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Stock futures were trading lower in the premarket hours of Thursday ahead of the latest reading of the core PCE price index, the Federal Reserve’s preferred inflation gauge.
Here are some of Thursday’s biggest stock movers:
Biggest stock gainers
- Okta (NASDAQ:OKTA) shares surged 24% after exceeding consensus estimates in its Q4 earnings report and providing robust guidance for the current quarter. The cybersecurity firm highlighted record non-GAAP profitability and cash flow for Q4. The company’s revenue increased 19% Y/Y to $605M, driven by a 20% rise in subscription revenue. Okta (OKTA) also reported a 13% Y/Y increase in subscription backlog to $3.39B at the end of the quarter. It expects Q1 revenue of $603M to $605M, above the consensus of $584M, and EPS of $0.54 to $0.55, surpassing the consensus of $0.41.
- Duolingo’s (NASDAQ:DUOL) stock climbed 21% after exceeding expectations in its Q4 earnings report and outlook. The company reported a 51% Y/Y growth in total bookings, with subscription bookings and paid subscribers up 57%. Additionally, daily active users (DAUs) grew by 65% Y/Y, while monthly active users (MAUs) increased by 46%. For Q1 2024, Duolingo expects total bookings between $187M and $190M, and for the full year 2024, between $790M and $802M. Revenues are projected to range from $164M to $167M for Q1 2024, compared to the consensus of $160.43M, and from $717.5M to $729.5M for the full year 2024, compared to the consensus of $705.83M.
Biggest stock losers
- Snowflake (NYSE:SNOW) shares plummeted 23% as the company forecasted a significant slowdown in FY2025 revenue and announced a management shakeup. The data warehousing company expects a 22% Y/Y increase in product revenue to around $3.25B for FY2025, down from 38% growth in FY2024. In Q1, product revenue is projected to be between $745M and $750M, up 26% to 27% Y/Y, with adjusted operating margins at around 3%. The company also announced that CEO Frank Slootman will be replaced by Sridhar Ramaswamy, effective immediately. Slootman will remain the chairman of the board.
- HP Inc. (NYSE:HPQ) shares declined 4% following the company’s FQ1 revenue announcement, which fell short of analysts’ expectations. Personal Systems revenue dropped 4% Y/Y, while Printing revenue decreased by 5%. Consumer Printing net revenue saw a 22% decline, and Commercial Printing net revenue dropped by 12% Y/Y. HP expects earnings per share for FQ2 to range from $0.76 to $0.86, vs. the consensus of $0.82. For FY2024, HP anticipates free cash flow of $3.1B to $3.6B, compared to the estimate of $3.39B.
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