U.S. stock futures were lower this morning, with the Dow futures trading lower by around 50 points on Monday.
Shares of GitLab Inc. (GTLB) fell sharply in today’s pre-market trading after the company issued earnings guidance below estimates.
The company reported quarterly earnings of 15 cents per share, which beat the analyst consensus estimate of 8 cents per share. Quarterly sales clocked in at $163.78 million, beating the analyst consensus estimate of $158.21 million, according to data from Benzinga Pro.
However, the company sees fiscal year 2025 earnings per share between 19 cents and 23 cents, below the 35 cents per share consensus estimate. This news led to a 22.4% drop in GitLab shares to $57.80 in pre-market trading.
In addition to GitLab, several other big stocks recorded losses in today’s pre-market trading session:
1. Stitch Fix, Inc. (SFIX) shares dipped 14.5% to $2.80 after reporting worse-than-expected second-quarter financial results and issuing a weak revenue forecast for FY24.
2. Semrush Holdings, Inc. (SEMR) fell 13.9% to $11.19 after reporting fourth-quarter financial results.
3. MicroStrategy Incorporated (MSTR) shares declined 11.7% to $1,178.00 after announcing a proposed private offering of $600 million of convertible senior notes.
4. Ethereal Tech PTE. Ltd (FUFU) shares fell 11.4% to $11.62. BitFuFu shares jumped around 106% on Monday amid volatility following the company’s recent business combination with Arisz Acquisition Corp and listing on the Nasdaq.
5. CleanSpark, Inc. (CLSK) shares declined 9.5% to $14.90 after falling around 8% on Monday.
6. Albemarle Corporation (ALB) shares fell 8.2% to $122.08 after the company announced a proposed public offering of depositary shares.
7. Marathon Digital Holdings, Inc. (MARA) shares fell 7.4% to $23.82 after declining around 5% on Monday.
8. Super Micro Computer, Inc. (SMCI) shares fell 4.5% to $1,026.09. Super Micro Computer shares jumped over 18% on Monday after the S&P Dow Jones Indices announced that the company is set to join the S&P 500.
Overall, it was a challenging day for many stocks in pre-market trading, with several companies experiencing significant declines. Investors will be closely watching these developments as the trading day unfolds.
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