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These were among some of the more prominent stocks on the move in early Tuesday trading:
Meta Platforms Inc.’s stock
META,
rose 1.5% in premarket trading after reports from Bloomberg emerged late Monday that it is poised to lay off thousands more staff members, starting later this week. Late last year, the social media giant had already cut 11,000 jobs in a bid to flatten its structure after a sharp drop in advertising revenue.
Shares in cloud-computing firm Nutanix Inc.
NTNX,
were down 6.0% premarket after saying in its preliminary fiscal second-quarter results that it may not be able to file its 10-Q as scheduled due to an issue with “certain evaluation software from one of its third-party providers,” it said. The results however beat revenue expectations of $465 million, posting a revenue increase of $486.5 million from $413.1 million in the year-ago quarter.
Social media and dating app Grindr Inc. shares
GRND,
sank almost 15% after reporting lower net income in the fourth quarter. The company’s revenue rose to $54.5 million from $45 million a year earlier but net income dropped to $5.2 million compared with $6.5 million a year earlier. Executives said they expect a 25% revenue increase in fiscal 2023 from about $195 million in 2022.
Meanwhile, shares of WW International Inc.
WW,
also known as WeightWatchers, rose nearly 15% after the weight-management company reported fourth-quarter results and confirmed a Wall Street Journal report that it had agreed a deal to buy Sequence, which offers telehealth appointments with doctors, for $106 million in cash and stock.
Biopharmaceutical company ADial Pharmaceuticals Inc.’s stock
ADIL,
made strong gains premarket, rising 50%, after it issued an update on its regulatory strategy for AD04, its lead compound for the treatment of alcohol use disorder.
Cara Therapeutics Inc.’s stock
CARA,
sank over 27% premarket after it posted disappointing fourth-quarter results. The biopharmaceutical company reported a loss of $0.56 per share, narrower than the same period last year of a loss of $0.63 per share, but wider than Wall Street expectations of a loss of $0.34 per share.
Elsewhere, Squarespace Inc.’s stock
SQSP,
rose 14% in premarket trading after reporting fourth-quarter revenue and providing a fiscal first-quarter forecast that beat Wall Street estimates.
