As the stock market looks to regain composure after its recent slide, earnings news provided a major catalyst in Wednesday’s pre-market trading. Campbell Soup (NYSE:CPB) edged higher after predicting an easing labor situation and saying that price increases will help offset the impact of inflation.
Meanwhile, MongoDB (NASDAQ:MDB) and FIGS (NYSE:FIGS) both recorded double-digit gains in pre-market trading following the release of their respective quarterly updates.
In other news, Yext, Inc. (NYSE:YEXT) suffered a massive selling spree before the opening bell, as the firm announced a major C-Suite shakeup.
Gainers
Struggling through what it characterized as a “challenging” fiscal period, Campbell Soup (CPB) reported a quarterly profit that edged past expectations on revenue that dipped 3% from last year. The packaged food maker said it faced a tough comparison with last year, as well as labor and supply shortages.
The company presented a more optimistic picture of upcoming quarters, saying it has seen labor availability improve and plans to offset inflationary pressures with higher pricing. Following the earnings report, shares edged fractionally higher in pre-market trading.
In other earnings news, MongoDB (MDB) jumped 12% in pre-market trading following the release of its quarterly results. The provider of database management programs beat expectations on both the top and bottom lines, with revenue that climbed 56% from last year to reach $266M.
The company also gave a strong forecast, predicting Q1 revenue of $263M-$267M. Analysts were looking for a figure of around $254M.
Earnings news also prompted a rally in FIGS (FIGS). The maker of designer scrubs and medical apparel breezed by projections with its Q4 profit, with revenue that expanded nearly 43% from last year.
Looking ahead, the firm projected 2022 revenue of $550M-$560M. Bolstered by the quarterly update, FIGS advanced almost 14% in pre-market action.
Decliner
A major management shakeup sparked a mass exodus out of shares of Yext, Inc. (YEXT). The AI search firm announced the departure of both its CEO and its CFO, following a Q4 earnings report that included a disappointing forecast.
YEXT chairman Michael Walrath will step into the CEO position, while the firm’s chief accounting officer has been promoted to the role of CFO. Weighed down by the leadership turmoil, the stock plunged about 30% before the opening bell.
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