platoon (PTON): The company announced that co-founders John Foley and Hisao Kushi are leaving the company as part of a wider executive shakeup, driving its shares lower in after-hours trading. Former CEO John Foley stepped down as executive chairman of the board, while Hisao Kushi resigned as chief legal officer effective Monday. In a note to employees, CEO and President Barry McCarthy thanked Foley and Kushi, writing, “There would be no Peloton without John Foley or Hisao Kushi…Through their hard work, they have given the world the connected fitness industry and created a platform that empowers each of us capable of being the best version of ourselves.” Once a pandemic winner, Peloton is near all-time lows, with stocks down -69% so far.
oracle (ORCL): Shares fell after the company’s first-quarter earnings fell short of Wall Street estimates. Oracle posted adjusted earnings of $1.03 per share on revenue of $11.45 billion, driven by Oracle’s growing cloud application and infrastructure business. Cloud revenue was $3.6 billion, up 45% year-over-year. Daniel Newman of Futurum Research told Yahoo Finance it’s a “cloud story” and that Oracle is “a little ahead of some of the major infrastructure players this quarter, including Amazon’s AWS and Microsoft’s Azure.”
Rent the runway (RENT): Shares fell 20% after the company lowered its full-year outlook and announced plans to cut 24% of its corporate workforce amid “potentially harsher macro conditions.” Rent the Runway sees annual revenue of $285 million to $290 million from the earlier forecast of $295 million to $305 million provided in June. Active subscribers totaled 124,131, up 27% year-over-year, but below Wall Street estimates.
Planet Labs PBC (PL): The satellite imaging company posted record sales in the second quarter and raised its full-year revenue forecast, leading its stock high in after-hours trading. Revenue grew 59% from a year ago to $48.5 million. Planet Labs sees revenue of $182 million to $190 million in fiscal 2023, representing about 42% growth in the middle.
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