China Evergrande Group (EGRNF) +25.00% the embattled property developer, has extended the deadline for its debtholders to agree to a restructuring plan by three weeks, as it has not received enough support. While creditors holding more than 30% of a class of debt have agreed to the plan, Evergrande needs 75% approval from each group of creditors to proceed. The company's financial troubles have had a significant impact on China's high-yield property market, causing contagion and record defaults. The deadline for creditors to agree to the restructuring plan and receive compensation has been extended to May 18.
Saia (NASDAQ: SAIA) +14.56% a transportation company, had a better-than-expected Q1 earnings report, leading to an increase in its stock price. Though its revenue decreased and its operating income was down, its pricing rose, which helped to make up for the decrease. The company also opened four new terminals this year and plans to spend over $400 million to help grow the business.
Cloudflare (NET) -21.03% a company that provides security and speeds up web applications, reported better-than-expected earnings for the first quarter, but its stock dropped by 21% due to weak revenue outlook for the second quarter and full-year 2023. The company cited macroeconomic uncertainty and increasing sales cycles.
Snapchat's parent company (SNAP) -17.05% saw its stock price drop after reporting financial results for Q1 2022. Although it had an increase in daily active users, the revenue generated from ads went down, leading to a drop in revenue compared to the previous year. The company did not provide formal guidance for Q2, but its internal forecast suggests a drop in revenue. Despite the potential of its augmented reality applications and subscription service, the company's decline in revenue and profits is causing concern.
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