06:39 AM EST, 03/08/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Costco Wholesale ( COST ) shares dropped 4.6% in premarket activity Friday after the company's fiscal Q2 results showed the increase in net sales lagged market expectations.

The company reported fiscal Q2 earnings late Thursday of $3.92 per diluted share, up from $3.30 a year earlier.

Analysts polled by Capital IQ expected $3.61.

Net sales for the quarter were $58.44 billion, up from $55.27 billion a year earlier.

Analysts surveyed by Capital IQ expected $59.13 billion.

Price: 749.64, Change: -35.95, Percent Change: -4.58