After market close on Thursday, the DVD rental specialist said it expects first-quarter sales and earnings that exceed both its own guidance and analysts' projections. The Bellevue, Wash.-based company reported preliminary revenue between $567 million and $569.2 million and earnings, excluding items, between $1.36 and $1.40 a share.
Coinstar said the revenue increase was driven by stronger-than-anticipated consumer demand at its Redbox DVD rental business, particularly during February and March.
Shares of Coinstar, which also raised its guidance for the fiscal year, exploded on the news, and were still trading up on Friday morning. The company's stock was up 12.14% to $68.75 before market open.Google (GOOG) shares rose 0.54% to $654.50 on Friday as investors digested the company's strong first-quarter earnings. The Internet giant reported earnings of $10.08 a share and revenue of $8.14 billion after market close on Thursday. Analysts surveyed by Thomson Reuters were looking for earnings of $9.65 a share and sales of $8.146 billion. Adobe (ADBE), which announced a plan to repurchase $2 billion of stock through the end of fiscal 2015 on Thursday, was up 0.15% to $33.50. Micron Technology (MU), which announced the pricing of convertible senior notes offerings on Friday, was down $7.02, or 1.75%. The semiconductor specialist was also the most active premarket Nasdaq stock on share volume of 4,471,550. Nokia (NOK), which slid to a new 52-week low on Thursday, was down 2.84% to $4.11. The Finnish handset maker's shares plummeted earlier in the week after the company lowered its first-quarter guidance. Shares of HP (HPQ), which climbed more than 7% on Thursday after a Gartner report highlighted PC share gains, were down or 0.48% to $24.98. --Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
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