Netflix shares advanced during after-hours trading on Thursday while Nordstrom and Bed Bath and Beyond fell.
Netflix’s rise came after the release of its fourth-quarter financial results. While the streaming platform’s revenue was $7.85 billion—falling short of $7.86 billion—its addition of 7.66 million subscribers far outpaced Wall Street estimates of 4.5 million.
High-end retailer Nordstrom experienced a decline in share price after the company decided to lower its full-year profit outlook from $2.30-$2.60 per share to $1.50-$1.70. This decision came after the company’s sales during the nine weeks ending December 31st fell by 3.5%.
“The holiday season was highly promotional, and sales were softer than pre-pandemic levels,” CEO Erik Nordstrom commented following the disappointing results. In addition, the company announced that chief merchandise officer Teri Bariquit has decided to retire, thereby sparking the search for a replacement.
Bed Bath and Beyond finds itself in the hot seat after receiving a letter from the Nasdaq Stock Market stating that the retailer is not in compliance with its listing requirements due to its failure to file its quarterly results with the Securities and Exchange Commission for the period ending November 26, 2022.
The company responded by saying that it is working hard to finalize its quarterly report in an effort to regain compliance. The stock market confirmed that the notice has “no immediate effect”.