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Box Inc. Fumbles Earnings Ball, Sending Its Stock into a Tailspin with Other Big Stocks Following Suit

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Rise and shine! Today in Wall Street, the Dow Jones futures are kicking off the day with a slight 0.1% uptick early in the morning hours.

Well, well, well, it seems like Box, Inc. BOX has tripped over its own shoelaces in pre-market trading, tumbling after the company fumbled its third-quarter financial results and dished out a disappointing FY24 guidance.

The company’s revenue wasn’t exactly hitting the jackpot, at just $251.54 million, trailing behind the expected $263.69 million mark. Even its earnings showed up a little underdressed, at 36 cents per share instead of the expected 38 cents per share, according to Benzinga Pro.

Now, for its full-year forecast, Box expects to haul in revenue between $1.037 billion to $1.039 billion, although Wall Street was craving a figure closer to $1.04 billion. And as for earnings per share, the company plans to rake in between $1.42 to $1.43, which is way lower than the market’s appetite for $1.49 per share.

So, it’s no surprise that Box shares got punched in the gut, plummeting by 13% to a measly $23.22 in pre-market trading.

But wait, there’s more! Let’s check out the other members of today’s losers club in the pre-market trading session.

  • Yext, Inc. YEXT shares took a nosedive of 15.6% to $5.92 in pre-market trading after the company rolled out its equally unsettling third-quarter financial results and subpar guidance.
  • Asana, Inc. ASAN shares stumbled by 13.4% to $20.19 in pre-market trading. Although Asana had some pretty good news to share about its third quarter, its forecast for FY24 fell short of expectations.
  • Incannex Healthcare Inc. IXHL fell by 8.5% to $7.99 in pre-market trading after a triumphant 22% leap on Tuesday.
  • British American Tobacco p.l.c. BTI shares went downhill by 8% to $29.03 in pre-market trading. The company revealed it’s taking an impairment charge of about 25 billion pounds ($31.50 billion) on its U.S. cigarette brands.
  • Fluence Energy, Inc. FLNC shares took a dip of 6% to $24.20 in pre-market trading after the company announced a secondary offering of Class A common stock by existing controlling stockholders.
  • Plug Power Inc. PLUG shares fell by 4.3% to $4.06 in pre-market trading after a 12% tumble on Tuesday.
  • MongoDB, Inc. MDB shares slid by 3.6% to $417.90 in pre-market trading after the company unveiled its third-quarter financial results.

 

In other news: Investor Optimism Edges Lower As Dow Falls For Second Day

Don’t forget to check out our premarket coverage here


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