Check out the companies making headlines before the bell:
Coty — The cosmetics company reported adjusted quarterly profit of 13 cents per share, beating forecasts by a penny a share. Revenue did fall below estimates, but Coty said supply chain issues that have impacted results in the past have now been largely resolved.
McKesson — The pharmaceutical distributor reported adjusted quarterly profit of $3.69 per share, 3 cents a share above estimates. Revenue also came in above analysts’ forecasts on growth in its surgical distribution business. McKesson also announced it was raising its cost savings target by $100 million to up to $500 million by the end of fiscal 2021.
Office Depot — The office supplies retailer matched estimates with adjusted quarterly profit of 7 cents per share, with revenue slightly above forecasts. Office Depot did term the quarter “disappointing,” due to poor performance at its CompuCom division and said it would implement a company-wide cost-reduction program.
Wendy’s — The restaurant chain came in 3 cents a share above estimates, with quarterly profit of 14 cents per share. Revenue also beat forecasts. Same-restaurant sales were up 1.3%, matching consensus.
Lyft — Lyft lost $1.14 billion in its first earnings report since going public, with the ride-sharing service saying this will be its peak year for losses and that it sees a clear path to profitability.
Electronic Arts — Electronic Arts reported adjusted quarterly profit of $1.31 per share, topping the consensus estimate of 98 cents a share. The video game company’s revenue also exceeded Street forecasts and Electronic Arts issued better-than-expected revenue guidance for the current quarter and the full year.
TripAdvisor — TripAdvisor beat estimates by 5 cents a share, with adjusted quarterly profit of 36 cents per share. The travel review website operator’s revenue was short of forecasts, however, and the company said it sees a slowdown in non-hotel revenue growth.
Sprint — Sprint lost an adjusted 4 cents per share for its latest quarter, wider than the penny a share loss that Wall Street was expecting. The mobile services provider’s revenue come in above estimates, but also saw its steepest decline in subscribers in more than three years.
Match Group — Match Group came in 10 cents a share ahead of estimates, with quarterly earnings of 42 cents per share. The operator of Tinder and other dating services saw revenue beat forecasts, as well, as it gained more subscribers.
Qorvo — Qorvo reported adjusted quarterly profit of $1.22 per share, beating the consensus estimate of $1.05 a share. The maker of radio frequency components also saw revenue beat estimates, and it gave an upbeat current-quarter outlook.
Papa John’s — Papa John’s reported adjusted quarterly profit of 31 cents per share, 7 cents a share above estimates. Revenue topping analysts’ projections, though the pizza chain reported an overall loss due to legal costs and financial assistance to its franchises in North America.
Bristol-Myers Squibb — Bristol-Myers Squibb sold $19 billion in bonds on Tuesday to help finance its planned purchase of drug maker Celgene, according to The Wall Street Journal. The bond sale was the largest in the US so far this year.