NetApp's stock experienced a steep decline, dropping 15% following the company's fiscal third-quarter report, which revealed revenue figures that fell short of expectations. NetApp reported $1.64 billion in revenue, missing the anticipated $1.69 billion, leading to a significant sell-off in premarket trading.
HP also faced challenges as its first-quarter earnings narrowly missed estimates. Despite this, the company's revenue exceeded expectations. Looking ahead, HP projects adjusted earnings per share to be between 75 cents and 85 cents for the second quarter, slightly below the market estimate of 86 cents.
Logitech International encountered potential growth hurdles in certain product segments due to proposed tariffs from the United States. This uncertainty contributed to a more than 3% drop in Logitech's stock after Bank of America downgraded it to underperform from neutral.
China's stocks saw declines after the country vowed to retaliate against U.S. President Donald Trump's latest threat to impose an additional 10% tariff on Chinese goods by March 4. This geopolitical tension resulted in Alibaba's shares dropping over 4%, while PDD Holdings and automaker Nio each fell almost 4%.
Autodesk, however, provided a bright spot in the market with its fourth-quarter results surpassing Wall Street's expectations. The company reported adjusted earnings of $2.29 per share on revenue of $1.64 billion, signaling robust performance amid broader market volatility.
Dell Technologies did not fare as well, reporting fourth-quarter revenue of $23.93 billion, which fell short of the $24.56 billion consensus estimate. This shortfall adds to the challenges faced by tech companies in navigating a complex economic landscape.
Nvidia's shares continued their downward trajectory, falling around 2%. This decline extends Nvidia's losses from the previous session, where the stock had already dropped by 8.5%.
SoundHound AI emerged as one of the few tech companies with positive news, witnessing a 1% rise in its stock price after posting fourth-quarter revenue of $34.5 million, exceeding analysts' predictions of $33.7 million.
Duolingo's shares took a hit, plunging roughly 9% after the company provided guidance for adjusted EBITDA in the current quarter that fell short of analyst expectations. This forecast raises concerns about Duolingo's near-term financial performance.
Rocket Lab experienced a significant drop in its stock price, plummeting more than 16% after issuing weaker-than-expected guidance for the current quarter. The company's outlook has raised alarms among investors, leading to a substantial sell-off.
Li Auto also faced headwinds, sliding around 5% after revealing fourth-quarter revenue guidance that was lower than anticipated. This announcement adds to the challenges faced by automakers amid economic uncertainties.