Extended trading turned into a mixed scoreboard for growth and software-related names on Thursday and Friday, with results and outlooks driving outsized moves across several sectors. Airbnb surged after beating third-quarter earnings and revenue expectations, while Atlassian, Affirm, Wynn Resorts, Akamai Technologies, and DraftKings fell following guidance and profit pressure. Cloudflare and JFrog, by contrast, posted stronger outlooks that pushed their shares higher.
Key takeaways
- Airbnb jumped 11% in extended trading after third-quarter earnings and revenue topped analyst estimates.
- Atlassian slid more than 15% as data center revenue growth was expected to slow sharply in coming periods.
- Cloudflare rose 14% after current-quarter guidance beat Street expectations, building on results that also came in ahead.
- DraftKings fell 22% as the company reported a wider-than-expected third-quarter loss and missed revenue and sportsbook targets.
- Investor focus remains on guidance, with several movers reacting primarily to forward expectations rather than just headline quarterly figures.
What drove the biggest pre-market swings
Airbnb was the standout gainer, rising 11% after reporting third-quarter earnings per share of $3.16 that exceeded the $2.85 consensus estimate. Revenue came in at $4.87 billion, topping the expected $4.75 billion, according to LSEG data. The move suggests investors prioritized both profitability and demand signals over the broader market weakness that has recently hit travel and tech momentum.
Atlassian, a supplier of team collaboration and productivity software, fell more than 15%. The company’s projections indicated year-over-year data center revenue growth expected to decline to approximately 14% in its fiscal second quarter ending in December, and 16% in the fiscal year ending next June. Investors appear to have focused on the deceleration implied by the guidance, rather than any single-quarter results.
Affirm shares dropped 11% after the buy now, pay later firm’s second-quarter revenue projection edged only slightly above estimates. Affirm forecast revenue between $1.435 billion and $1.465 billion, while the LSEG consensus estimate called for $1.43 billion, signaling a narrower margin of upside going into the quarter.
Wynn Resorts declined 1% after third-quarter results missed Wall Street expectations. Adjusted earnings were 33 cents per share on revenue of $1.69 billion. Analysts had expected 68 cents per share and $1.75 billion, according to LSEG. The reaction points to investors reassessing the pace of earnings recovery against a higher bar for revenue.
Akamai Technologies fell about 1% following softer fourth-quarter projections. The company forecast adjusted earnings of $1.50 to $1.70 per share on revenue of $1.145 billion to $1.17 billion, compared with analyst expectations of $1.78 per share and $1.20 billion, according to LSEG.
Cloudflare, JFrog and other upside surprises
Cloudflare climbed 14% as guidance beat expectations for the current quarter. The company expects adjusted earnings of 43 cents per share on revenue between $845 million and $846 million. LSEG-polled analysts were looking for 38 cents per share and $798 million. Cloudflare’s third-quarter results also topped estimates, reinforcing the market’s willingness to pay for visibility in near-term performance.
JFrog added another upside move, jumping 25% after raising full-year guidance. The company expects adjusted earnings of $1.14 to $1.16 per share on revenue between $680 million and $682 million. That outlook exceeded the FactSet consensus of 98 cents per share and $651.9 million, indicating stronger-than-anticipated earnings power and improving growth expectations for investors.
Iren, the neocloud company, rose 6% in extended trading after reporting first fiscal quarter revenue of $228 million, up from $137 million in the prior quarter. However, the company also said more than $4 billion in annual recurring revenue planned for 2026 had been delayed until at least January 2027. The stock’s positive reaction suggests investors weighed the near-term revenue acceleration more heavily than the timing shift in future recurring revenue.
Loss widening and guidance gaps weighed on other names
DraftKings fell 22% after posting a wider-than-expected third-quarter loss and missing revenue targets. The company reported a loss of 94 cents per share, worse than the 39 cents per share loss analysts expected, according to LSEG. Revenue of $1.33 billion missed the $1.40 billion estimate, and sportsbook revenue for the period came in at $784 million versus the $811.8 million StreetAccount consensus estimate. The magnitude of the drop reflects how investors reacted to both profitability and monetization shortfalls.
Axon Enterprise slid 13% postmarket after reporting results that came in below consensus. Third-quarter adjusted EPS was $1.72, compared with analysts’ expectation of $1.89, and revenue of $909 million missed the Street’s $934.3 million, according to FactSet data. Earlier weakness was also part of the setup, with the stock down almost 10% during regular trading on Thursday.
Lyft fell more than 5% after issuing fourth-quarter guidance for bookings of $5.74 billion to $5.94 billion, compared with the FactSet consensus of $5.81 billion. The negative reaction despite guidance narrowly spanning the consensus range suggests investors may have been looking for clearer upside or additional detail on demand and profitability.
What to watch next
With extended trading moves shaped largely by guidance and quarterly beats versus misses, investors are likely to focus on whether companies can sustain forward earnings momentum into upcoming reports. Next up for market participants will be additional earnings releases across consumer, software, cloud infrastructure, and gaming, alongside macro catalysts that can influence growth stocks—particularly shifts in expectations for interest rates and broader risk appetite.
