U.S. stock futures climbed Wednesday morning, with Nasdaq futures gaining around 50 points, but you wouldn't know it from looking at the tech sector. A cluster of enterprise software and technology companies faced some brutal pre-market action after earnings disappointments.
The biggest mover was Nutanix Inc. (NTNX), which got absolutely hammered after delivering first-quarter results that missed on both the top and bottom lines. The cloud computing company reported earnings of 21 cents per share, falling well short of the 41-cent consensus estimate. Revenue came in at $670.576 million, missing expectations of $676.750 million. To make matters worse, Nutanix slashed its fiscal 2026 sales guidance below analyst estimates.
Nutanix shares tumbled 16.8% to $48.86 in pre-market trading, leading a broader selloff among tech names.
Other Notable Decliners
Several other stocks joined the downturn as earnings season delivered some unwelcome surprises:
- Jiayin Group Inc - ADR (JFIN) dipped 7.8% to $6.83 in pre-market trading.
- Zscaler Inc. (ZS) fell 7.2% to $269.00 after reporting first-quarter financial results that apparently didn't impress investors.
- Ambarella Inc. (AMBA) dropped 6.7% to $84.84 following its quarterly earnings report.
- Workday, Inc. (WDAY) declined 6.3% to $219.00 after posting third-quarter results.
- PagerDuty Inc. (PD) slipped 5.8% to $14.30 after delivering mixed third-quarter numbers and, like Nutanix, cutting its fiscal 2026 sales guidance below estimates.
- HP Inc. (HPQ) fell 5.7% to $22.94 after issuing first-quarter earnings per share guidance with a midpoint that came in below analyst expectations.
- Deere & Company (DE) declined 4.7% to $474.95 after reporting fourth-quarter results and providing a disappointing fiscal 2026 outlook.
- Vera Therapeutics, Inc. (VERA) fell 3.5% to $28.40 in pre-market trading.
The pattern here is pretty clear: companies that missed expectations or guided lower are getting punished, even in an otherwise positive market environment. It's a reminder that in earnings season, individual stock performance can diverge sharply from broader market sentiment.
