Earnings live: Cisco stock drops after outlook disappoints, AppLovin sinks, Equinix surges

Shares of Crocs (CROX) soared more than 13% in premarket trading on Thursday, after the company reported better-than-expected fourth quarter earnings and a solid earnings outlook for 2026.

For the fourth quarter, Crocs reported earnings per share of $2.29, well above the consensus estimate of $1.91 per share. Revenue totaled $958 million for the quarter, lower than in the same quarter a year ago, but ahead of expectations of $916.09 million.

Crocs noted that it came off a strong holiday season. Sales in Crocs’ direct-to-consumer channel grew 3.6%, while its wholesale revenue declined 15.5%.

The company’s outlook was also upbeat: The company issued full-year profit guidance of $12.88 to $13.35 per share, beating analysts’ estimates of $11.92.

Birkenstock (BIRK) shares fell 3% in premarket trading after the 250-plus-year-old footwear maker missed analyst expectations for its first quarter revenue.

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Equinix (EQIX) stock jumped more than 9% in extended trading after the data center operator issued strong annual revenue guidance on the back of continued artificial intelligence demand.

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Cisco (CSCO) stock fell 5% after the networking company issued guidance below Wall Street forecasts.

For the full year, Cisco raised its guidance for earnings per share to $3.00 to $3.08 on revenue of $61.2 billion to $61.7 billion. However, the Street was looking for earnings guidance of $3.12 on revenue of $62.1 billion.

In Cisco’s second quarter, the company reported earnings per share of $0.80, compared to Wall Street analyst estimates of $0.74 per share, according to S&P Global Market Intelligence. Revenue rose 10% year over year to $15.3 billion, compared to estimates of $15.1 billion.

“We see strong, broad-based demand for our technology solutions and remain focused on capturing the significant opportunities we see ahead,” Cisco CFO Mark Patterson said.

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Vertiv (VRT) stock surged 15% after its 2026 financial forecast surpassed Wall Street’s expectations, as the data center market booms, and digital infrastructure companies like Vertiv aim to keep up with the demand.

For the full year, Vertiv expects its adjusted earnings per share to accelerate, reaching $5.97 to $6.07. The Street was looking for adjusted earnings of $5.51 per share, according to S&P Global Market Intelligence.

“As we look to 2026, we expect this momentum to continue,” Vertiv CEO Giordano Albertazzi said. “Our record backlog provides clear visibility into what we expect to be another year of significant growth.”

The upbeat outlook overshadowed an earnings miss in the fourth quarter. Vertiv reported earnings of $1.14 per share, just shy of estimates of $1.16. Net sales reached $2.88 billion, roughly in line with estimates.

Mattel (MAT) reported top- and bottom-line misses on Tuesday, sending shares 24% lower in extended trading.

In the fourth quarter, the toymaker reported earnings per share of $0.34 on revenue of $1.76 billion. Wall Street analysts were looking for earnings of $0.51 on revenue of $1.83 billion, according to S&P Global Market Intelligence.

The stock also sharply reacted to Mattel’s 2026 forward guidance, which disappointed.

In 2026, Mattel expects net sales to grow between 3% and 6%. Adjusted earnings per share are expected to be in the range of $1.18 to $1.30, below 2025’s earnings per share of $1.41 and the Street’s forecast of $1.68 per share.

“We achieved strong topline growth in the fourth quarter and consumer demand was positive in every region for both the quarter and full year, but December gross billings in the U.S. ended up growing less than expected,” CEO Ynon Kreiz said in a statement.

Lyft (LYFT) stock pulled back by more than 15% in after-hours trading after its first quarter outlook and 2025 operating loss dented expectations of the company’s comeback story.

In the fourth quarter, Lyft reported revenue of $1.6 billion, missing expectations of $1.75 billion, according to S&P Global Market Intelligence. Gross bookings of $5.1 billion were up 19% year over year.

For the full year, Lyft reported an operating loss of $188 million, whereas analysts expected a profit of $33.3 million.

For the first quarter of 2026, Lyft guided for adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $120 million to $140 million. The Street consensus estimate was $147 million for EBITDA.

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Robinhood (HOOD) reported better-than-expected earnings for the fourth quarter, but missed estimates on several other metrics, sending shares as much as 9% lower in after-hours trading. Retail trading buoyed the company during the quarter, offsetting weakness in crypto revenue.

In Q4, the brokerage and banking platform reported revenue growth of 27% year over year to $1.28 billion, compared to estimates of $1.3 billion, according to S&P Global Market Intelligence. Diluted earnings per share came in at $0.66, compared to estimates of $0.64 and $1.01 in Q4 2024.

Robinhood CEO Vlad Tenev reiterated his ambition to make Robinhood into a “Financial SuperApp.” The company has rolled out banking services, stock tokens, crypto trading, and even event contracts.

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Marriott (MAR) CEO Anthony Capuano said that, like other travel companies, the hotel chain is seeing a divergence across its customer base and strength primarily in the premium segment.

“I mean, there is certainly … a K-shaped economic bifurcation of the consumer,” Capuano said Tuesday. “We continue to see really consistent strength across luxury for the full year.”

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