11 Stocks Making Big Moves After Earnings Reports

Published March 7, 2022 at 8:05 am EST Updated September 7, 2026 at 2:03 pm EDT

In this article, we will take a look at the 11 stocks making big moves after earnings reports.

Leading tech stocks, including Broadcom Inc. (NASDAQ:AVGO), Snowflake Inc. (NYSE:SNOW) and Marvell Technology, Inc. (NASDAQ:MRVL), recently published financial results for their respective quarters.

If we see their post-earnings stock movement, Marvell Technology shares fell despite its upbeat financial performance, while Broadcom shares turned green after topping profit and sales expectations for its fiscal first quarter. On the other hand, Snowflake stock took a deep dive, losing over 15 percent of its value, apparently on weak sales outlook for the full year.

Several other companies, including multi-department stores operator The Kroger Co. (NYSE:KR) and software company Splunk Inc. (NASDAQ:SPLK), were also seen trading on heavy volume following their earnings reports.

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Stocks Making Big Moves After Earnings Reports

11. Gogo Inc. (NASDAQ:GOGO)

Number of Hedge Fund Holders: 20

Shares of Gogo Inc. (NASDAQ:GOGO) climbed over 18 percent on Thursday, March 3, 2022, following its upbeat financial performance for the fourth quarter. The inflight internet service provider reported adjusted earnings of 17 cents per share, topping expectations of 8 cents per share.

Revenue for the quarter jumped 19 percent on a year-over-year basis to $92.3 million, ahead of the consensus of $89.7 million. Gogo Inc. also disclosed its segment-wise sales performance. Its service revenue climbed 22 percent to $69.3 million, while equipment revenue increased 11 percent to $23 million in the quarter.

Looking forward, Gogo Inc. guided for revenue in the range of $380 – $395 million for the current fiscal year. This compares to analysts’ average estimate of $379 million.

Speaking on the results, CEO Barry Rowan said in a statement:

“Demand for connectivity in business aviation, combined with the excellent performance of our AVANCE platform, are driving record sales of equipment and high-margin service plans for Gogo. We remain on track for commercial deployment of our 5G ATG network in the second half of 2022 which we expect to further accelerate our growth.”

10. Best Buy Co., Inc. (NYSE:BBY)

Number of Hedge Fund Holders: 29

Shares of Best Buy Co., Inc. (NYSE:BBY) recently rose to a nearly three-month high despite posting mixed financial performance for its fiscal fourth quarter. The Minnesota-based consumer electronics retailer earned $2.73 per share on an adjusted basis, down from $3.48 per share in the year-ago period.

Revenue also decreased to $16.37 billion from $16.94 billion in the same period last year. Analysts were expecting Best Buy Co., Inc. to report earnings of $2.73 per share on revenue of $16.6 billion.

Best Buy Co., Inc. also released the financial outlook for its current fiscal year. It expects adjusted earnings in the range of $8.85 – $9.15 per share and revenue between $49.3 – $50.8 billion.

Like Best Buy Co., Inc., investors are also closely watching Broadcom Inc., Snowflake Inc. and Marvell Technology, Inc., following their earnings reports.

9. BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ)

Number of Hedge Fund Holders: 30

BJ’s Wholesale Club Holdings, Inc. recently announced a better-than-expected profit for its fiscal fourth quarter. However, its sales fell short of expectations, sending its shares down more than 13 percent on Thursday, March 3, 2022.

The membership-only warehouse club chain reported adjusted earnings of 80 cents per share, leaving behind the consensus of 74 cents per share. On the downside, BJ’s Wholesale Club Holdings, Inc. posted revenue of $4.36 billion for the quarter, missing expectations of $4.38 billion.

Looking forward, BJ’s Wholesale Club Holdings, Inc. expects its FY 2022 earnings per share to stay flat versus last year. Though, the company projected sales growth in the mid-single-digit range for the same period.

8. Pure Storage, Inc. (NYSE:PSTG)

Number of Hedge Fund Holders: 32

Shares of Pure Storage, Inc. (NYSE:PSTG) recently rose to a nearly two-month high after announcing better-than-expected financial results for its fiscal fourth quarter. The developer of all-flash data storage hardware and software products reported adjusted earnings of 36 cents per share, above expectations of 26 cents per share.

In addition, Pure Storage, Inc. generated revenue of $708.6 million for the quarter, up 41 percent versus last year and ahead of analysts’ average estimate of $629.26 million. Its subscription services revenue climbed 42 percent on a year-over-year basis to $216 million.

Pure Storage, Inc. also issued its sales outlook for Q1 and FY 2023. It projected revenue of approx. $520 million for the current quarter and about $2.6 billion for the full year.

7. The Kroger Co. (NYSE:KR)

Number of Hedge Fund Holders: 41

Shares of The Kroger Co. recently climbed to an all-time high after posting its fourth-quarter profit and sales above expectations. The Ohio-based retail company earned 91 cents per share on an adjusted basis, up from 81 cents per share in the year-ago period.

Revenue for the quarter came in at $33.05 billion, translating to a surge of 7.5 percent over the fourth quarter of 2020. Analysts were expecting The Kroger Co. to earn 74 cents per share on revenue of $32.86 billion.

Looking forward, The Kroger Co. guided for adjusted earnings in the range of $3.75 – $3.85 per share for the current fiscal year. The outlook is in line with the consensus of $3.45 per share.

Like The Kroger Co., Broadcom Inc., Snowflake Inc. and Marvell Technology, Inc., also traded on heavy volume after releasing their financial results.

6. Splunk Inc. (NASDAQ:SPLK)

Number of Hedge Fund Holders: 44

Splunk Inc. recently surprised investors by posting a profit for its fiscal fourth quarter. The San Francisco-based software company reported adjusted earnings of 66 cents per share, contrary to a loss of 19 cents per share predicted by analysts.

In addition, Splunk Inc. posted revenue of $901 million, crushing expectations of $777.28 million. Cloud revenue for the quarter climbed 69 percent on a year-over-year basis to $289 million.

For the current quarter, Splunk Inc. expects revenue in the range of $615 – $635 million versus the consensus of $609.8 million. For its FY 2023, the company guided for revenue between $3.25 – $3.3 billion, compared to expectations of $3.01 billion.

Discussing the results, CEO Graham Smith said in a statement:

“Q4 was an excellent finish to a strong year for Splunk. Our team delivered across our platform, observability and security businesses as organizations around the world turned to Splunk to monitor and secure their business-critical infrastructure and applications.”

5. Veeva Systems Inc. (NYSE:VEEV)

Number of Hedge Fund Holders: 45

Shares of Veeva Systems Inc. (NYSE:VEEV) tumbled over 16 percent on Thursday, March 3, 2022, despite announcing better-than-expected financial results for its fiscal fourth quarter. The cloud-computing company reported earnings of 90 cents per share, up from 78 cents per share in the comparable period of 2020.

In addition, Veeva Systems Inc. posted revenue of $485.5 million, up 22 percent on a year-over-year basis. The results exceeded the consensus of 88 cents per share for earnings and $476.23 million for revenue.

Veeva Systems Inc. also issued its financial outlook for the first quarter. It expects adjusted earnings in the range of 91 – 92 cents per share and revenue between $494 – $496 million for the current quarter.

Commenting on the quarter, CFO Brent Bowman said:

“Our strong results in the quarter and the year reflect our continued outstanding execution and expanding position as a trusted partner to the industry. We are set up for another year of high growth and strong profitability and are tracking ahead of our 2025 targets.”

4. Okta, Inc. (NASDAQ:OKTA)

Number of Hedge Fund Holders: 52

Okta, Inc. (NASDAQ:OKTA) shares fell for two straight days even after posting narrower-than-expected loss for its fiscal fourth quarter. The identity and access management company reported an adjusted loss of 18 cents per share, compared to the consensus forecast for a loss of 24 cents per share.

Revenue for the quarter climbed 63 percent on a year-over-year basis to $383 million, while analysts were expecting Okta, Inc. to generate revenue of $359.36 million. Its subscription revenue also jumped 64 percent to $369 million and accounted for more than 95 percent of the total quarterly sales.

Looking forward, Okta, Inc. guided for an adjusted loss in the range of 35 – 34 cents per share for the current quarter. In addition, it expects to generate revenue between $388 – $390 million in the same period, representing a growth of about 55 percent over the same quarter of 2021.

3. Marvell Technology, Inc. (NASDAQ:MRVL)

Number of Hedge Fund Holders: 60

Shares of Marvell Technology, Inc. turned red in the early trading session on Friday, March 4, 2022, despite its upbeat financial performance for the fourth quarter. The Delaware-based semiconductors company reported adjusted earnings of 50 cents per share, significantly higher than 29 cents per share in the fourth quarter of 2020.

Revenue came in at $1.343 billion, up 68 percent on a year-over-year basis. Analysts expected Marvell Technology, Inc. to report earnings of 48 cents per share on revenue of $1.32 billion.

Marvell Technology, Inc. also released its profit outlook for the current quarter. It expects adjusted earnings between 48 – 54 cents per share, compared to analysts’ average estimate of 50 cents per share.

Speaking on the results, CEO Matt Murphy said in a statement:

“Revenue grew in all five of our end markets in the fourth quarter, with strong contributions from cloud, 5G and auto, which together represented 40% of total revenue. In addition, our enterprise networking end market has become another growth pillar, with revenue increasing 64% year over year, driven by our content gains and share increases, as enterprises continue to transform their infrastructure to address the needs of a more flexible, hybrid workforce.”

2. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 60

Shares of Broadcom Inc. rose to a nearly one-month high in the mid-day trading session on Friday, March 4, 2022, after posting its fiscal first-quarter profit and sales above expectations.

Broadcom Inc. earned $8.39 per share on an adjusted basis, well above $6.61 per share in the year-ago period. Revenue came in at $7.71 billion, compared to $6.66 billion in the same quarter of 2021. The results exceeded analysts’ average estimate of $8.13 per share for earnings and $7.61 billion for revenue.

Moving forward, Broadcom Inc. expects to generate revenue of around $7.9 billion in its fiscal second quarter. This compares to analysts’ average estimate of $7.43 billion.

Commenting on the results, CFO Kirsten Spears said:

“We generated $3.4 billion in free cash flow and are expecting free cash flow to remain strong in the second quarter. Consistent with our commitment to return excess cash to shareholders, we returned $4.5 billion to shareholders in the quarter including $1.8 billion of cash dividends and $2.7 billion of share repurchases.”

1. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 84

Snowflake Inc. recently delivered solid financial results for its fiscal fourth quarter. However, its sales outlook for the full year missed expectations, sending its shares down more than 15 percent on Thursday, March 3, 2022.

The Montana-based data cloud company guided for product revenue in the range of $1.88 billion to $1.90 billion for its FY 2023, representing a growth of 65 – 67 percent over last year. However, the guidance fell short of the consensus forecast of $2 billion.

For its fiscal fourth quarter ended January 31, 2022, Snowflake Inc. reported a loss of 43 cents per share, narrower than the loss of 70 cents per share in the year-ago period. Revenue for the quarter skyrocketed 101 percent to $383.8 million. Analysts were looking for earnings of 3 cents per share on revenue of $373 million.

Speaking on the results, CEO of Snowflake Inc., Frank Slootman, said:

“Snowflake finished fiscal 2022 with record-breaking consumption and bookings results, including triple-digit product revenue growth. Remaining performance obligations were $2.6 billion, representing year-on-year growth of 99%. Our net revenue retention rate reached 178% driven by continued growth from our largest customers.”

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