On this episode of Stock Movers:
- Birkenstock (BIRK) shares closed down on the day after the footwear maker reported revenue and operating profit for the second quarter that missed consensus estimates. The war in the Middle East negatively impacted EMEA revenue by about €6 million and caused an estimated 300 basis-point headwind to the region’s growth in the quarter, the company said.
- Cisco (CSCO) delivered a better-than-anticipated forecast while also announcing plans to cut thousands of jobs, a move it said would help the company focus on a fast-growing AI market. The company’s restructuring plan will affect fewer than 4,000 jobs, or less than 5% of the total employee base, Chief Executive Officer Chuck Robbins said in a separate blog post. Cisco’s shares soared on the news, climbing as much as 16% in late trading. The stock had increased 32% this year through the close.
- Wix (WIX) shares dropped in trading on Wednesday, after the web-platform company reported first-quarter results that analysts view as disappointing.