After the closing bell Wednesday, Shake Shack Inc. shares jumped more than 8 percent after the fast-casual burger joint said its first-quarter revenue grew 56 percent. Meanwhile, department store J C Penney Company Inc. narrowed its losses from a year earlier by 52 percent.
Network equipment maker Cisco Systems Inc. topped Wall Street forecasts as revenue rose 5 percent, helped by strong demand for switching equipment and routers.
Here’s a deeper look into companies reporting after the closing bell:
Shares of Shake Shack Inc. (NYSE:SHAK) gained $5.54 to hit $73.90 in after-hours trading Wednesday following the fast-casual burger chain’s second quarterly earnings report on the heels of its initial public offering in January.
For the period ended April 1, Shake Shack reported a first-quarter net loss of $12.7 million, or $1.06 per share, on revenue of $37.8 million, compared with a profit of $1.1 million, or 4 cents per share, on sales of $24.2 million during the same period a year ago. The net loss included $13.2 million of after-tax expenses associated with Shake Shack’s initial public offering, the company said in a statement.
Shares of Shake Shack have soared nearly 50 percent since its IPO. As of the close of trading Wednesday, the company is now valued at $2.5 billion.
Shares of Cisco Systems Inc. (NASDAQ:CSCO) traded flat after the network equipment maker topped turned in strong quarterly earnings that topped Wall Street estimates. Meanwhile, revenue rose 5 percent from a year earlier, in line with forecasts.
For the quarter ended April 25, Cisco reported fiscal third-quarter net income of $2.4 billion, or 47 cents per share, on revenue of $12.1 billion, compared with a profit of $2.18 billion, or 42 cents per share, on sales of $11.55 billion during the same period a year ago. Wall Street had expected Cisco to report net income of $2.22 billion, or 43 cents per share , on revenue of $12.07 billion, according to analysts polled by Thomson Reuters.
This is the last earnings release by chief executive John Chambers as the company last week named Chuck Robbins, a veteran Cisco sales executive, as CEO, effective July 26.
Shares of the company dipped 0.55 percent to $29.19 in after-hours trading.
J C Penney
Shares of J C Penney Company Inc. (NYSE:JCP) gained more than 1 percent following the closing bell Wednesday as the struggling retailer narrowed its losses from a year earlier by 52 percent.
The Plano, Texas, department store chain reported a first-quarter net loss of $167 million, or 55 cents, on revenue of $2.86 billion, compared with a loss of $352 million, or earnings per share loss of $1.15 cents, on sales of $2.8 billion a year ago. Wall Street had expected J.C. Penney to report in first-quarter loss of $233.03 million, or earnings per share loss of 75 cents, on revenue of $2.85 billion
Shares of J C Penney, which are no longer listed in the S&P 500 index, have rallied 34 percent since January.