Check out the companies making the biggest pre-market moves: Akamai Technologies — Shares soared 27% after the cybersecurity and cloud computing company announced the leading U.S.-based frontier model provider committed to investing $1.8 billion over seven years in its cloud infrastructure services. Akamai also reported higher-than-expected first-quarter adjusted earnings, while revenue was in line with expectations. CoreWeave — The cloud infrastructure company fell 7% after its second-quarter revenue outlook missed Wall Street’s expectations. CoreWeave’s sales are expected to be in the range of $2.45 billion to $2.6 billion. The midpoint of $2.53 billion was below the LSEG consensus call of $2.69 billion. Microchip Technology — Shares rose 3% after the company reported higher profits and sales in its fourth quarter earnings report. The company also provided a forecast for the current quarter that will exceed expectations. Microchip expects first-quarter revenue to be between $1.44 billion and closer to $1.47 billion, compared with the $1.34 billion expected by analysts surveyed by FactSet. IREN Limited — Shares rose more than 8% after the data center owner and operator announced a deal with semiconductor manufacturing giant Nvidia to deploy up to 5 gigawatts of artificial intelligence infrastructure. Nvidia also plans to invest $2.1 billion in the company. Gen Digital — Software shares soared 6% after the company released revenue guidance for the quarter and full year that beat analysts’ expectations, according to FactSet. Gen Digital also posted higher adjusted earnings and revenue for its fiscal fourth quarter. Upwork — Shares fell 23% after the company announced a restructuring plan that included a 24% reduction in its workforce. Upwork said it is doing this to ensure the company remains profitable as work evolves. The company also reported first-quarter profits and sales that were slightly lower than expected, according to Street accounts. Trade Desk — Advertising technology stocks plunged nearly 13% after Trade Desk reported revenue guidance for the current quarter of at least $750 million versus analysts’ expectations of $771 million, according to LSEG. First-quarter adjusted earnings were also lower than expected, coming in at 28 cents per share versus the expected 32 cents. Expedia — Shares fell 7% as the online travel agency expected second-quarter revenue of $4.11 billion to $4.19 billion, according to LSEG. This compared to analyst expectations of $4.12. Lyft — The ride-sharing app fell 1% after Lyft’s first-quarter profit was 4 cents per share. Analysts polled by LSEG had expected 6 cents. However, the company’s revenue came in at $1.65 billion, beating expectations of $1.63 billion. Bill Holdings — Shares of the financial operations platform rose 6% after the company reported adjusted earnings of 68 cents per share in its fiscal third quarter. Analysts polled by FactSet expected earnings of 55 cents per share. Sales also exceeded expectations, and the company announced it would cut its workforce by 30% by the first quarter of 2027. Gilead Sciences — Pharmaceutical stock fell 2%. Gilead Sciences said it now expects a full-year adjusted loss of between $1.05 and 65 cents per share, down from its previous estimate of earnings of $8.45 to $8.85 per share. The company cited significant ongoing research and development costs and financing costs associated with several major transactions. Texas Roadhouse — The steakhouse chain soared 6% after reporting first-quarter earnings of $1.87 per share, beating the FactSet consensus estimate of $1.80 per share. Same-store sales at company restaurants increased 6.5% year-over-year during the first five weeks of the second quarter. Wendy’s Company — Shares rose more than 5% after the company reported better-than-expected revenue of $540.6 million in its first-quarter financial report. Analysts polled by LSEG had expected sales of $518 million. Profits also exceeded expectations, and the company also announced plans to build up to 1,000 restaurants in China over the next 10 years. SWEET GREEN — Shares fell nearly 2% after the salad chain reported a profit of $1.06 per share in the first quarter, compared with a loss of 21 cents per share in the year-ago period. However, sales fell short of expectations from analysts surveyed by FactSet. Cheers — the stock is down nearly 10%. Guidance for second-quarter adjusted EBITDA was $185 million to $195 million, below the FactSet consensus estimate of $204.4 million. Sales for the first quarter were $1.63 billion, in line with expectations. Rocket Lab — The aerospace manufacturer posted a 7% profit after outperforming sales in the first quarter and posting a record backlog of $2.2 billion, up 20.2% sequentially. Rocket Lab also announced plans to acquire Motiv Space Systems. The company also won a $30 million contract for three HASTE hypersonic test launches, marking what it says is the largest launch contract in company history with a confidential customer. BLOCK — Shares rose about 7% on the arrival of the fintech platform. The company said it expects second-quarter and full-year adjusted earnings to beat FactSet consensus estimates. Monster Beverage — The beverage stock rose nearly 8% after Monster posted adjusted earnings of 58 cents on revenue of $2.35 billion in the first quarter. Analysts had expected a profit of 53 cents and revenue of $2.16 billion, according to FactSet. Illustration — The medical scrubs retailer fell 7.5% after posting a first-quarter profit of 3 cents a share, narrowly beating the 1 cent estimate of analysts surveyed by FactSet. Coinbase Global — According to LSEG, the stock price fell 3% as the cryptocurrency exchange posted an unexpected loss in the first quarter and missed revenue expectations. Transaction revenue and subscription revenue for the past quarter were also lower than expected. Cloudflare — Internet services stock plummeted 18%. Cloudflare has announced plans to reduce its workforce by approximately 1,100 employees. The second-quarter adjusted earnings outlook was in line with LSEG’s consensus call for 27 cents per share. The company expects sales to be in the range of $664 million to $665 million, compared to expectations of $665 million. Synaptics — Internet of Things solutions provider fell 1%. Synaptics reported third-quarter adjusted earnings of $1.09 per share, beating the FactSet consensus estimate of $1.01 per share. Revenue also exceeded expectations, coming in at $294.2 million, compared to Street expectations of $290.5 million. JFrog — The supply chain-focused software company soared about 16% after reporting better-than-expected full-year earnings. LSEG said the company expects adjusted earnings to be in the range of 93 cents to 97 cents per share, while analysts expect 90 cents per share. Second quarter sales and bottom line guidance also exceeded expectations. SoundHound AI — Stock price fell 9.5%. The voice AI platform provider reported an adjusted loss before interest, taxes, depreciation and amortization of $26.7 million in the first quarter, more than the $12 million loss that analysts had expected, according to FactSet. SoundHound also reaffirmed revenue of $225 million to $260 million, compared to consensus estimates of $232.8 million. DraftKings — Shares fell 1.5% after underwhelming guidance. The sports betting company reaffirmed its full-year revenue outlook of $6.5 billion to $6.9 billion. Analysts surveyed by LSEG had expected sales to be around $6.82 billion. However, DraftKings’ first-quarter adjusted EBTIDA exceeded expectations. — CNBC’s Darla Mercado contributed reporting. Correction: Akamai Technologies was misspelled in the previous heading.
