By Patrick Chu
MEI Pharma Inc. said it would discontinue development of cancer treatment zandelisib outside of Japan. The drugmaker and its partner Kyowa Kirin Co., made the decision after receiving recent guidance from the Food and Drug Administration. MEI said it plans to initiate a staggered reduction of about 30% of its workforce. MEI shares dived 31% in U.S. after-hours trading on Monday.
Powell Industries Inc. said fourth-quarter revenue increased 26% to $162.7 million boosted by $259 million in new orders. Net income for the three months ended Sept. 30 rose to $8.7 million, or 73 cents a share, vs. $3.3 million, or 28 cents a share, for the prior year. Shares of the Houston electrical equipment maker climbed 19% in after-hours trading.
Sumo Logic Inc. posted third-quarter results that beat expectations and gave upbeat forecasts for the fourth quarter and full year. The software-as-a-service provider reported a loss of $26.3 million, or 22 cents a share, vs. a loss of $30.8 million, or 28 cents a share, in the same quarter last year. Revenue increased to $79 million from $62 million in the prior-year quarter. Sumo Logic lost an adjusted 4 cents a share. Analysts polled by FactSet expected an adjusted per-share loss of 15 cents, on revenue of $74.2 million. Sumo Logic raised its full-year sales outlook to a range of between $298 million and $299 million, and forecast a narrower adjusted per-share loss of between 35 cents and 36 cents. Sumo shares increased 11.5% in after-hours trading.
Herbalife Nutrition Ltd. said it intends to offer a $250 million aggregate principal amount of convertible senior notes due 2028 in a private offering. The common shares declined 10.9% in after-hours trading.
GitLab Inc. forecast 2023 revenue between $420.5 million to $421.5 million and an adjusted loss between 55 cents to 56 cents a share. The code hosting and collaboration platform previously forecast revenue between $411 million to $414 million and adjusted loss between 64 cents to 67 cents a share. GitLab also forecast fourth-quarter revenue between $119 million to $120 million and an adjusted loss between 14 cents to 15 cents a share. Analysts polled by FactSet had expected revenue of $119.3 million and an adjusted loss of 17 cents a share.
Write to Patrick Chu at Patrick.Chu@WSJ.com
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