Premarket Movers | Semtech Rises 5%; Zoom and nCino Drop 5%; Intuit Sinks 12%

Semtech shares rose 3.3% in premarket ​trading as the semiconductor company reported second-quarter results and guidance that topped estimates.

Zoom forecast third-quarter profit below Wall Street expectations, ​signaling stiff competition was squeezing the ‌video-conferencing company even as it ramps up AI features on its services. Shares of the ​San Jose, California-based company fell 5.2% in premarket ​trading.

nCino shares were down 5.3% in premarket ​trading despite the company swinging to a second-quarter profit, as its guidance for the current quarter disappointed some analysts.

Intuit forecast annual revenue below Wall Street expectations on Tuesday, as the TurboTax maker said ​its push for customer growth and market-share gains would weigh on ‌near-term sales. Shares of the company were down 11.8% in premarket ​trading.