PayPal (PYPL) — Shares plunged nearly 16% after reports that buyout firm Advent and payment processor Stripe decided not to pursue an acquisition of the company. The potential transaction would have ranked among the largest leveraged buyouts, according to sources familiar with the discussions.
Affirm (AFRM) — Shares jumped 13% after the buy now, pay later company reported fiscal fourth-quarter revenue of $1.17 billion, exceeding the $1.11 billion expected by analysts surveyed by LSEG. The company’s first-quarter revenue outlook also came in above Wall Street expectations.
Gap (GAP) — Shares climbed nearly 15% after the retailer announced that Michael Francis will become CEO of Old Navy starting Nov. 2, replacing Haio Barbeito, who has led the brand since 2022. Gap also exceeded earnings expectations in the second quarter, reporting adjusted earnings of 52 cents per share compared with the 48 cents expected by analysts.
Elastic N.V. (ESTC) — Shares rose more than 17% after the data analytics company issued full-year guidance above analyst expectations. Elastic expects adjusted earnings per share between $3.29 and $3.37, compared with the $3.24 forecast by analysts surveyed by LSEG.
Marvell Technology (MRVL) — Shares fell nearly 8% after the semiconductor company provided a mixed outlook for the current quarter. Marvell expects adjusted earnings of $1.10 per share, plus or minus 5 cents, slightly above analyst expectations of $1.07 per share, but its projected non-GAAP gross margin range of 57.5% to 58.5% fell short of the StreetAccount consensus estimate of 58.5%.
Rubrik (RBRK) — Shares declined more than 5% after the cybersecurity and AI operations company reported second-quarter gross margins of 81%, below the 81.7% expected by analysts. The company still exceeded expectations for revenue and earnings, reporting adjusted earnings of 20 cents per share on $427 million in revenue compared with analyst estimates of 4 cents per share and $396 million in revenue.
Autodesk (ADSK) — Shares dropped nearly 4% after the 3D design software company issued earnings guidance below Wall Street expectations. Autodesk expects third-quarter adjusted earnings per share between $3.04 and $3.09, while analysts surveyed by LSEG were expecting $3.14 per share.