U.S. indices were higher by day’s end yesterday with energy and financial stocks rising 0.5% apiece. The S&P 500 Index rose 0.2%, the Dow Jones Industrial Average gained 0.3% and the Nasdaq Composite hiked up 0.1%.
Barracuda Networks Inc (CUDA)
Barracuda Networks unveiled its latest quarterly results Tuesday, causing shares to plummet late in the day.
The company said that its second-quarter earnings fell 19% compared to the year-ago period, coming in at 17 cents per share. Analysts were expecting profit of 17 cents per share.
Revenue was better for Barracuda Networks, rising 7% year-over-year from $87.9 million to $94.3 million. The figure was above the Wall Street consensus estimate of $93.3 million.
Billings for the quarter, which is a sales growth metric, was 8% higher to $108 million over the course of the period.
The company’s business lies in email protection tools, but it has been shifting to a cloud-based security services provider lately.
CUDA stock fell over 9% after hours Tuesday.
Micron Technology, Inc. (MU)
Micron Technology announced that it would be selling a considerable chunk of company shares.
The memory chip provider said it will sell roughly $1 billion in fresh stock following a series of impressive sessions that has seen MU stock rise 91.5% year-to-date.
The stock is selling at its highest price since the dot-com boom, or 2001. Micron reported that underwriters had access to an additional $150 million in shares that could be sold at the public offering price, which has yet to be determined.
The proceeds from this sale will help the company pay down debt. About $476 million of this amount will be set for notes that will mature in 2023.
The rising price of memory chips has helped the company’s sales rise as a number of gadgets for consumers are pricier now than they used to be. Micron also said that it expects demand to continue surging.
MU stock fell 3.8% after the bell yesterday.
VOXX International Corp (VOXX)
Voxx International also unveiled its results after hours Tuesday.
The company said it earned $17.11 million, or 71 cents per share over the course of its second quarter, which was higher than the $3.02 million, or 12 cents per share it raked in over the course of last year’s second quarter.
The figure topped analysts’ expectations of a one-cent loss, according to data compiled by Thomson Reuters. This estimate was excluding special items.
Revenue for Voxx International’s period came in at $113.47 million, which was a 4.1% decline from the $118.33 million it brought in a year ago.
VOXX stock is down over 18% this morning following a 1.2% rise in regular trading yesterday.
As of this writing, Karl Utermohlen did not have a position in any of the aforementioned securities.
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