Market Updates
U.S. Movers: AeroVironment, C3.ai, Topgolf Callaway Brands
Scott Peters
05 Sep, 2024
New York City
Topgolf Callaway Brands increased 1.1% to $10.90 after the company said it plans to separate into two companies. The company will separate its golf equipment and lifestyle business from its entertainment business.
C3.ai declined 11.5% to $20.42, and the company reported sharply lower-than-expected subscription revenue in its latest quarter.
Total revenue in the fiscal first quarter increased 21% to $87.2 million from $72.4 million, and subscription revenue advanced 20% to $73.5 million from $61.4 million a year ago.
The weaker-than-expected growth in its subscription revenue negatively impacted the stock.
Net loss in the quarter shrank to $62.8 million from $64.3 million, and diluted loss per share fell to 50 cents from 56 cents a year earlier.
AeroVironment declined by 3.5% to $186.60 despite the defense contractor reporting better-than-expected revenue and earnings in the fiscal first quarter.
Revenue in the first quarter ending in July increased by 24% to $189.5 million from $152.3 million, net income edged slightly lower to $21.2 million from $21.8 million, and diluted earnings per share fell to 75 cents from 84 cents a year ago.
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