Palantir Technologies Inc. broke records once again with its third-quarter earnings as the company’s artificial-intelligence offerings drove aggressive business growth, but the stock fell 4% in overnight trading.
Palantir on Monday posted its best-ever results, reporting $1.18 billion in revenue and adjusted earnings of 21 cents per share for the quarter that ended Sept. 30. The results surpassed Wall Street expectations — analysts polled by FactSet had been anticipating $1.1 billion and 17 cents, respectively.
「As we have seen thus far this earnings season, earnings beats aren’t necessarily being rewarded owing to extended positioning and lofty expectations already baked into price,」 Jake Behan, head of capital markets at Direxion, said in a note. 「At this valuation, even great numbers don’t move the needle. The bar is sky high and not an easy one to clear, even for Palantir.」
Hims & Hers Health Inc. rose 5% in overnight trading.
Hims & Hers Health beat Wall Street estimates for third-quarter revenue on Monday, as the telehealth company added subscribers and expanded its personalized healthcare offerings.
The company and rivals have launched programs that offer "personalized" versions of semaglutide, the active ingredient in Novo Nordisk's weight-loss drug Wegovy, at doses not accessible through the branded manufacturers, following the government's ban on the mass production of copies.
Navitas Semiconductor Corp shares tumbled 12% in overnight trading after the next-generation power semiconductor company reported third-quarter results that missed analyst expectations and announced a strategic pivot away from consumer markets.
The company reported third-quarter revenue of $10.11 million, falling short of the $10.79 million analyst consensus and representing a 53.4% decline from $21.7 million in the same quarter last year. Adjusted earnings per share came in at -$0.09, missing analyst estimates of -$0.05.
iHeartMedia, Inc. rose 55% in overnight trading.
Netflix Inc. is in talks to license video podcasts distributed by iHeartMedia Inc. as it looks to compete head on with YouTube, according to people familiar with the conversations.
iHeart distributes popular programs like The Breakfast Club, Las Culturistas, Jay Shetty Podcast and Stuff You Should Know. Netflix is seeking exclusivity for the video programs, meaning full episodes would no longer be uploaded to YouTube, according to one of the people, who asked not to be identified discussing the private talks. IHeart might not make all of its podcasts available to Netflix if a deal comes together.
Baidu rose 6% in overnight trading.
Baidu's Apollo Go has reached a significant milestone, delivering 250,000 fully driverless rides per week as of October 31. This achievement matches the weekly ride volume of its competitor, Waymo, a subsidiary of Alphabet. Apollo Go, which has been expanding internationally, operated 2.2 million robotaxi rides in the quarter ending June 30. The service is set to launch in Switzerland, with regular operations expected by Q1 2027. Apollo Go has a fleet of over 1,000 vehicles and has provided more than 14 million rides globally.
Nuclear stocks fell in overnight trading. Energy Fuels fell 6%; BWXT fell 5%; Centrus fell 3%; Nano Nuclear, NuScale Power, Oklo fell 2%.