Check out the companies making headlines after the bell on Wednesday.
NurPhoto | Getty Images— Cisco shares fell more than 6% in after-hours trading despite reporting fiscal fourth-quarter profit and revenues that topped analysts' expectations. The results, though better than what analysts polled by Refinitiv had anticipated, marked the first annual sales decline in three years. Investors may have positioned to sell the Dow component after Cisco said that it sees first-quarter revenues down 9% to 11% and associated per-share earnings between 41 and 47 cents.
— Shares of Vroom, an online used car seller, sank 13% in after-hours trading after its outlook missed Wall Street's estimates. The company expects a loss of 42 cents to 37 cents per share on revenue of $268 million to $290 million in the third quarter, short of expectations for loss of 36 cents a share on revenue of $344.6 million. Vroom, one of 2020's more-successful initial public offerings, is up 40% over the last month.
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Uber and Lyft ordered to classify workers as employees in CaliforniaA judge ruled Monday that Uber and Lyft must classify their drivers as employees due to a new California law, a decision that threatens the business models of the ride-hailing giants and could upend the gig economy.
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California Judge Orders Uber And Lyft To Consider All Drivers EmployeesUber and Lyft have been fighting California over whether drivers are employees, entitled to benefits, or independent contractors. A state judge ordered them to consider all those drivers employees.
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Uber and Lyft drivers are very likely employees, California judge rulesA California state judge on Monday strikes a major blow to Uber and Lyft, ruling that the ride-hailing companies are likely not exempt from a state law that defines their drivers as employees rather than contractors.
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California judge orders Uber and Lyft to classify drivers as employeesThe order delivered a major blow to the rideshare giants that have fought to block their drivers from receiving employee protections such as sick leave and overtime pay.
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Judge blocks Uber, Lyft from classifying drivers as contractors in CaliforniaA California judge on Monday granted the state's request for a preliminary injunction blocking Uber Technologies Inc and Lyft Inc from classifying their drivers as independent contractors rather than employees.
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