U.S. Movers: Akamai Technologies, Array Technologies, Novavax, Sweetgreen

Scott Peters
10 May, 2024
San Francisco

Sweetgreen soared 39% to $32.95 after the salad chain reported higher-than-expected revenue in the first quarter. 

Revenue in the first quarter increased by 26% to $157.9 million from $125.1 million, driven by the same store sales increase of 5% from a year ago. 

Net loss in the quarter decreased to $26.1 million from $33.6 million, and diluted loss per share fell to 23 cents from 30 cents a year ago. 

Akamai Technologies decreased 9.1% to $94.06 after the internet infrastructure company estimated weaker-than-expected second quarter earnings. 

Revenue in the first quarter increased 8% to $987 million from $915.7 million, net income rose to $175.4 million from $97.1 million, and diluted earnings per share advanced to $1.11 from 62 cents a year ago. 

The company estimated a second-quarter revenue range between $967 million and $986 million and full-year revenue between $3.95 billion and $4.02 billion.

Array Technologies rose 2.9% to $12.88 after the company reported better-than-expected adjusted earnings. 

Revenue in the first quarter decreased to $153.4 million from $376.8 million, net income swung to a loss of $11.3 million from $17.2 million, and diluted earnings per share were a loss of 7 cents compared to a profit of 11 cents a year ago. 

The company reaffirmed its annual revenue range of $1.25 billion to $1.4 billion and adjusted earnings per share to range between $1.0 and $1.15 billion. 

Novavax soared 124% to $10.02 after the company announced a multi-billion-dollar deal with Sanofi to co-commercialize its COVID vaccine starting as early as 2025. 

Sanofi agreed to pay Novavax an upfront licensing fee of $500 million and an additional fee of $700 million based on reaching certain milestones.