Rally Alert: Duolingo, Okta, And More
Date
2/29/2024 10:11:37 AM
(MENAFN- Baystreet)
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Chris La - Thursday, February 29, 2024
Rally Alert: Duolingo, Okta, and More
Traders may put on their rally hats after a pair of companies posted strong quarterly reports on Thursday. Duolingo (DUOL) added 21.6% in after-hours trade after it reported 26 cents in Q4 GAAP EPS. Revenue rose sharply by 45.4% Y/Y to $151 million.
Markets are impressed with Duolingo's total bookings increasing by 51% Y/Y to $191 million. The $1.00 in annualized earnings is not a compelling reason to own DUOL stock. In addition, Goldman's sell rating may work out later. For now, trade the DUOL stock rally.
Okta (OKTA), a cybersecurity firm that was a victim of a hack, rallied by 23%. Markets are pleased with the 63 cents in non-GAAP EPS as revenue increased by 19% to $605 million. Investors should not buy Okta as its valuations worsen. However, the momentum should lift the stock throughout this morning.
In the media sector, Paramount Global (PARA) posted good enough results that might prevent shares from breaking below $10.00.
It earned 4 cents a share (non-GAAP). Revenue fell by 6.0% Y/Y to $7.64 billion. To increase profits, Paramount needs to increase its $9.23 monthly revenue per subscriber. It will need to increase advertising and encourage its customers to refer friends to the streaming service.
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