Stocks making the biggest moves after hours: Boingo, Tilray, Visa and more

Market Insider

High-rise office buildings along Wilshire Blvd in Westwood Village are viewed on August 7, 2018 in Los Angeles, California.

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Check out the companies making headlines after the bell.

Boingo Wireless — The internet access provider’s stock soared 13% in extended trading after the company said in a statement that it would not comment on rumors speculating that it is exploring a potential sale, but that it has “received multiple inquiries regarding a strategic transaction.” The company missed analyst estimates on financial results in the fourth quarter. Boingo reported a loss of 12 cents per share on revenue of $64.1 million for the quarter, while analysts expected a loss of 11 cents per share on revenue of $69.7 million, according to Refinitiv.

Tilray — The cannabis company saw its stock fall 12% in extended trading after the company missed revenue estimates for the fourth quarter. The company reported revenue of $46.9 million while analysts polled by Refinitiv expected $55.4 million. The company also reported a net loss for the quarter of $219.1 million or $2.14 per share.

Visa — The credit card company’s stock fell 2% in extended trading after Visa revised guidance on net revenue growth for the second quarter due to the coronavirus. Visa said it expects net revenue growth to be 2.5 percentage points to 3.5 percentage points lower than it originally expected. The company stated in a regulatory filing that the impact of the coronavirus on travel to and from Asia “has resulted in a sharp slowdown of our cross-border business.”

Microchip Technology — Shares of the technology company dipped 2% in extended trading after the company said it expected flat net sales for the fourth quarter of fiscal 2020 because of the coronavirus. “Our business in the Americas and Europe is trending towards our original expectations,” the company said in a statement. “However, we see very weak demand in Asia, especially in China, driven by the COVID-19 fears, and customers returning to work at a slower pace than anticipated.” Microchip also said that its supply chain is returning to normal operations at a slower pace than anticipated.

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