Square payment system
Check out the companies making headlines after the bell.
Pinterest — Shares of the social media company soared 14% in extended trading after Pinterest released preliminary results ahead of its first-quarter earnings call in May. The company expects revenue ranging from $269 million to $272 million in the first quarter. It anticipates 365 million to 367 million global monthly active users in the first quarter as well. Pinterest also said it ended the first quarter with a strong balance sheet of $1.7 billion in cash, cash equivalents and marketable securities and no financial debt. However, the company did say it experienced an impact on global advertising revenue from the COVID-19 pandemic and withdrew full-year 2020 guidance because of the virus.
Levi Strauss — The clothing company’s stock was up 3% in extended trading after Levi Strauss posted a double beat on earnings and revenue in the first quarter. The company said it had earnings of 40 cents per share excluding some items on revenue of $1.51 billion. Analysts polled by Refinitiv expected earnings of 35 cents per share on revenue of $1.47 billion. Levi Strauss also announced that it has withdrawn its annual guidance and will not be providing further guidance at this time because of the uncertainty caused by COVID-19.
Square — Shares of the mobile payment company fell more than 1% in extended trading after Twitter CEO Jack Dorsey set aside $1 billion worth of Square equity to fund coronavirus relief through an LLC called Start Small. Dorsey announced his decision through a tweet and said the Square equity represents approximately 28% of his wealth. After the pandemic is over, Start Small will shift its focus to girls’ health and education, as well as universal basic income, according to Dorsey.
American Airlines — The airline saw its stock rise 2% after the market closed. The Department of Transportation gave airlines final approval Tuesday to reduce service to minimum flights as travel demand plunges during the coronavirus pandemic.
Carnival — Shares of the cruise line rose more than 1% after the closing bell. Carnival stock jumped more than 20% earlier on Tuesday after the Saudi sovereign wealth fund disclosed an 8.2% stake in the company. Carnival is currently struggling as the coronavirus batters the travel industry.