After the closing bell Wednesday, shares of Whole Foods Market Inc. plunged more than 11 percent after the organic foods retailer saw sales cool last quarter. However, shares of Tesla Motors Inc. rose more than 2 percent after the electric carmaker delivered more Model S sedans than previously forecast, nearly a week after unveiling its Powerwall home battery unit.
Meanwhile, shares of Zynga Inc. jumped nearly 7 percent, after the game developer announced restructuring plans that would cut around 18 percent of its workforce.
Here’s a deeper look into companies reporting quarterly results after the closing bell:
Whole Foods Plunges 11% On Weak Sales
Shares of Whole Foods Market Inc. (NASDAQ:WFM) plunged more than 11 percent after the organic foods retailer missed its revenue forecasts, despite posting earnings in line with Wall Street expectations. Meanwhile, the company’s same store-sales, which compares the sales of stores that have been open for at least one year, rose 3.6 percent in the quarter, well below expectations of a rise of 5.3 percent, according to estimates from Consensus Metrix.
However, to combat growing competition, the company announced plans to open a new chain, targeted toward millennials, beginning next year. Whole Foods said it would disclose more details before Labor Day.
The Austin, Texas-based company, which has a market value of $17 billion, reported a fiscal second-quarter $158 million, or earnings per share of 44 cents, on revenue of $3.65 billion, compared with a profit of $142 million, or earnings per share of 38 cents, on sales of $3.3 billion a year ago.
Whole Foods, which currently has 417 stores, opened 11 new locations during the quarter and plans to open 38 to 42 new stores, including five to six relocations, in 2015.
Shares of Whole Foods have lost 5 percent so far this year.
Tesla To Deliver Model X In Third Quarter
Shares of Tesla Motors Inc. (NASDAQ:TSLA) rose more than 2 percent in extended-hours trading after the electric automaker posted a wider-than-expected loss, but maintained its outlook for the year, despite feeling “significant negative impact” due to a stronger U.S. dollar.
Tesla delivered 10,045 Model S vehicles during the January-March quarter, up from a previous estimate of 10,030 announced last month, CEO Elon Musk said in a statement Wednesday.
The company reported a first-quarter loss of $154.18 million, or earnings per share of loss $1.22, on revenue of $939.9 million, compared with a loss of $49.8 million, or earnings per share loss of 36 cents, on sales of $620.54 million a year ago.
Wall Street had expected the company to report a first-quarter loss of $115.10 million, or earnings per share loss of 89 cents, on revenue of $1.04 billion, analysts polled by Thomson Reuters said.
The company also announced a price increase of about 5 percent in most European markets in response to the continued strength of the dollar. Looking ahead, Tesla expects to deliver about 55,000 cars this year, with deliveries for the Model X SUV scheduled to start in the third quarter.
Shares of Tesla have gained more than 3 percent this year.
Zynga To Slash 18% Of Its Workforce
Shares of Zynga Inc. (NASDAQ:ZNGA) jumped nearly 7 percent in extended-hours trading to as high as $3 after the gaming developer announced plans to restructure its workforce by cutting around 18 percent of its workforce, or around 364 jobs. The company also turned in earnings and revenue that beat Wall Street forecasts.
The company expects cost reductions to generate around $100 million in annualized savings. “This was a hard but necessary decision and I believe this plan puts us in the best long term position for success," Mark Pincus, CEO of Zynga, said in a statement Wednesday.
The company reported a first-quarter loss of $46.50 million, or an earnings per share loss of 5 cents, on revenue of $183.3 million, compared with a loss of $61 million, or earnings per share loss of 7 cents, on sales of $168 million a year ago.
Shares of Zynga have tumbled just over 32 percent in the last 12 months.