Key Highlights

  • Digital Turbine (NASDAQ:APPS) plunged 35.84% on November 10, 2026 even with Revenue up 27% and higher revenue guidance, since its profit outlook stayed flat.
  • Qualys dropped 13.51% following a beat and raise, with investors fixated on a slowdown in fourth-quarter billings.
  • Sea Ltd gave up an early jump to finish down 1.49%, although revenue grew 43.4% and a fresh USD 1 billion buyback was announced.
  • On Holding slid 7.54% as direct-to-consumer and Asia-Pacific growth cooled, while D-Wave Quantum lost about 8% on a 19% drop in bookings.

1. Digital Turbine (NASDAQ:APPS)

Digital Turbine (NASDAQ:APPS) ended November 10 down 35.84%, among the steepest drops in the market that week, despite fiscal second-quarter revenue climbing 27% to USD 178.7 million, well above the roughly USD 166.75 million expected. Adjusted EBITDA grew 46% to USD 39.8 million and the company flipped to GAAP Net Income of USD 10.3 million. Fiscal 2027 revenue guidance moved up to USD 670 million to USD 690 million from USD 650 million to USD 670 million, yet adjusted EBITDA guidance held at USD 145 million to USD 155 million, which suggests the added sales bring in little or no profit. Mix explains it. Partners now take 49% of net revenue, up from 45%, and non-GAAP gross Margin slid to 43% from 47%. Management also restated the previous quarter to reflect USD 3.5 million of understated revenue share expense and disclosed a material weakness in internal controls. Thinner margins plus an accounting fix hurt trust in a stock that had run up ahead of the report. The App Growth Platform expanded 42%, and the steady EBITDA guide still points to healthy cash generation, but Leverage amplifies any margin swing. Investors need to see revenue and profit rising together.

2. Qualys (NASDAQ:QLYS)

A quarter that beat on every key measure still sent Qualys (NASDAQ:QLYS) down 13.51% on November 10. Revenue grew 10.7% to USD 188.0 million versus a USD 186.6 million forecast, adjusted Earnings of USD 2.12 per share topped a USD 1.96 consensus, adjusted EBITDA hit USD 89.9 million for a margin close to 48%, and the full-year outlook went up across the board. Billings increased roughly 15.5% to USD 211.9 million. The outlook was the sticking point. Billings, meaning invoices sent to customers, tend to foreshadow revenue by several quarters, and management warned of a significant slowdown in fourth-quarter billings, while the fourth-quarter revenue guide implies growth of about 9.5%. After hours the stock lost about 8% to 10% and kept sliding in a session when software and other long-duration growth names took a beating from the hot Inflation report. The company had been viewed as a defensive Cybersecurity pick thanks to rare profitability and buybacks, so any sign of cooling Demand questions that premium. Bigger security platforms are folding vulnerability management into wider suites, and corporate budgets are tilting toward AI projects. Fourth-quarter billings and renewal-rate commentary should reveal whether the slowdown is timing or softer demand.

3. Sea Ltd (NYSE:SE)

Sea Ltd (NYSE:SE) opened higher on November 10 but faded to a 1.49% loss, even as third-quarter revenue surged 43.4% to about USD 8.6 billion and net income climbed 34% to USD 502.5 million. Earnings Per Share of USD 0.78 fell short of forecasts. Every segment posted strong gains. Shopee handled 4.5 billion orders, up 25.5%, on gross merchandise value of USD 39.7 billion; Monee revenue grew 63.9% with its Loan book up 60% to USD 12.6 billion; and Garena revenue rose 28.6%. Group adjusted EBITDA grew 28.9% to USD 931.3 million. Costs were the sore spot. Sales and Marketing outlays leapt 64% to USD 1.89 billion as Shopee battled aggressive competitors, and Credit loss provisions jumped 82.3% to USD 681.5 million, with loans more than 90 days overdue edging up to 1.3% from 1.1%. Directors authorized another USD 1 billion buyback after the last programme retired 11.1 million shares for about USD 997.2 million, signalling comfort with cash generation. Because this was the mildest decline of the five, it appears the least oversold. The open question is whether management favours profit or keeps reinvesting to protect share, and this quarter leaned toward reinvestment.

4. On Holding (NYSE:ONON)

Third-quarter net sales of CHF 931.4 million topped forecasts on both revenue and profit, yet On Holding (NYSE:ONON) still sank 7.54% on November 10 because growth decelerated. Direct-to-consumer sales, which earn better margins than wholesale, and Asia-Pacific sales, a major engine in China and Japan, rose by less than investors wanted. Instead of raising its full-year sales outlook, management simply reaffirmed it, and said growth should pick up in the fourth quarter with help from holiday campaigns. In fast-growing stocks, a reaffirmation after a beat often disappoints, since it suggests the quarter did not improve the annual picture. The Brand ranks among sportswear's quickest risers and its valuation assumes growth far above the market, so every report faces a steep bar. Holders of premium growth names usually expect upside surprises, so mild deceleration can spark heavy selling. Consumer stocks also suffered that day after the hot inflation report. Risks include softer spending on premium goods, refreshed rival running lines, patchy Asian demand, tariffs on imported footwear and currency translation from Swiss francs. A fourth-quarter pickup, as promised, would calm nerves.

5. D-Wave Quantum (NYSE:QBTS)

Shares of D-Wave Quantum (NYSE:QBTS) lost about 8% to roughly USD 10.59 in morning trading on November 10, even though third-quarter revenue grew 21% to USD 4.51 million, beating a forecast near USD 4.33 million. Orders caused the concern. Bookings dropped 19% to USD 1.9 million, landing below the second quarter, and remaining performance obligations eased to USD 38.3 million from USD 40.7 million at the end of June. A heavier services mix pushed gross margin down to 52.9% from 71.4%, operating expenses jumped 84% and the adjusted EBITDA loss widened 83% to USD 37.7 million. Bookings over nine months total USD 37.4 million, including a USD 20 million system sale expected to be recognised mostly in the fourth quarter. The Balance Sheet gives room: USD 503.4 million of cash and securities, down from USD 546.2 million in June, plus an agreement for as much as USD 100 million in federal CHIPS Act funding. Management said its sales pipeline has grown more than 75% since June. Before the report the stock was already down about 56% year to date, a sign of how much enthusiasm has faded. Revenue gains are genuine but small, and losses stay large. Peer Quantum Computing Inc posted revenue of USD 9.5 million, yet a wider loss dragged its shares down too.

Where Things Stand

Digital Turbine looks the most oversold among the top 5 stocks that beat and still sold off. A 35.84% drop followed 27% revenue growth and a flat profit guide that still points to solid cash generation. Thinner margins, the accounting fix and the controls weakness justify some discount, though. Qualys has the steadier Business and Sea the mildest decline, while On Holding and D-Wave face questions on growth and orders. Canadian investors should watch fourth-quarter reports to learn whether each slowdown was timing or a lasting trend.