Seeing as we’re in the middle of earnings season, it’s not surprising that many stocks are on the move. Among the companies making waves today include Fitbit Inc (NYSE:FIT), Newfield Exploration Company (NYSE:NFX), Jones Energy Inc (NYSE:JONE), Zynga Inc (NASDAQ:ZNGA), and AXT Inc (NASDAQ:AXTI). Let’s analyze further in depth.
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Fitbit Inc (NYSE:FIT) shares are up over 10% in after hours after the company reported Q3 results that beat the Street with a surprise adjusted profit of $0.04 per share and sales of $394 million, versus estimates of a loss of a penny per share and sales of $381.21 million. Sales beat thanks in part to Fitbit selling 3.5 million wearable devices, and the company making progress in the smartwatch space. Thanks to sales momentum, Fitbit Inc (NYSE:FIT) is now the number two player in the U.S. after having entered the category slightly over a year ago. Profit guidance for Q4 is for $0.07 per share, versus estimates of $0.06 per share. Among elite funds, Richard Mashaal‘s Rima Senvest Management held a considerable stake, increasing its holdings by 62% quarter over quarter to over 1.2 million shares at the end of June.
In terms of energy company earnings, Newfield Exploration Company (NYSE:NFX) delivered for its latest period, reporting Q3 adjusted earnings of $1.01 per share on sales of $711 million. Wall Street had been expecting $0.86 per share and $639.68 million, respectively. For FY18, management sees domestic production of 185-190 bmoepd. Hedge fund sentiment around Newfield has been relatively stable, with the number of total top funds we track in the stock falling by just one quarter over quarter to 23 at the end of Q2. We track around 650 elite funds in total. In terms of price action, Newfield Exploration Company (NYSE:NFX) shares are up around 4% in after hours.
Nano-cap Jones Energy Inc (NYSE:JONE) shares are off 16% in after hours after the company turned in its third quarter earnings report that was a little light on revenue. Sales for the period grew 35.1% year over year but missed the consensus by $0.67 million, coming in at $59.73 million. Adjusted loss per share was $6.77 while average daily net production was 21.8 Mboe/d. In terms of initial Q4 guidance, management expects average daily production of 19,400-20,400 Boe/d. As of September 30, Jones Energy Inc (NYSE:JONE) ‘continues to explore strategic alternatives and debt reduction initiatives, including the potential divestment of certain noncore assets and further borrowing as permitted under the Company’s indentures.’
Game maker Zynga Inc. (NASDAQ:ZNGA) dipped in after hours before recovering after it reported EPS of $0.01 per share on sales of $233.2 million for Q3. The consensus was for $0.04 per share and $249.43 million. Part of the reason for the underwhelming results was average daily active users falling to 22 million versus 23 million in the previous quarter. Q4 guidance is for $235 million in sales and bookings of $250 million. Despite the underwhelming results, management is confident on the company’s long term ability to grow profitability. 23 elite funds owned around $484 million worth of Zynga Inc. (NASDAQ:ZNGA) at the end of June. Speaking of games, check out the 10 Best Selling Video Games in 2018.
AXT Inc (NASDAQ:AXTI) is in the red by around 5% in after hours despite reporting better than expected top and bottom line results for Q3. EPS was $0.10 versus the estimate of $0.09 and sales was $28.6 million, beating the consensus of $28.14 million. One potential reason for the weak price action could be guidance. Management sees lighter than expected Q4 EPS guidance of $0.05-$0.07 per share, versus the estimate of $0.09 per share. Sales for Q4 is seen coming in at $26.5-$27.5 million, under the consensus of $28.14 million. 9 top funds we track were long AXT Inc (NASDAQ:AXTI) as of the most recent 13F filing period.
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