Stocks moving after-hours: Electronic Arts, RH
Here are some of today's after-hour movers:
Electronic Arts (EA)
Electronic Arts is cutting about 6% of its workforce and reducing office space as part of a restructuring plan. The entertainment software company said it will incur approximately $170 million to $200 million in charges related to the plan outlined in an SEC filing on Wednesday afternoon.
In a memo to employees, CEO Andrew Wilson wrote, "we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams."
EA’s stock rose slightly immediately following the filing in post market trading.
RH missed on the top and bottom line for its latest quarter.
The high-end furniture company, formally known as Restoration Hardware Holdings, posted fourth quarter adjusted earnings per share of $2.88, below analyst estimates of $3.40 a share.
Revenue of $772.5 million came in below expectations of $785.25 million.
“As noted in our previous shareholder letter, we expect business conditions to remain challenging for the next several quarters and possibly longer as a result of the accelerating weakness in the housing market, the uncertainty generated by the recent banking crisis and the cycling of record COVID-driven sales and backlog reductions,” stated the company shareholder letter.
RH shares dropped in after hours. Year-to-date the stock is down 8%.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance