Stocks trending after hours: Salesforce, Okta, Snowflake and more

Salesforce (CRM): Salesforce co-CEO and vice chairman Brett Taylor is stepping down effective Jan. 31, 2023, the company announced in its earnings release Wednesday. Co-founder Marc Benioff will become Salesforce’s sole CEO.

For its third quarter, Salesforce reported adjusted earnings of $1.40 per share on revenue of $7.84 billion, beating Street estimates on both the top and bottom lines. Despite the beat, shares fell in extended trading after the company’s fourth-quarter revenue estimate range of $7.9 billion to $8.03 billion beat analysts’ expectations.

Octa (OKTA): Shares jumped in after-market trading after the company’s fourth-quarter adjusted earnings forecast of 9 to 10 cents a share beat analysts’ estimate of a loss of 11 cents a share.

The company reported total revenue for the third quarter of $481 million, a 37% year-over-year increase. Subscription revenue was $466 million, up 38% from the prior year.

snowflake (SNOW): Snowflake shares fell after the company’s fourth-quarter product revenue forecast missed estimates, signaling a slowdown in technology spending. Snowflake sees $Q product revenue of $535 million to $540 million, missing the analyst estimate of $551.9 million.

Five Below (FRI): The retailer’s shares rose after the company raised its full-year guidance. Five Below now sees net sales for the financial year of $3.04 billion to $3.06 billion, up from the previous range of $2.97 billion to $3.02 billion. Five Below CEO and President Joel Anderson said the company “continues to play offense,” writing in the earnings release, “We delivered third-quarter results that were better than our guidance despite a difficult macro environment and challenges over the prior year comparison.” Shares of Five Below are up more than 23% in the past six months.

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