Expedia, an online travel company, experienced a 6% increase in gross bookings in the fourth quarter. However, this growth fell short of Wall Street’s expectations, leading to a decline in profits. As a result, Chief Executive Peter Kern has decided to step down, and Ariane Gorin, the current president of Expedia for Business, will take on the role. Following these announcements, shares plummeted by 13% to $138.55 after-hours.
Cloudflare’s Impressive Fourth Quarter
Cloudflare, a cloud-services provider, achieved a significant increase in revenue during the fourth quarter. This growth was attributed to the company’s success with large customers. Furthermore, Cloudflare’s loss narrowed, and the adjusted profit surpassed analysts’ expectations. As a result of these positive outcomes, shares soared by 21% to $109.40 after-hours.
Farmer Bros.’ Profitable Second Quarter
Despite a slight increase of less than 1% in sales, Farmer Bros. managed to swing to a profit in the fiscal second quarter. The company’s focus is now on enhancing its cost structure and driving customer growth and retention in the latter half of the fiscal year. Following this news, shares rose by 13% to $3.52 after-hours.
Synlogic Ceases Operations
Synlogic has made a decision to cut over 90% of its staff and halt operations. The company arrived at this conclusion after terminating its clinical trial for the genetic disorder phenylketonuria. To explore potential strategic options, Synlogic will be dedicating its efforts in that direction. Following this announcement, shares dropped by 56% to $1.52 after-hours.
