Chegg — Shares tumbled nearly 30% after the textbook company reported weak full-year guidance despite exceeding earnings expectations. In its most recent quarter, Chegg reported earnings of 32 cents per share on revenues of $202 million. Analysts surveyed by Refinitiv were expecting earnings of 24 cents per share on revenues of $201 million.
Clorox — Clorox’s stock price dipped about 1.9% after the maker of household products cut its full-year gross margin outlook on inflationary concerns. Clorox otherwise topped earnings expectations after reporting earnings of $1.31 per share on revenues of $1.81 billion. The company was expected to earn 97 cents per share on revenues of $1.79 billion, according to consensus estimates from Refinitiv.
Devon Energy — Shares jumped more than 2% after the company announced a dividend and buyback hike. The oil and gas company reported earnings of $1.88 per share and revenues of $3.8 billion for the quarter ending March. Analysts polled by FactSet were expecting earnings of $1.75 per share on revenues of $4 billion.
Avis Budget Group — The car company’s stock price soared nearly 7% after Avis Budget’s quarterly results surpassed analysts’ expectations. The company benefited from pent-up travel demand that spurred consumers to rent cars even at higher prices. Avis reported earnings of $9.99 per share on revenues of $2.4 billion. Analysts polled by Refinitiv were forecasting earnings of $3.45 per share on revenues of $2.08 billion.