Today is Thursday, April 13, 2023.

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Despite posting better-than-expected financial results, shares of Rent the Runway (Nasdaq: RENT) fell by 5.71% in after-hours trading on Wednesday.

Financials: Rent the Runway reported a loss of 40 cents per share in the past quarter and revenue of $75.4 million; both were better than expected.

Details: Revenue grew by 18%, active subscribers increased by 12%, and total subscribers jumped by 8%. The gross margin and gross profit both improved.

But: The problem with Rent the Runway was with its guidance. The company expects full-year revenue to be in the range of $320 million to $330 million, but analysts expected more.

Background: Rent the Runway rose to prominence as a popular e-commerce platform for fashion during the pandemic. But when the lockdowns ended, the company struggled to maintain its customer base and kept losing money.

Stock Price: Rent the Runway’s stock is down 81% since going public in 2021. This year, the stock is up 6%.

Final Thoughts: Although the guidance was poor, it is a good sign that Rent the Runway is inching closer to profitability. And the company expects its active subscriber base to grow by over 25% this year. Could a comeback happen?

Notable Earnings Today: Delta Air Lines (NYSE: DAL),  Progressive (NYSE: PGR), Lakeland Industries (Nasdaq: LAKE), Fastenal (Nasdaq: FAST), Infosys (NYSE: INFY).

Notable IPOs Today: Peakstone Realty Trust (NYSE: PKST), Global X PropTech ETF (Nasdaq: PTEC), VCI Global Limited Ordinary Share (Nasdaq: VCIG), Altamira Therapeutics Ltd. Warrant (Nasdaq: CYTOW).

Notable Equity Crowdfunding Campaigns Ending Today: MISE (SMBX), Red Eye Louie’s (StartEngine), ChipBrain (Netcapital), Slated (Wefunder), Transcend Network (Wefunder), IQ Billiards (StartEngine).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Produce Price Index / Core PPI (8:30 a.m. ET).

Shares of the e-commerce giant Alibaba Group (NYSE: BABA) dropped by 1.11% in after-hours trading on Wednesday due to the departure of a big investor.

Details: According to a report from the Financial Times, investment firm Softbank is selling almost all of its remaining shares in Alibaba. The group sold about $7.2 billion in Alibaba shares this year and cut its stake in the company to just 3.8%. Alibaba has not commented on the report yet.

Background: The news comes as Alibaba struggles due to economic challenges in China.

Stock Price: Alibaba’s stock is up 13% in the last 30 days.

Final Thoughts: Despite Softbank selling its shares, there’s still a lot of hype surrounding Alibaba’s soon-to-be-released AI tool.

Harley-Davidson (NYSE: HOG) fell by 4.20% in after-hours trading on Wednesday after Chief Financial Officer Gina Goetter announced plans to step down from the role at the end of April.

Final Thoughts: A formal search process to find a replacement is underway. The stock is down 9% so far this year.

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