Okta, Disney, Five Below and more

Okta (OKTA): Shares fell in after-hours trading despite the company posting a narrower-than-expected loss. Okta reported an adjusted loss of 10 cents per share on revenue of $452 million. The street was expecting a loss of 31 cents on revenue of $429.8 million. Subscription for the quarter jumped 44% from a year ago to $435.4 million. Okta sees its full-year revenue between $1.81 billion to $1.82 billion, compared with the estimate of $1.82 billion. CEO and co-founder Todd McKinnon noted in the earnings release that the company is “making strategic reductions to our spend to improve profitability.”

Disney (SAY): Shares gained after hours on reports that Disney is exploring a membership program. According to the Wall Street Journal, Disney’s new program could include discounts or perks on its theme parks, merchandise, resorts and streaming services in an effort to get consumers to spend more.

Veeva Systems (VEEV): Shares dropped 11% after lowering its full-year revenue forecast. It now sees full-year revenue of $2.14 billion to $2.15 billion, compared to its prior outlook of $2.17 billion to $2.18 billion. Results for the second quarter topped expectations, with revenue jumping 17% from a year ago to $534.2 million on adjusted earnings of $1.03 per share.

Five Below (FIVE): The retailer cut its full-year EPS forecast and missed second quarter estimates, as comparable sales decreased by 5.8% from a year ago. Net sales totaled $668.9 million, missing the street’s estimate of $683.2 million. Despite cutting its guidance, Five Below reiterated its expansion plans. CEO Joel Anderson noted in the earnings release, “We remain focused on our long-term opportunities and Triple-Double goals, including opening 1,000 new stores over the next several years and converting the majority of our chain to the Five Beyond concept. New stores remain our growth driver and we are excited to open approximately 160 new stores this year while preparing to open a record 200-plus stores next year.”

GoodRx (GDRX): GoodRx Holdings is cutting 140 jobs, about 16% of the company’s workforce, according to Bloomberg. The cuts are expected to produce between $23 million to $25 million of annualized run rate cash savings. GoodRx shares have been underperforming so far this year, with shares off -81% since January 1.

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