Stocks traded unevenly in extended hours as several companies reported results or issued guidance that either beat or missed analyst expectations. AppLovin led the downside after its outlook disappointed, while DoorDash advanced following a revenue beat. A range of movers across software, retail, data storage, fintech and consumer apps underscored investors’ focus on near-term earnings visibility and margin resilience.
Key takeaways
- AppLovin shares fell nearly 18% after third-quarter projections came in below consensus, reinforcing investor sensitivity to guidance.
- DoorDash rose about 1% as revenue exceeded expectations, showing the market rewarded top-line strength even with in-line earnings.
- Zillow dropped about 9% after management changes to its CFO/COO role, alongside a separate quarter-and-layoff update.
- Western Digital slid more than 10% on weaker-than-expected current-quarter projections, highlighting demand and pricing uncertainty in storage.
- Duolingo and Figma sold off after lighter-than-expected guidance, underscoring how forward metrics outweighed strong quarterly prints.
What drove the moves
AppLovin sank almost 18% after its third-quarter projections missed Wall Street expectations. The company forecast adjusted EBITDA of $1.71 billion to $1.74 billion, below a consensus estimate of $1.75 billion, and reported a second-quarter revenue figure that narrowly missed expectations.
DoorDash advanced roughly 1% following a revenue beat. The company posted quarterly revenue of $4.45 billion, exceeding the LSEG consensus of $4.34 billion. Earnings of 46 cents per share were reported in line with expectations, leaving investors to concentrate on the strength in sales rather than EPS growth.
Zillow slid about 9% after expanding the role of its CFO, Jeremy Hofmann, who took on the additional title of chief operating officer. The company also reported results after the bell, with adjusted earnings per share of 52 cents and revenue of $772 million both topping estimates. Earlier, Zillow said it would reduce its workforce by about 500 employees, a move that may have tempered investor reaction despite the earnings beat.
Western Digital dropped more than 10% as its current-quarter outlook fell short of what traders expected. The company guided for adjusted earnings of $4.00 per share plus or minus 15 cents on revenue of $4.1 billion plus or minus $100 million, compared with LSEG consensus of $3.81 per share and $4.04 billion in revenue.
Sandisk (within Western Digital’s earnings universe as cited in the report) declined about 5% as first-quarter revenue guidance appeared less compelling to investors. Sandisk projected first-quarter revenue between $10.3 billion and $10.8 billion versus LSEG consensus of $10.47 billion. While fourth-quarter results reportedly beat on both revenue and earnings, the forward view dominated the reaction.
Salesforce fell more than 4% in extended trading after announcing it would name Miguel Milano as operating chief on Wednesday. Milano previously worked at Oracle and then spent nearly a decade at Salesforce in Europe. The shares were already down more than 27% year to date, suggesting the appointment landed in the context of a weak broader performance trend.
Companies reacting to earnings and forward guidance
Block slipped about 2% after providing current-quarter gross profit guidance of $3.13 billion, in line with the FactSet consensus. With results guidance appearing to match expectations, the decline suggests investors may have been looking for upside in other areas not captured in the headline number.
Duolingo tumbled roughly 11% after guidance for the current quarter pointed to a softer revenue path. The company forecast revenue of $302 million, below FactSet consensus of $303.9 million, and said bookings should reach $307 million versus an anticipated $308.8 million. Even without the report detailing the prior quarter’s performance, the miss in forward indicators drove the selloff.
Figma lost about 15% after its full-year outlook for adjusted operating income came in light. The company guided operating income of $125 million to $135 million, excluding items, compared with FactSet consensus for $133.2 million. Although the company’s second-quarter results reportedly beat estimates otherwise, the softer full-year guidance shifted investor focus to profitability and forward earnings trajectory.
e.l.f. Beauty dropped almost 2% after reported profitability exceeded expectations on an adjusted basis. Adjusted earnings per share came in at $1.75 versus an LSEG consensus call for 71 cents. However, the company said $50 million in tariff refunds helped boost profits nearly double, and CEO Tarang Amin told CNBC that the plan is to reinvest the money into pricing and increased marketing across its brands. The move suggests investors weighed strong headline EPS against the extent to which it relied on refunds.
Bumble fell about 5%. The dating app operator reported a second-quarter loss of 84 cents per share versus FactSet consensus for a profit of 25 cents per share. For the third quarter, Bumble guided adjusted EBITDA of $56 million to $60 million, below FactSet consensus of $68.7 million.
What to watch next
Investors will likely continue to prioritize forward guidance, especially around margin-sensitive metrics such as adjusted EBITDA, operating income and current-quarter earnings. The next catalysts across the group will be upcoming updates on guidance delivery and, more broadly, how companies’ outlooks respond to macro pressures—rates, inflation dynamics and demand conditions—alongside any sector-specific signals such as storage pricing and advertising/consumer spending.
