The Slack Technologies logo is seen on a banner outside the New York Stock Exchange (NYSE) during thew company’s IPO in New York, June 20, 2019.
Brendan McDermid | Reuters
Check out the companies making headlines after the bell:
Shares of Slack plunged 15% in extended trading after the company released its first earnings report since going public, briefly falling below its reference price from its direct listing. The maker of the popular workplace chat app reported a second quarter adjusted loss per share of 14 cents on revenue of $145 million. Analysts had expected a loss per share of 18 cents on revenue of $141 million, according to Refinitiv consensus estimates. For the fiscal third quarter, Slack gave strong revenue guidance, but forecast a slightly larger-than-expected loss per share than analysts had projected.
Cloudera leaped 7% after reporting better-than-expected second quarter earnings. The enterprise-software company reported an adjusted second quarter loss per share of 2 cents on revenue of $197 million. Analysts had expected a loss per share of 10 cents on revenue of $182 million, according to Refinitiv consensus estimates. Marty Cole, chairman of the board and interim chief executive officer of Cloudera, cited the company’s improving pipeline generation and internal metrics.
Shares of Palo Alto Networks briefly fell 5% after it forecast that its 2020 fiscal adjusted profit would be below estimates. The security platform expected full-year adjusted earnings per share between $5.00 and $5.10. Analysts had expected earnings per share of $6.25, according to Refinitiv consensus estimates.
The stock has since reversed to trade about 6% above its closing price.The cybersecurity company announced better-than-expected fourth quarter revenue and profit. Palo Alto Networks also announced the acquisition of Zingbox, an Internet of Things security platform.
Mallinckrodt shares plummeted more than 40% after a Bloomberg report that the company may seek bankruptcy protection as it weighs the potential costs stemming from thousands of opioid lawsuits. Bloomberg reported the pharmaceutical company has hired advisors to help it navigate the liabilities. The company would seek bankruptcy protection if those costs were determined to be unmanageable, Bloomberg reported citing people familiar with the situation. Prior to the report, the company had a market valuation of around $217 million.