After hours stock movers: GameStop, Rent the Runway, C3.ai, and more
GameStop (GME): The retailer missed on both the top and bottom lines as sales declined amid a gaming slowdown. Third-quarter net sales of $1.19 billion were down 8.5% from a year ago, driven by a 19% drop in software sales. GameStop reported losses of $94.7 million in the third quarter, its seventh quarterly loss in a row. Inventory was $1.13 billion, compared with $1.14 billion a year ago. Shares rose as much as 4% in extended trading on Wednesday.
Rent the Runway (RENT): The company raised its full-year revenue forecast, sending shares up as much as 22% in extended trading. Rent the Runway sees revenue $293 million to $295 million, topping analyst’s estimate of $288.3 million. CEO Jennifer Hyman noted in the release that the company’s restructuring plan was ‘substantially complete’ and will focus on ‘substantially improving cash burn’ in the future.
C3.ai (AI): The AI software provider reported better than expected third-quarter earnings and revenue and reaffirmed its full-year revenue forecast of $255 million to $270 million. Revenue for the quarter rose 7.1% from a year ago, driven by a 26% jump in subscription sales. Shares were little-changed after hours.
The Duckhorn Portfolio (NAPA): Shares rose 3% in extended trading after the winemaker’s fiscal first-quarter net sales and profit topped expectations. Revenue for the quarter was $108.2 million, up from $104.2 million a year ago. Net income was $19.8 million, versus $21.3 million a year ago.
Duckhorn also noted its CFO Lori Beaudoin will be stepping down in the spring of 2023 after more than 13 years with the company.