Stock Markets May 6, 2026 04:39 PM

After-Hours Movers: Fortinet Leads Gains as Fastly and Alpha & Omega Plunge

A mixed set of quarterly results produced sharp after-hours swings across cybersecurity, delivery, chip design, ad tech and cloud infrastructure stocks

By Maya Rios FTNT DASH ARM SNAP APP

After the market closed, a group of U.S.-listed technology and consumer names posted pronounced moves following quarterly results and guidance updates. Fortinet jumped on an earnings beat and a raised revenue outlook, while DoorDash and Arm each advanced after upside surprises and encouraging outlooks. Several other companies moved lower despite some reporting beats, with the cloud platform and certain semiconductor suppliers among the weakest performers.

After-Hours Movers: Fortinet Leads Gains as Fastly and Alpha & Omega Plunge
FTNT DASH ARM SNAP APP

Key Points

  • Several technology and consumer-facing companies reported quarterly results that produced significant after-hours price moves.
  • Positive EPS beats and raised guidance powered gains for Fortinet, DoorDash and Arm, while Fastly and Alpha & Omega Semiconductor suffered large declines despite some reported improvements.
  • Sectors impacted include cybersecurity, delivery platforms, semiconductor design, digital advertising/ad tech, cloud infrastructure and consumer retail.

Stocks across several sectors registered notable after-hours price swings after companies reported quarterly results and provided forward-looking guidance. The moves reflected investor focus on beats and misses for earnings per share, revenue trends and management commentary on the quarters ahead.


Fortinet (FTNT) - Up 17%

Fortinet jumped sharply after reporting an earnings-per-share result of $0.82 that exceeded expectations. Management also raised the company’s full-year revenue guidance to a high of $7.87 billion, an outlook that investors clearly received positively and that outpaced analyst forecasts.

DoorDash (DASH) - Up 11%

DoorDash shares climbed in after-hours trading after the delivery company posted a Q1 earnings-per-share result of $0.42, beating consensus. Quarterly revenue, however, came in slightly below consensus estimates. Attention from the market centered on the positive earnings surprise and a Q2 EBITDA outlook that could reach up to $870 million.

Arm Holdings (ARM) - Up 10%

Arm rallied following a quarterly report that beat expectations on both the top and bottom lines for Q4. The company also issued a revenue forecast for the upcoming quarter that topped estimates. Strong demand for AI-related architecture was cited as a continuing driver of momentum, contributing to double-digit after-hours gains.

Snap (SNAP) - Down 2%

Snap declined modestly after-hours despite beating Q1 expectations for both revenue and earnings per share. The pullback appeared linked to investor caution around the company’s Q2 revenue guidance, which was reported as being in line with consensus and did not suggest an acceleration in growth.

AppLovin (APP) - Down 2%

AppLovin’s shares slipped after the company reported Q1 earnings per share of $3.56, ahead of the $3.42 consensus, and revenue of $1.84 billion that exceeded expectations. The company also issued Q2 revenue guidance of up to $1.95 billion, a figure described as moving well past analysts’ projections.

Dutch Bros (BROS) - Down 3%

Dutch Bros dipped in after-hours trading after reporting a narrow EPS beat of $0.01 and raising its full-year revenue guidance. While the underlying fundamentals were described as solid, the update did not sustain positive momentum in a volatile after-hours session.

Coherent (COHR) - Down 7%

Coherent shares moved lower even though the company met earnings estimates and provided a Q4 outlook that trended above consensus. The decline suggests some investors were seeking a larger upside surprise to justify current valuations.

Alpha & Omega Semiconductor (AOSL) - Down 20%

AOSL plunged after reporting a Q3 EPS loss of ($0.28), a result that was substantially wider than the ($0.13) loss analysts had expected. The company did record a slight revenue beat, but the market reacted negatively to the earnings miss and to a cautious Q4 outlook concerning gross margins and operating expenses.

Fastly (FSLY) - Down 24%

Fastly fell nearly a quarter of its value in after-hours trading despite reporting first-quarter beats on both earnings and revenue. The steep sell-off highlighted a pronounced gap between the company’s reported performance and elevated market expectations for the cloud platform.


This group of after-hours movers illustrates how investor sentiment can diverge sharply from headline beats or misses, with forward guidance and margin commentary often dictating post-close reactions.

Risks

  • Guidance that aligns with consensus rather than signaling acceleration can temper investor enthusiasm, as seen with Snap - impacts ad tech and social media stocks.
  • Earnings misses or wider-than-expected losses, such as AOSL’s Q3 EPS shortfall, can trigger disproportionate share-price declines even when revenue beats - affecting semiconductor suppliers.
  • High market expectations can produce severe sell-offs when results fall short of investor hopes despite reported beats, illustrated by Fastly’s drop - affecting cloud infrastructure and related tech names.

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