Check out the companies making headlines after the bell:
Spotify shares plunged as much as 10 percent in the extended session. The entertainment company reported revenues and monthly active users that fell in line with estimates, but its guidance for the upcoming quarter was weak and it is still losing money. This quarter’s earnings are the first the newly public company has reported.
Square stock sank more than 6 percent post-market. The financial services and mobile payment company’s earnings fell in line with what was expected and its revenues were better than expected. Its gross payment volume also fell in line with expectations. Weak earnings guidance disappointed investors.
Tesla shares rose as much as 2 percent in extended trading after posting better than expected earnings, but the company’s stock later gave up its gains. The electric vehicle maker and energy storage company’s loss per share was smaller than expected and its revenue surpassed estimates. Its cash burn was also smaller than analysts expected. It also expects to be profitable and cash-flow positive in the second half of the year.
The company previously stated that it wants to ramp up Model 3 production to 6,000 per week by the end of June. So far it is up to producing 2,020 by the end of the first quarter, still short of its growth goal.
Shares of AIG fell nearly 6 percent after the bell. The finance and insurance corporation reported a substantial miss on earnings per share.
Sprint stock gained nearly 2 percent in the extended session. The mobile carrier beat estimates on revenues and earnings but its net adds were lower than expected. It also announced that current CFO Michel Combes will become the company’s CEO and current CEO Marcelo Claure will become Sprint’s executive chairman. Claure will also fill the roles of COO at Softbank Group and CEO at Softbank Group International.
The personnel changes come as Sprint plans to merge with T-Mobile. If the deal is approved, current T-Mobile CEO John Legere will remain CEO of the newly merged carrier.
Express Scripts stock dropped more than 1 percent in the extended session before recovering its losses. The prescription management company beat estimates on earnings but missed on revenues. Its full-year earnings guidance was also lowered.
Fitbit shares sank more than 4 percent post-market. The wearable technology maker reported a beat on revenues and a smaller loss than expected, but guidance for the upcoming quarter was weak on top and bottom lines.
Shares of Zynga rose more than 2 percent in post-market trading after the company announced a new share structure. The gaming company said on Wednesday that it would move to a single class structure, reducing the voting power of chairman and co-founder Mark Pincus. It also reported a higher mobile audience and revenue of $208.2 billion.
Kraft Heinz stock rose more than 3 percent in extended trading after reporting mixed earnings. The grocery manufacturer just missed revenue estimates but beat on earnings per share. The beat comes despite lower first-quarter sales.
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