Stocks moved sharply after the close as a slate of major companies reported quarterly results and issued guidance, with investors reacting more to outlook than to headline earnings in several cases. Among the biggest decliners were Expedia, Zillow, and Dutch Bros, while AppLovin and Coherent posted steep gains after results beat expectations. The post-earnings moves underline how quickly guidance and key operating metrics can overwhelm even modest beats.
Key takeaways
- Sharp post-bell swings: AppLovin surged more than 20%, while Expedia fell more than 7% and Zillow dropped more than 16%.
- Guidance mattered most: Companies that disappointed on forward revenue or key metrics saw outsized selloffs, even when earlier-quarter earnings or revenue topped estimates.
- Operating metrics drew close scrutiny: Snap declined after daily active users fell short of expectations, and Zillow sank on misses in key metrics.
- Beats helped—but weren’t enough everywhere: Some firms gained on earnings surprises and raised outlook, while others fell despite beating certain figures.
What drove the biggest post-earnings moves
Investors largely focused on whether companies could translate quarterly results into credible forward momentum. Qualcomm fell almost 6% even after reporting a slight earnings beat in its fiscal fourth quarter. The weakness followed its outlook, with adjusted earnings guidance of $2.15 to $2.35 per share for the current quarter versus analyst expectations of $2.26 per share, according to FactSet.
AppLovin, by contrast, rallied more than 20% after posting results that topped estimates. According to FactSet, the company reported adjusted EBITDA of $1.84 billion versus the $1.73 billion consensus. Revenue of $2.18 billion also beat forecasts for $2.07 billion, helping investors price in stronger operating momentum.
Expedia shares slid more than 7% after the company issued guidance that was mostly weaker than expected for the current quarter. The online travel firm forecast revenue between $3.69 billion and $3.75 billion for the fourth quarter, while analysts polled by FactSet expected an average of $3.74 billion. Despite beating earnings and revenue expectations in the third quarter, investors appeared to prioritize the limited margin of comfort in the new outlook.
Zillow dropped more than 16% after missing on key metrics in its third-quarter results. According to LSEG and the article’s summarized consensus, adjusted earnings were 55 cents per share versus expectations for 59 cents, and revenue was $724 million versus $754 million expected.
Market reaction: winners gained on surprises, losers faced outlook pressure
Several results-driven gains reflected stronger-than-expected profitability or revenue. Coherent climbed about 7% after reporting adjusted earnings of $2.09 per share compared with an estimate of $1.99 per share, according to FactSet. The company also reported revenue and current-quarter guidance above expectations.
e.l.f. Beauty gained more than 4% after fiscal second-quarter results came in ahead of estimates. The cosmetics company reported adjusted earnings of $1.21 per share and revenue of $521 million, compared with analyst expectations of 60 cents per share and $470 million, according to LSEG.
In software and enterprise technology, Klaviyo fell about 5% despite a beat on the top and bottom lines. The company reported adjusted earnings of 22 cents per share on revenue of $387.2 million, versus consensus calls for 17 cents and $380 million, according to FactSet. The shares declined even as the company lifted full-year revenue guidance, suggesting investors may have been focused on other parts of the report not captured in the highlighted figures.
HubSpot sank more than 8% after its fourth-quarter guidance fell short of expectations. The company guided for earnings of $3.85 to $3.87 per share on revenue of $945 million to $947 million, while analysts polled by FactSet expected $4.09 per share and $964.9 million in revenue. HubSpot did beat third-quarter earnings and revenue expectations, but the forward outlook weighed on sentiment.
In social media, Snap dropped about 7% even though it reported revenue slightly below the consensus. Third-quarter revenue of $1.72 billion narrowly missed the LSEG consensus estimate of $1.73 billion, and daily active users also fell short, with 495 million compared with a StreetAccount consensus of 499 million.
Semiconductors and emerging hardware also saw pressure after earnings quality concerns. Wolfspeed fell about 5% after posting a wider-than-expected loss in its fiscal first quarter. The report cited an adjusted loss of $2.03 per share versus a $1.99 per share loss expected by FactSet.
Figma declined nearly 7% after results exceeded forecasts but the market still reacted negatively. The company reported adjusted earnings of 10 cents per share on revenue of $391 million, while LSEG consensus called for 5 cents on revenue of $376 million. The decline suggests the market may have been evaluating forward indicators and demand signals not reflected in the top-line comparison.
Guidance cuts and key misses amplified downside
Some of the steepest declines were tied to forward-looking guidance or underwhelming operating metrics. Dutch Bros fell about 19% after it cut full-year adjusted EBITDA guidance to at least $380 million from a previous range of $385 million to $390 million. Same-store sales in the third quarter also came in weaker than expected at 4.4% versus a 4.6% consensus estimate, according to StreetAccount.
Expanding the list of guidance-linked weakness, Fastly plummeted 16% even after posting third-quarter earnings and revenue results that topped estimates. The company also issued guidance for the current quarter that did not satisfy investors, and it announced that Scott Lovett, president of Go To Market, will be retiring in 2027—an additional corporate update that may have added uncertainty to investor expectations.
Cava fell more than 11% after its third-quarter 2026 financial results missed Wall Street expectations. Earnings were 11 cents per share versus a 12 cents consensus estimate, and revenue was $356 million versus $359 million expected, according to LSEG.
Expedia and Zillow were not the only travel and real estate-linked names under pressure, as MercadoLibre fell about 7% after third-quarter earnings missed expectations. The company earned $8.83 per share versus a FactSet consensus of $9.27, though revenue of $10.75 billion beat the $10.69 billion estimate.
Bigger picture: investors are repricing growth, not just earnings
Across the reporting cycle, the pattern suggests investors are increasingly focused on forward revenue and profitability signals, alongside operational metrics such as user engagement and same-store sales. Even when companies beat on earnings or revenue, shares often fell if guidance implied slower growth or if key metrics landed below consensus.
Looking ahead, investors will likely watch whether companies that guided conservatively can improve momentum in coming quarters, and whether results from the next earnings wave provide clearer signals on margins, demand, and forward growth assumptions.
