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Intuit Soars, Gap Surges on Strong Sales
21 Nov
Summary
- Intuit shares jumped over 3% on strong first-quarter results.
- Gap's same-store sales rose 5%, exceeding Wall Street expectations.
- Ross Stores saw an excellent back-to-school season, boosting sales.
Software company Intuit's shares saw a significant increase of over 3% in after-hours trading, following the release of robust first-quarter financial results. The company reported adjusted earnings per share of $3.34, exceeding the $3.09 expected by analysts, with revenue also surpassing projections at $3.89 billion.
Retailers Gap and Ross Stores also reported positive performance. Gap's stock climbed nearly 6% as its third-quarter same-store sales rose 5%, outperforming expectations, partly attributed to its viral 'Better in Denim' campaign. Ross Stores gained 3% after reporting earnings and revenue that beat Wall Street's estimates, citing an "excellent back-to-school season."
Conversely, data analytics firm Elastic experienced a notable decline of about 12%, despite its fiscal second-quarter results surpassing analyst predictions. Veeva Systems, a cloud-based software provider for life sciences, also saw its shares drop more than 5% post-market, even after beating earnings expectations and issuing strong guidance. Copart's shares tumbled over 2% due to disappointing first-quarter revenue.
