Aehr Test Systems (AEHR, Financial) reported a strong second quarter with Non-GAAP EPS of $0.23, surpassing estimates by $0.04, and revenue growth of 44.6% year-over-year. However, the company's shares plummeted by over 20% following the announcement. Aehr revised its full-year fiscal 2024 guidance, projecting revenue between $75 million and $85 million, with GAAP net income expected to be 20-25% of revenue.
Sonos (SONO, Financial) announced a significant change in its executive team, appointing Saori Casey as the new CFO. Casey brings over three decades of corporate finance experience, including a 13-year tenure at Apple (AAPL). The company is optimistic about the strategic and financial expertise Casey will contribute to Sonos's growth.
Unity Software (U, Financial) revealed plans to reduce its workforce by 25% as part of a restructuring effort to focus on its core business. The layoffs will affect approximately 1,800 employees, with the associated costs to be incurred primarily in the first quarter of 2024. Unity's decision comes as the company strives for long-term profitability amidst increasing revenues but continued losses.
Uranium stocks experienced a surge following the U.S. Department of Energy's request for proposals to establish a domestic supply of high assay low enriched uranium (HALEU). This move is significant as HALEU is not currently produced in the U.S. and is only commercially available from Russia. Uranium companies like Global Atomic (GLATF, Financial), NexGen Energy (NXE, Financial), and others saw their stock prices increase on the news.
Starbucks (SBUX, Financial) expanded its Board of Directors with the election of Daniel Servitje, Neal Mohan, and Mike Sievert. These new members bring a wealth of experience from their respective roles as CEO of Grupo Bimbo, CEO of YouTube, and CEO of T-Mobile US, Inc.
Cannabis stocks, including Tilray Brands (TLRY, Financial), faced a downturn despite the company reporting record-high revenue for the second quarter of FY24. The decline in stock prices was seen across various cannabis companies, reflecting investor concerns despite Tilray's strong performance in its beverage alcohol segment.
Boeing (BA, Financial) faced another challenge as the company is revising its inspection and maintenance instructions for the 737 Max 9. This revision could extend the grounding period for the aircraft, following an emergency landing incident involving an Alaska Airlines flight.
WD-40 (WDFC, Financial) exceeded expectations with its first-quarter results, posting a GAAP EPS of $1.28 and revenue growth of 12.4% year-over-year. The company also reaffirmed its guidance for 2024, projecting steady growth and profitability.
