Several major companies posted earnings updates that triggered sharp market moves on Monday, with technology and growth stocks at the center of attention.
Cisco dips on cautious outlook
Cisco shares fell nearly 3% after reporting adjusted fourth-quarter earnings of $0.99 per share on $14.67 billion in revenue. Results were slightly above analyst estimates of $0.98 per share and $14.62 billion in revenue, according to LSEG. Guidance only marginally topped expectations. Despite the pullback, Cisco remains up about 19% year to date.
Ibotta plunges on earnings miss
Ibotta stock sank more than 21% after missing Wall Street forecasts. The company reported earnings of $0.08 per share, far below analyst expectations of $0.19. Quarterly revenue came in at $86 million, short of the $90.5 million consensus. Management also issued weaker-than-expected revenue guidance for the third quarter, deepening investor concerns.
Coherent falls despite revenue beat
Semiconductor manufacturer Coherent tumbled over 16%. It posted adjusted earnings of $1.00 per share on $1.53 billion in revenue, beating forecasts of $0.91 per share and $1.51 billion in revenue. However, the company also announced the sale of its aerospace and defense unit to Advent for $400 million, raising questions about future growth strategy.
