PayPal Plunges on Failed Buyout; Affirm, Gap Surge Premarket

Earnings
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Summary · why it matters

PayPal shares plunged nearly 16% premarket after Bloomberg reported that buyout firm Advent and payment processor Stripe decided not to pursue a takeover, which would have been one of the largest leveraged buyouts. Meanwhile, Affirm jumped 13% after reporting $1.17 billion in revenue for its fiscal fourth quarter, beating the LSEG estimate of $1.11 billion, and issued first-quarter revenue guidance above estimates. Gap popped nearly 15% after announcing Michael Francis will become CEO of Old Navy starting Nov. 2, succeeding Haio Barbeito, and reported second-quarter adjusted earnings of 52 cents per share, topping the 48-cent consensus. Elastic N.V. surged over 17% after its full-year guidance exceeded expectations, with adjusted EPS forecast between $3.29 and $3.37 versus the $3.24 estimate. Marvell Technology dropped nearly 8% despite guiding current-quarter adjusted earnings to $1.10 per share plus or minus 5 cents, above the $1.07 estimate, but its gross margin guidance of 57.5% to 58.5% came in below the StreetAccount consensus of 58.5%. Rubrik fell over 5% after its non-GAAP gross margin of 81% missed the 81.7% estimate, despite beating on earnings and revenue. Autodesk declined nearly 4% after its third-quarter adjusted EPS guidance of $3.04 to $3.09 fell short of the $3.14 consensus.

Impact on stocks 7

Digital Finance & Tokenization± Mixed · 2 stocks
PayPal Holdings Inc
PYPL
▼ NegativeCapitalrelevance

Advent and Stripe decided not to pursue a takeover, causing PayPal shares to plunge nearly 16% premarket.

Artificial Intelligence± Mixed · 2 stocks
Elastic NV
ESTC
▲ PositiveCapitalrelevance

Full-year guidance exceeded expectations

Consumer Discretionary▲ · 1 stocks
The Gap, Inc.
GAP
▲ PositiveCapitalrelevance

Q2 adjusted EPS beat and new CEO announcement

Cybersecurity & Digital Trust▼ · 1 stocks
Rubrik, Inc.
RBRK
▼ NegativeCapitalrelevance

Rubrik's non-GAAP gross margin of 81% missed the 81.7% estimate, despite beating on earnings and revenue, leading to a 5% decline.

Cloud & Digital Infrastructure▼ · 1 stocks
Autodesk Inc
ADSK
▼ NegativeCapitalrelevance

Q3 adjusted EPS guidance below consensus

Off-coverage companies 2

Advent InternationalPrivate± Mixed
relevance

Stripe, Inc.Private± Mixed
relevance

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