Check out the companies making headlines in premarket trading. Shopify — Shares of the commerce technology platform dove 8.7% even after first-quarter revenue came in at $2.36 billion in revenue for the first quarter, beating the FactSet consensus estimate of $2.33 billion. Shopify had risen 20% over the past month, and its full year guidance set operating expenses at 39%-40% of total revenue with free cash flow profit margin in the mid-teens, similar to the first quarter, FactSet's SteetAccount service said. AppLovin — The artificial intelligence-powered marketing platform's rallied 14.7% on stronger-than-predicted first-quarter earnings. AppLovin earned $1.67 per share on $1.48 billion in revenue, while analysts surveyed by LSEG estimated $1.45 per share and $1.38 billion. AppLovin also announced the sale of its mobile gaming business. Arm Holdings — U.S.-listed shares of the British chip designer tumbled 9.1% following weaker-than-expected guidance for the current quarter, overshadowing better-than-expected earnings in the fiscal fourth quarter. Tapestry — Shares of the affordable luxury clothing and accessory maker jumped 8.4% on the back of stronger-than-expected earnings in its fiscal third quarter. The Coach and Kate Spade parent earned $1.03 per share, excluding one-time items, on $1.58 billion in revenue, while analysts polled by LSEG had estimated 88 cents a share on revenue of $1.53 billion. Chip stocks — Semiconductor manufacturers climbed after a Department of Commerce spokesperson confirmed a plan to rescind a set of controls on artificial intelligence chips that were scheduled to go into effect this month. Broadcom rose more than 2%, while Nvidia and Advanced Micro Devices added more than 1% each. Skyworks Solutions — The semiconductor stock shed 2.2% despite a strong earnings report and positive guidance. Skyworks earned an adjusted $1.24 per share on $953 million in revenue, while analysts polled by LSEG had expected $1.20 in EPS and $952 million in revenue. Skyworks had soared 36% in the past month. Alphabet — The Google and YouTube parent rose more than 2% after it said it is still seeing overall growth in search engine usage, including from Apple platforms. The reply came after Alphabet slumped 7.3% Wednesday following a Bloomberg News report that an Apple executive said in court testimony that searches on the Safari browser declined in April as more people use artificial intelligence. Warby Parker — The eyeglass maker slid 4.4% after first quarter revenue trailed analyst estimates and it slashed its annual sales outlook. Warby Parker saw $224 million in revenue in the latest quarter, missing the consensus forecast of $225 million, according to LSEG. Warner Bros. Discovery – The media conglomerate's shares pulled back more than 2%. Warner Bros. Discovery reported a quarterly loss of 18 cents per share, 5 cents more than analysts anticipated, according to LSEG. Revenue of $8.98 billion, trailing a $9.6 billion consensus estimate. Peloton — The digital workout company's shares sank 3.3% following a bigger first-quarter loss per share than Wall Street estimated. Peloton lost 12 cents per share, double the loss of 6 cents analysts polled by LSEG penciled. Revenue of $624 million beat a $621 million estimate compiled by LSEG. Anheuser-Busch InBev — The Budweiser parent company added 1.5% after first-quarter profits rose compared to a year ago. Anheuser-Busch InBev earned net income of $1.61 billion, above the $1.51 billion in the same quarter last year and topping the $1.47 billion estimated by analysts, according to FactSet. The company said it saw strong growth in non-alcoholic beer, including Michelob Ultra Zero. Drug stocks — Drugmakers slid after Politico reported that President Donald Trump was looking at a a Medicare pricing plan that would cut drug costs, citing unnamed people familiar with the matter. Amgen , Abbvie , Eli Lilly and Bristol Myers all shed more than 1%. Regeneron fell more than 2%. Cleveland-Cliffs — The steelmaker tumbled 7.3% after weaker-than-expected first-quarter results. Cleveland-Cliffs lost 92 cents per share, excluding one-time items, while analysts polled by FactSet projected an 82-cent loss. Revenue of $4.60 billion trailed a $4.63 billion estimate compiled by FactSet. Fortinet – The cybersecurity stock lost 8.7%. While Fortinet beat Wall Street's earnings forecasts for the first quarter, the company issued full-year guidance that only matched analysts' expectations. Guidance for the full-year's adjusted earnings came in at $2.43 to $2.49 per share against the LSEG consensus estimate of $2.47 per share. Carvana – The online used car marketplace climbed 5% after first-quarter results beat estimates on both the top and bottom lines. Earnings were $1.51 per share, compared to the 67 cents expected from analysts polled by LSEG. Revenue came in at $4.23 billion, versus the $3.98 billion consensus estimate. CF Industries — The fertilizer manufactirer added 2% after first-quarter earnings of $1.85 per share topped the $1.48 per share analysts polled by LSEG had expected. Revenue of $1.66 billion revenue also beat an estimated $1.54 billion. CF also authorized a $2 billion share buyback. — CNBC's Lisa Han, Michelle Fox, Tanaya Macheel and Jesse Pound contributed reporting