Key takeaways:

• Earnings were the catalyst for a number of winners and losers this week across the tech and agriculture industries

Early-week concerns about a potential RBA rate hike in June quickly faded as soft jobs data and optimism regarding US debt ceiling negotiations took hold.

Which shares excelled?

Family safety and location-sharing software firm Life360 (ASX: 360) is one of the headline winners following its quarterly report. The tech business unveiled 34% revenue growth to $68.1 million, with around two-thirds of that derived from subscription revenue. Annualised monthly revenue surged 44% to $239.5 million. 

Although still in the red to the tune of $14.1 million, Life360 achieved EBITDA profitability ahead of expectations, which ultimately sparked a frenzy of buying interest. Meanwhile, monthly active user numbers rose 33% to more than 50 million, with revenue engagement increasing across this member base. Looking ahead, management expects total revenue for the full year to grow over 50% to between $300 million and $310 million, with adjusted EBITDA of between $5 million to $10 million.

Shares in luxury fashion retailer Cettire (ASX: CTT) surged higher this week in the wake of its own market update. Sales revenue leapt 108% for the year to $101.5 million, with average order values up 8%, and repeat customer revenue climbing 59%. 

The company also saw a 42% improvement in active customer numbers. During the first four months of the calendar year, Cettire recorded adjusted EBITDA of at least $7 million, while sales grew at an even faster pace of 122%. This hit a rate of 160% in April, which management anticipates will persist for the rest of FY23.

Agriculture chemicals company Nufarm (ASX: NUF) handed down its half-year results earlier this week, and the figures left a good impression upon shareholders. Despite revenue decreasing 1% versus the prior corresponding period, underlying net profit after tax increased by 7% to $142 million. That result encouraged the business to lift its interim dividend by 25%, which means investors will receive an unfranked dividend of 5 cents per share. Just a few weeks after receiving an unsolicited takeover approach, InvoCare (ASX: IVC) was back in the news again as its suitor returned to the table with an improved offer. Private equity group TPG has offered IVC shareholders $13 per share, with the bid encouraging InvoCare Board to let TPG conduct due diligence on an exclusive basis. It should be noted that the bid is non-binding and subject to a number of conditions.James Hardie (ASX: JHX) announced record net sales of US$3.78 billion over the 12 months ending 31 March, 2023. The catalyst for this result was growth in the company fibre cement segment in North America. More broadly, each of the company geographic markets delivered EBIT margin improvement during the fourth quarter of the year. While the building materials supplier sees tough times ahead for global housing markets, it will focus on boosting margins and growing market share.Another name benefitting from its reporting day was cloud-based accounting software firm Xero (ASX: XRO). For the 12 months ending 31 March, Xero saw operating revenue jump 28% to NZ$1.4 billion. At the same time, annualised monthly recurring revenue surged 26% to NZ$1.55 billion, while adjusted EBITDA rocketed 45% higher to NZ$301.7 million. 

Xero saw user growth deliver higher revenue per subscriber on a global scale, while cost guidance also painted a positive story. The company operating expense to operating revenue is forecast to decrease from 80.7% in FY23 to 75% in FY24.

Which shares dragged on the market?

Volatile trading seems to be the continuing theme for Weebit Nano (ASX: WBT), with the semiconductor IP company this week among the market biggest laggards. Short interest in WBT has increased over the last few months, only easing in light of the issuance of new shares as part of a capital raise back in March.

In the absence of any specific news catalyst behind its 18% drop on Tuesday - the company couldn't cite a reason to the ASX as part of a price query - it is possible that short sellers have latched onto the company amid its billion dollar valuation.

In contrast with its agribusiness peer Nufarm, Elders (ASX: ELD) shareholders will be nursing a hangover. The company first-half earnings underwhelmed the market, despite revenue increasing 9% year-over-year to $1.66 billion.

However, it was the bottom line that likely disappointed, with net profit down 47% to $48.8 million, underlying EBIT sinking 38% to $82.8 million, and the partly-franked interim dividend slashed 18% to 23 cents per share. Elders faced a number of headwinds during the half, including inclement weather, weaker crop input pricing, and subdued livestock trading. 

Observers might be looking at the large drop in the share price of WAM Capital (ASX: WAM) and wonder what happened this week. However, the explanation is fairly simple in this case, with the investment firm trading ex-dividend on Monday. Shareholders that were on the register on the record date will be entitled to a fully-franked dividend of 7.75 cents per share.A disappointing half-year update from Incitec Pivot (ASX: IPL) weighed on its shares on Wednesday. With statutory net profit down 8% to $354 million, the business opted to maintain its interim dividend at 10 cents per share. Lower commodity prices weighed on the company fertiliser division, where EBIT crashed nearly 60%. Wet weather also took a toll across its explosives operations in Asia.Finally, there were share price declines for Calix (ASX: CXL), Clinuvel Pharmaceuticals (ASX: CUV), Nanosonics (ASX: NAN), Hub24 (ASX: HUB), and Eagers Automotive (ASX: APE).

We'll be back next week with another Weekly ASX Trading Wrap Up - until then, have a great week!