Premarket Movers | Snap Tumbles 16%; Lucid Plunges 7%; Upstart Slides 4%; Astera Labs Soars 18%; Arista Networks Jumps 13%; Centrus Gains 10%

Snap Inc on Tuesday reported its slowest quarterly growth in more than a year, hurt by a temporary glitch in its ad platform and advertiser preference for bigger rivals such as Meta, sending its shares down over 16% in premarket trading on Wednesday.

The Snapchat-parent said it had resolved the error that unintentionally allowed some ads to run at much lower prices.

Lucid Group Inc dropped 7% in premarket trading after the company lowered its annual production forecast and missed Wall Street estimates for quarterly revenue on Tuesday, at a time when U.S. trade tensions have cast a dark cloud over some automakers as consumers rein in big spending budgets.

Chipmaker Astera Labs, Inc. late Tuesday handily beat analyst estimates for the second quarter and guided higher for the current period. Astera Labs’ stock rose 18% in premarket trading on Wednesday.

The San Jose, Calif.-based company earned an adjusted 44 cents a share on sales of $191.9 million in the June quarter. Analysts polled by FactSet had expected earnings of 32 cents a share on sales of $172.5 million. In the year-earlier period, Astera Labs earned an adjusted 13 cents a share on sales of $76.9 million. That translates to year-over-year growth of 238% in earnings and 150% in sales.

Arista Networks rose about 13% in premarket trading on Wednesday after the company’s forecast third-quarter revenue above Wall Street expectations, signaling resilient demand for its networking equipment amid growing footprint of data centers.

Centrus reported second quarter earnings that significantly exceeded analyst expectations, driving shares up 10% premarket as investors cheered the nuclear fuel company’s strong performance.

The American nuclear fuel supplier posted adjusted earnings of $1.59 per diluted share for the second quarter of 2025, handily beating the analyst consensus of $0.84 by 89%. Revenue came in at $154.5 million, surpassing the $130.18 million analysts had expected and despite being down 18% from $189 million in the same quarter last year.

Upstart Holdings, Inc. stock dropped 4% in premarket trading after issuing strong guidance for both Q3 and the full-year following solid beats on Q2 earnings and revenue as its loan originations more than doubled from a year ago.

The lending platform for banks and credit unions now expects 2025 revenue of ~$1.055B vs. the $1.01B consensus and previous guidance of ~$1.01B. Revenue from fees is now expected to be ~$990M vs. the prior outlook of ~$920M and net interest income is anticipated to be ~$65M, down from its prior view of ~$90M.