By Patrick Chu
Marvell Technology Inc. posted disappointing third-quarter results on Thursday. The data-center chipmaker reported quarterly non-GAAP net income of $491.5 million, or 57 cents a share. Analysts polled by FactSet had forecast adjusted earnings of 59 cents a share. Revenue of $1.537 billion was below the consensus estimate of $1.554 billion. Shares dropped nearly 7% in after-hours trading.
Veeva Systems Inc. issued disappointing fourth-quarter guidance. The cloud computing company for biotech companies guided for revenue between $551 million to $553 million, and adjusted earnings of $1.05 a share for its fiscal fourth quarter ending Jan. 31, 2023. Veeva forecast revenue between $2.14 billion to $2.15 billion, and adjusted earnings of $4.19 a share for the fiscal year ending Jan. 31. Analysts expected $556.9 million in revenue and adjusted earnings of $1.07 a share for the fourth quarter as well as $2.14 billion in revenue and adjusted earnings of $4.15 a share for fiscal 2023, according to FactSet. Shares initially dropped 8% in after-hours trading before recovering.
UiPath Inc. issued revenue and annualized renewal run-rate guidance for the current quarter above analysts’ estimates. The business-task automation software maker guided for revenue between $277 million to $279 million, and ARR between $1.17 billion to $1.18 billion for the fourth quarter. Analysts polled by FactSet expected $276.9 million in revenue and $1.16 billion in ARR. UiPath shares gained nearly 8% in after-hours trading.
Aterian Inc. raised its revenue outlook for the fourth quarter based on a significant rise in Cyber Monday sales on its consumer products platform. Revenue generated on Cyber Monday rose about 60% when compared with the previous year. The company now expects revenue for the last quarter of the year to be $47 million to $55 million, increasing from a prior forecast for revenue of $45 million to $55 million. Shares rose 4.5% in the after hours.
Smartsheet Inc. reported better-than-expected quarterly results and guidance. The software-as-a-service company lost $40.1 million, or 31 cents a share, in the fiscal third quarter, vs a loss of $36.7 million, or 29 cents a share a year ago. Adjusted for one-time items, Smartsheet lost 1 cent a share. Revenue rose 38% to $199.6 million. Analysts polled by FactSet expected an adjusted loss of 15 cents a share on sales of $194 million. Smartsheet guided for fourth-quarter revenue between $205 million and $207 million, and an adjusted net loss per share between 2 cents and breakeven. FactSet consensus calls for a loss of 9 cents a share on revenue of $204 million for the quarter. Shares increased 8% in after-hours trading.
Write to Patrick Chu at [email protected]
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