The Nasdaq Composite was down 1.5% in late-morning trading Thursday, as investors continued to move out of technology stocks.
In company news, ICON (ICLR) said Thursday its audit committee initiated an internal investigation in late October into the company's accounting practices and controls. The investigation focuses primarily on revenue recognition from fiscal year 2023 through 2025, ICON said. The company also postponed its Q4 and full-year 2025 earnings results due to delays related to the review and withdrew its previously issued full-year 2025 guidance. ICON said it plans to release those results on or before April 30. ICON shares were down 39.2% around midday.
AppLovin (APP) reported late Wednesday Q4 net income from continuing operations of $3.24 per diluted share, up from $1.72 a year earlier and above the FactSet consensus of $2.95. Fourth-quarter revenue was $1.66 billion, up from $999.5 million a year ago and above the FactSet consensus of $1.61 billion. For Q1, the company said it expects revenue of $1.75 billion to $1.78 billion, above the FactSet consensus of $1.70 billion. AppLovin shares were down 19.3%.
CBRE Group (CBRE) reported Q4 core earnings Thursday of $2.73 per share, up from $2.32 a year earlier and above the FactSet consensus of $2.68. Fourth-quarter revenue was $11.63 billion, up from $10.40 billion a year ago but below the FactSet consensus of $11.69 billion. For fiscal 2026, the company said it expects core EPS to be between $7.30 and $7.60. Analysts polled by FactSet expect $7.39. CBRE shares were down 12.9%.
Cisco Systems (CSCO) reported fiscal Q2 non-GAAP net income late Wednesday of $1.04 per diluted share, up from $0.94 a year earlier and above the FactSet consensus of $1.02. Fiscal Q2 revenue was $15.35 billion, up from $13.99 billion a year ago and above the FactSet consensus of $15.11 billion. For fiscal Q3, the company said it expects non-GAAP EPS of $1.02 to $1.04 on revenue of $15.4 billion to $15.6 billion. Analysts polled by FactSet expect $1.03 and $15.19 billion, respectively. For fiscal 2026, the company said it expects non-GAAP EPS of $4.13 to $4.17 on revenue of $61.2 billion to $61.7 billion. Previously the company guided for non-GAAP EPS of $4.08 to $4.14 on revenue of $60.2 billion to $61 billion. Analysts polled by FactSet expect $4.13 and $60.76 billion, respectively. Cisco shares were down 10.7%.
Magnum Ice Cream (MICC) reported 2025 adjusted earnings Thursday of 0.93 euro ($1.11) per diluted share, below the FactSet consensus of 1.05 euros. Full-year revenue was 7.91 billion euros, down from 7.95 billion euros the year prior and below the FactSet consensus of 7.97 billion euros. The company, which recently completed its separation from Unilever (UL), said it expects 2026 organic sales growth of 3% to 5%. Magnum shares were down 18%.
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