After-hours movers: Marvell surges on AI-driven results, Ulta falls on revenue miss

After-Hours Movers:

Tilray Brands, Inc. (Nasdaq: TLRY) 19% LOWER; announced that it has commenced a registered offering of $150 million aggregate principal amount of Convertible Senior Notes due 2027

Marvell Technology (NASDAQ: MRVL) 14% HIGHER; reported Q1 EPS of $0.31, $0.02 better than the analyst estimate of $0.29. Revenue for the quarter came in at $1.32 billion versus the consensus estimate of $1.3 billion. Marvell Technology sees Q2 2024 EPS of $0.27-$0.37, versus the consensus of $0.31. Marvell Technology sees Q2 2024 revenue of $1.33 billion, versus the consensus of $1.31 billion. The company is forecasting AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years.

Gap, Inc. (NYSE: GPS) 13% HIGHER; reported Q1 EPS of $0.01, $0.16 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $3.28 billion versus the consensus estimate of $3.29 billion. The company is estimating second quarter net sales could decrease in the mid to high-single digit range compared to last year's net sales of $3.86 billion.

Ulta Beauty (NASDAQ: ULTA) 9% LOWER; reported Q1 EPS of $6.88, $0.06 better than the analyst estimate of $6.82. Revenue for the quarter came in at $2.6 billion versus the consensus estimate of $2.62 billion. Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 9.3% compared to an increase of 18.0% in the first quarter of fiscal 2022, driven by an 11.0% increase in transactions and a 1.5% decrease in average ticket. Ulta Beauty sees FY2023 revenue of $11-11.1 billion, versus the consensus of $11.12 billion.

Workday (NASDAQ: WDAY) 8% HIGHER; reported Q1 EPS of $1.31, $0.19 better than the analyst estimate of $1.12. Revenue for the quarter came in at $1.68 billion versus the consensus estimate of $1.67 billion. The company is raising the low end of fiscal 2024 subscription revenue guidance to a range of $6.550 billion to $6.575 billion, representing 18% growth over the prior fiscal year.

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