Premarket movers: Qualcomm, Snap slide premarket; Unity surges

Qualcomm shares fell about 9% in premarket trading after smartphone chip sales missed Wall Street expectations, raising concerns that weakness in its core handset business could offset growth in newer areas such as data-center chips.

Revenue from the company’s handset division, its largest business, fell 26% to $5.14 billion, dragging chip segment sales down 8% to $9.02 billion. Qualcomm is facing pressure from rising memory costs, driven by strong data-center demand, as well as slower smartphone sales.

Snap shares tumbled 9.8% in premarket trading to $5.34 after the Snapchat parent reported third-quarter results that fell short of expectations on revenue and user growth.

Revenue came in at $1.72 billion, just below analysts’ estimate of $1.73 billion, while daily active users reached 495 million, missing the 499 million expected by Wall Street. Advertising revenue grew just 4% year over year, slowing from 9% growth in the previous quarter.

Dutch Bros shares plunged 13.7% in premarket trading after the coffee chain issued full-year revenue and adjusted EBITDA guidance that fell short of analyst expectations, overshadowing a modest third-quarter earnings beat.

The company reported earnings of $0.25 per share, a penny above estimates, while revenue of $549.84 million narrowly topped consensus. However, its full-year 2026 revenue forecast of $2.10 billion came in below the $2.13 billion expected by Wall Street.

EPAM Systems shares surged 13.6% in premarket trading after the digital transformation company reported third-quarter results above analyst expectations and raised its full-year outlook.

Adjusted earnings came in at $3.51 per share, beating the $3.40 consensus, while revenue of $1.426 billion edged past estimates of $1.42 billion and increased 2.3% year over year. The company also raised its full-year 2026 adjusted earnings forecast to $13.23 to $13.31 per share and lifted its revenue growth outlook to 3.5% to 3.7%.

EPAM also increased its share repurchase authorization by $1.5 billion, bringing its remaining buyback capacity to $1.8 billion.

MNTN shares plunged 45.1% in premarket trading after the advertising technology company reported third-quarter results below its own guidance and sharply cut its full-year revenue forecast, citing disruption caused by changes to its sales compensation structure.

Revenue came in at $80.3 million, below the company’s guidance range of $86 million to $89 million, while adjusted EBITDA of $19.9 million missed its target of $22 million to $25 million. MNTN lowered its 2026 revenue forecast to $311 million to $314 million, down from its previous range of $347 million to $357 million and well below analysts’ expectations of about $352 million.

The company said changes to its sales compensation model had contributed to the departure of roughly 40% of its experienced salesforce, hurting customer acquisition and revenue generation. MNTN also announced leadership changes, appointing board member Tony Weisman as CEO and confirming the departures of COO Chris Innes and Chief Revenue Officer Garland Hill.

Warby Parker shares surged 22% in premarket trading after the eyewear retailer reported stronger-than-expected adjusted EBITDA and continued gross margin expansion, helping offset weaker-than-expected revenue and earnings.

Revenue increased 10.4% year over year to $244.7 million, slightly below analyst expectations, while earnings of $0.04 per share missed the $0.09 consensus. Adjusted EBITDA, however, reached $28.6 million, exceeding the company’s guidance range, while gross margin improved to 54.4% from 54.1% a year earlier.

Warby Parker narrowed its full-year 2026 revenue forecast to $966 million to $976 million and reaffirmed its adjusted EBITDA outlook of $117 million to $119 million. The company also cited investment spending tied to its upcoming Intelligent Eyewear launch with Google.

Unity Software shares jumped 22% in premarket trading after the game-engine developer reported third-quarter results well above analyst expectations and issued a stronger-than-expected forecast for the current quarter.

Adjusted earnings came in at $0.44 per share, compared with analysts’ estimates of $0.03, while revenue rose 32% year over year to $622 million, exceeding the $565.82 million consensus. Adjusted EBITDA reached $257 million, also above expectations of $188.9 million.

For the fourth quarter, Unity forecast revenue of $683 million to $691 million, well above analysts’ estimate of $601.3 million. It also projected adjusted EBITDA of $290 million to $295 million, compared with the $201.3 million consensus.

Expedia shares fell nearly 7% in premarket trading after the travel-booking company issued a weaker-than-expected fourth-quarter revenue forecast, raising concerns about its growth outlook.

The company expects fourth-quarter revenue of $3.69 billion to $3.75 billion, putting the midpoint below analysts’ average estimate of $3.74 billion, according to LSEG data. Expedia shares had risen about 12% this year through Wednesday’s close, outperforming Booking Holdings, whose shares had fallen about 20% over the same period.

Planet Fitness shares rose 1.2% in premarket trading after the gym operator beat third-quarter profit and revenue estimates and raised its 2026 outlook.

The company reported adjusted earnings of $0.83 per share, above analysts’ expectations of $0.80, while revenue of $360 million topped the $347.68 million consensus. Adjusted EBITDA increased 3.9% to $146.2 million.

Franchise revenue rose 14% to $129.6 million, while equipment revenue increased 11% to $87.6 million. System-wide same-club sales grew 1.5%, and the company ended the quarter with 2,962 clubs, up 6% from a year earlier.

Peloton Interactive shares rose 7.3% in premarket trading after the connected-fitness company reported fiscal first-quarter 2027 results above analyst expectations, alongside stronger cash generation and improved profitability.

Adjusted earnings came in at $0.19 per share, beating the $0.11 consensus, while revenue reached $559.2 million, above estimates of $554.55 million and up 2% from a year earlier. Free cash flow more than doubled year over year to $143 million, while adjusted EBITDA climbed 42% to $168 million.

Peloton also reported net income of $96 million, compared with $13.9 million a year earlier, and said it had reduced gross principal debt outstanding by nearly $500 million, or 32%, during calendar 2026.