Cisco Systems experienced a 6% jump in its stock after reporting an earnings and revenue beat for its fiscal fourth quarter. The networking company posted adjusted earnings of 87 cents per share on revenue of $13.64 billion, surpassing analysts’ expectations. Despite this positive news, both revenue and earnings for the fiscal year decreased, marking the first drop since 2020. Additionally, Cisco announced plans to reduce its global workforce by 7%.
Ulta Beauty Surges Following Berkshire Hathaway’s Investment
Ulta Beauty’s shares rose approximately 12% after Warren Buffett’s Berkshire Hathaway revealed a new stake in the cosmetic company worth $266 million. While this position is considered small for Berkshire Hathaway, it still contributed to the positive momentum for Ulta Beauty in after-hours trading.
On the flip side, Snowflake experienced a 1% decrease in its shares after Berkshire Hathaway completely dissolved its stake in the cloud company in the second quarter. This decision, as reflected in Berkshire Hathaway’s latest regulatory filing, had a negative impact on Snowflake’s performance in after-hours trading.
Nike saw a more than 5% increase in its shares following the revelation of a new stake in the athletic apparel and sneaker company by Bill Ackman’s Pershing Square. This investment boosted confidence in Nike’s future prospects and contributed to its positive performance in after-hours trading.
Lumentum Holdings witnessed a significant increase of nearly 14% in its shares after reporting a fourth-quarter earnings and revenue beat. The optical products provider posted earnings of 6 cents per share, exceeding analysts’ expectations. Additionally, the company’s quarterly revenue came in at $308.3 million, surpassing the forecasted $301.4 million.
The after-hours trading session showcased a mix of positive and negative movements for companies such as Cisco Systems, Ulta Beauty, Snowflake, Nike, and Lumentum Holdings. Investors need to carefully consider the implications of recent developments and news on these companies before making any investment decisions.