jumped 6.8% in premarket trading despite posting a mixed quarter. The intimate apparel retailer’s adjusted earnings of $1.11 per share for its latest quarter beat the 84-cent consensus estimate, and revenue matched forecasts. Current-quarter earnings guidance fell below some forecasts. The company was able to negate the bottom-line impact of supply chain issues and muted consumer spending.
Weibo (WB) – The China-based social media company reported better-than-expected profit and revenue for its latest quarter. The company added users and called its ad business “relatively resilient” in the face of the country’s Covid lockdowns. Weibo jumped 5.5% in premarket action.
Ambarella (AMBA) – Ambarella slid 3.8% in premarket trading after the chipmaker issued a current-quarter revenue forecast below analyst estimates, due to the negative impact from China’s Covid lockdowns. Ambarella posted a top and bottom-line beat for its latest quarter.
ChargePoint Holdings (CHPT) – ChargePoint’s adjusted loss for its latest quarter was 21 cents per share, 2 cents more than analysts were anticipating. The electric vehicle charging network operator’s revenue topped forecasts. ChargePoint also issued lighter-than-expected revenue guidance for the current quarter and full year, as it deals with global supply constraints. The stock fell 2.3% in premarket action.
Li Auto (LI) – The China-based electric vehicle maker delivered 11,496 vehicles in May, up 166% from a year earlier. Li shares added 2% in the premarket.
Nio (NIO) – Nio delivered 7,024 vehicles in May, a 4.7% rise from a year earlier. The China-based electric vehicle maker also said vehicle deliveries are up 11.8% for 2022 compared with the first five months of 2021. Nio rose 1.6% in premarket trading.
Xpeng (XPEV) – Xpeng delivered 10,125 electric vehicles last month, 78% more than a year ago, with year-to-date deliveries more than doubling compared with a year earlier. The China-based company’s stock added 1.3% in the premarket.