Check out the companies making headlines after the bell:
Shares of Cisco Systems sank as much as 6% during extended trading after the multinational telecom company reported a weaker-than-expected second-quarter outlook despite its first-quarter earnings beat. The company expects second-quarter revenue to fall between 3% and 5%, compared to the 2.6% percent increase Wall Street anticipated. Cisco also expects second-quarter earnings between 75 cents and 77 cents, which falls short of the 79 cent EPS analysts expected, according to Refinitiv.
In its first quarter, Cisco reported earnings of 84 cents per share, excluding certain items, on revenue of $13.16 billion, exceeding the earnings of 81 cents per share and revenue of $13.09 billion analysts forecast, according to Refinitiv consensus estimates.
Shares of American Outdoor Brands spiked as much as 8% after the gunmaker announced it intends to split into two separate publicly traded companies. One company, Smith & Wesson Brands, will encompass the firearm business, while the namesake company would cover all outdoor products and accessories. The transaction is expected to be completed in the back-half of the calendar year 2020.
Shares of Ping Identity surged more than 13% after the bell following the company’s third-quarter earnings report. The company, whose software enables corporate workers to easily log in to many applications, reported total revenue of $61.8 million, 93% of which was subscription revenue. The Denver-based company also said it raised $187.5 million in its IPO in late September, when it priced its stock at $15 per share. Ping Identity expects full-year revenue between $239.3 million and $241.3 million, and total revenue between $64.7 million and $66.7 million next quarter.