Late Radar Movers: GAP, Salesforce, Marvel Tech Pop Big After Earnings
Shares of Gap Inc. (NYSE:GPS) jumped more than 4 percent in late trading. The company announced first-quarter net income of $233 million (47 cents per share). Revenue increased 5.8 percent to $3.49 billion from the year-earlier quarter. “During the quarter, we improved sales, grew earnings per share, and continued investing in the business to drive performance,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “We’re pleased with the progress we’re making against our 2012 priorities in both our domestic business and global growth initiatives.”
A Closer Look: Gap Earnings Cheat Sheet>>
Salesforce.com Inc. (NYSE:CRM) shares popped 6percent after the closing bell, despite reporting a decline in earnings. For the first-quarter, the cloud computing company reported a loss of $19.5 million (14 cents per share), compared to a net gain of $530,000 a year earlier. However, revenue surged almost 38 percent to $695.5 million from the year-earlier quarter.
Brocade Communications Systems Inc. (NASDAQ:BRCD) shares edged slightly lower in extended trading. Earnings for the first-quarter fell in line with estimates at 8 cents per share. In the same quarter last year, Brocade earned 6 cents per share. “We ended the quarter with revenue of $543 million, which came in at the high-end of our guidance, and exceeded our expectations for non-GAAP EPS, which was up 24 percent year-over-year. Our focus remains on driving profitability in the near-term as we invest in the business and position Brocade for long-term success,” said Michael Klayko, CEO of Brocade.
Don’t Miss: Uncle Sam Must Love These 30 Companies
Applied Materials Inc. (NASDAQ:AMAT) shares fell almost 1 percent late Thursday. The company reported its fourth consecutive quarter of profit drops. Net income for the company declined 40.9 percent to $289 million (22 cents per share), compared to $489 million (37 cents per share) a year earlier.
Shares of Marvell Technology Group (NASDAQ:MRVL) climbed 4 percent higher after the closing bell. First-quarter results beat estimates, but earnings declined. Net income for the company came in at $94.5 million (16 cents per share), compared to $146.9 million (22 cents per share) a year earlier. “Our results in the first quarter were better than anticipated driven in part by our TD smartphone products, which grew about 25% sequentially and increased deployment of our 500 gigabyte per platter mobile storage solutions to all the hard disk drive manufacturers,” said Dr. Sehat Sutardja, Marvell’s Chairman and Chief Executive Officer.
Apple Inc. (NASDAQ:AAPL) managed to edge slightly higher in late trading after closing 2.92 percent lower during regular trading. The tech giant recently announced it plans to power its main U.S. data center entirely with renewable energy. Apple will buy SunPower Corp. and Bloom Energy in order to build solar-energy systems at the center.
Investor Insight: Will Facebook Measure Up to Titan Internet IPOs?