Earnings live: Block stock surges after Jack Dorsey cuts 40% of workforce, Duolingo shares drop premarket

Block (XYZ) shares surged more than 22% in extended trading after Jack Dorsey announced the payments company would lay off nearly half of its staff as part of a major bet in artificial intelligence that came alongside the release of its fourth quarter earnings report.

“Today we’re making one of the hardest decisions in the history of our company: we’re reducing our organization by nearly half, from over 10,000 people to just under 6,000. That means over 4,000 of you are being asked to leave or entering into consultation,” Dorsey wrote in a post on X.

“Something has changed,” Dorsey wrote, framing the decision as a risk intended to position the company for long-term growth. He cited new artificial intelligence tools that can automate work as the reason for the shift, noting that AI is “enabling a new way of working which fundamentally changes what it means to build and run a company.”

In the fourth quarter, Block reported adjusted earnings per share of $0.65, in line with Wall Street estimates. Revenue of $6.25 billion slightly beat expectations of $6.21 billion, according to S&P Global Market Intelligence.

Block also raised its full-year guidance. The company, which supports the CashApp and Square platforms, said it expects gross profit growth of 18% year over year in 2026 and adjusted operating income of $3.20 billion or 26% margin.

Flutter Entertainment’s (FLUT) stock fell 12% before the bell on Friday after reporting disappointing revenue. The sports-betting operator reported revenue of $4.74 billion last quarter, below the $4.93 billion projected by analysts.

The Wall Street Journal reports:

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Duolingo Inc (DUOL) shares sank 25% before the bell on Friday after reporting fourth quarter earnings, which beat analyst expectations, but issued disappointing guidance for 2026. The company said it is changing its strategy to prioritize user growth over near-term profitability.

Investing.com reports:

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Yahoo Finance’s Francisco Velasquez reports:

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Intuit (INTU) stock fell about 2.5% in after-hours trading as the company’s fiscal third quarter profit forecast disappointed investors.

The third quarter is usually Intuit’s strongest, as more users turn to the company for tax help; however, the company said it expects to spend more on marketing to attract customers to its tools, such as TurboTax.

Reuters reports:

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Reuters reports:

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Cloud computing provider Nutanix (NTNX) reported strong earnings and announced a multiyear deal with AMD (AMD) on Wednesday, sending the stock more than 15% higher in premarket trading on Thursday.

For the fiscal second quarter, Nutanix reported adjusted earnings per share of $0.56 for the quarter on revenue of $722.8 million. Wall Street analysts were looking for earnings per share of $0.44 on $709.7 million in revenue, according to S&P Global Market Intelligence.

For the full year, Nutanix said it expects revenue of $2.80 billion to $2.84 billion and a non-GAAP operating margin of 21% to 22%.

Nutanix’s new multiyear partnership with AI chipmaker AMD also boosted shares on Thursday as the two companies seek to develop a platform for enterprise agentic AI. AMD said it will invest $250 million in Nutanix shares and joint R&D and go-to-market efforts, and the equity investment is expected to close in the second quarter of 2026.

AMD stock slid 1.5% following the announcement and earnings from its rival Nvidia (NVDA).

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American Bitcoin (ABTC), which is backed by two of President Trump’s sons, reported a $59 million loss in its fourth quarter earnings on Thursday. The results have come amid a stock and crypto sell-off, wiping out almost 90% of the firm’s market value since September. The company’s stock price rose 3% before the bell today following the news.

Bloomberg News reports:

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Shares of Celsius Holdings (CELH) jumped more than 12% in premarket trading on Thursday after the energy drink maker reported better-than-expected fourth quarter earnings as its acquisitions of Rockstar Energy and Alani Nu drove momentum in the business.

Investing.com reports:

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J.M. Smucker (SJM) stock rose 7% before the bell on Thursday after third quarter earnings beat analyst expectations. The company did, however, report a weaker full-year sales outlook, citing a recent fire at one of its manufacturing facilities.

AP reports:

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Nvidia CEO Jensen Huang said the company is “close” to finalizing its agreement with OpenAI (OPAI.PVT)

“We continue to work with OpenAI toward a partnership agreement, and believe we are close,” Huang said. “We are thrilled with our ongoing partnership with OpenAI, a once-in-a-generation company we’ve had the pleasure of partnering with since their first days.”

In September 2025, Nvidia said it planned to invest $100 billion in OpenAI to support artificial intelligence infrastructure. But in early February, Huang said that the $100 billion was “never a commitment,” and a few weeks later, the Financial Times reported that the company was close to finalizing a $30 billion deal to replace the $100 billion one.

On the earnings call, Nvidia executives touted that “just about every startup in the world is working on Nvidia’s ecosystem.” The company has also struck partnerships with rival models, including Anthropic’s Claude and Google’s Gemini.

Nvidia’s (NVDA) CFO Colette Kress confirmed a report earlier this week that it has not yet sold any of its second-most-powerful chips to China.

“While small amounts of H200 products for China-based customers were approved by the US government, we have yet to generate any revenue, and we do not know whether any imports will be allowed into China,” Kress said on the earnings call.

That was in line with what a Commerce Department official said at a congressional hearing on Tuesday.

President Trump gave Nvidia the green light to sell H200 chips to China last month. In late January, Beijing reportedly gave three of China’s largest tech companies, ByteDance, Alibaba (BABA, 9988.HK), and Tencent (0700.HK, TCEHY), approval to purchase more than ‌400,000 H200 chips.

Nvidia’s earnings call is underway. You can listen to it live here.

CFO Colette Kress called out that the hyperscalers — Big Tech firms like Amazon (AMZN), Microsoft (MSFT), and Meta (META) that provide large-scale cloud services — continue to have a strong appetite for Nvidia’s data center chips.

“Analysts expectations for 2026 capex across the top five cloud providers and hyperscalers, who collectively account for a little over 50% of our data center revenue, are up nearly $120 billion since the start of the year and approaching $700 billion,” Nvidia CFO Colette Kress said on the earnings call. “We continue to expect the transition of classic data center workloads to GPU-accelerated computing and the use of AI to enhance today’s hyperscale workloads and contribute toward roughly half of our long-term opportunity.”

Nvidia (NVDA) stock popped by more than 3% after earnings beat expectations and delivered a strong revenue outlook for the first quarter.

Nvidia said it expects revenue of $76.44 billion to $79.56 billion in Q1, ahead of expectations of $72.78 billion, according to Bloomberg consensus estimates.

Here’s what Nvidia reported for the fourth quarter compared to analyst estimates compiled by Bloomberg:

Data Center compute revenue ($51.3 billion, up 58% from a year ago) and networking revenue ($11.0 billion, up 263%) both also reached record highs.

First Solar (FSLR) stock plunged by around 16% on Wednesday morning after the solar company issued a bleaker-than-expected full-year outlook.

The company said it expects 2026 net sales in a range of $4.9 billion to $5.2 billion, whereas the Street was looking for guidance of $5.6 billion.

In the fourth quarter, First Solar reported earnings per share of $4.84, missing analyst estimates for $5.17 per share, according to S&P Global Market Intelligence. Revenue of $1.68 billion came in ahead of forecasts for $1.56 billion.

“Our growth journey continued into 2025, with the commissioning of our new Louisiana factory and our decision to establish a new facility in South Carolina,” said CEO Mark Widmar. “As we navigated a rapidly evolving environment, we maintained a disciplined approach to contracting and remained anchored in our core principle of pricing and delivery certainty, a key differentiator that our customers value.”