Companies Making Headlines in Midday Trading
Roblox
Shares of Roblox plummeted 20% as the online gaming platform fell short of second-quarter estimates. Analysts expected a loss of 45 cents per share, but Roblox reported a loss of 46 cents per share. Additionally, revenue came in at $781 million, missing the anticipated $785 million.
Penn Entertainment and DraftKings
Penn Entertainment, a sports betting company, saw its shares surge 7% after partnering with Disney-owned ESPN to rebrand and relaunch its sportsbook as ESPN Bet in a 10-year deal. This marks the first time ESPN’s brand will be on a sports-betting platform. Meanwhile, Penn rival DraftKings experienced a 9% drop in shares following the news.
Upstart
Shares of Upstart, a consumer lending platform, plunged over 32% due to disappointing guidance. The company expects third-quarter adjusted EBITDA and revenues to reach approximately $5 million and $140 million, respectively. Analysts, on the other hand, estimated $155 million in revenue and $9.6 million in adjusted EBITDA. However, Upstart reported second-quarter results that surpassed estimates, including a surprising adjusted profit of 6 cents per share.
Lyft
Ride-sharing company Lyft’s shares tumbled about 8% after its second-quarter earnings announcement. While Lyft’s revenue of $1.02 billion aligned with analyst estimates, the company’s adjusted earnings came in at 16 cents per share, surpassing estimates of a loss of 1 cent per share. However, Lyft’s revenue per active user declined due to the company’s efforts to lower ride fares and compete with Uber.
Rivian
Shares of electric vehicle maker Rivian slipped over 8% despite reporting a smaller-than-expected loss. In the second quarter, Rivian posted an adjusted loss per share of $1.08, whereas analysts predicted a loss of $1.41 per share. However, analysts cautioned that headwinds such as increased competition and a depletion of free cash flow may indicate a “long path to profitability” for the company.
Carvana
Online car retailer Carvana’s stock dropped over 3%, although the company provided better-than-expected guidance for the third quarter. Carvana expects EBITDA to exceed $75 million, while analysts projected a little over $46 million.
Twilio
Twilio’s stock rose 2.5% after surpassing second-quarter earnings expectations. The company reported earnings of 54 cents per share on $1.04 billion in revenue, exceeding the anticipated EPS of 30 cents and revenues of $986 million.
Celsius Holdings
Celsius Holdings, the beverage company famous for its energy drinks, soared 21% after beating analysts’ expectations in the second quarter. The company reported earnings of 52 cents per share, surpassing the estimated 28 cents per share. Additionally, revenue came in at $326 million, far exceeding the anticipated $276 million.
Toast
Retail management software stock Toast gained 15% as it reported $978 million in revenue for the second quarter, surpassing analyst estimates of $942 million. The company also provided optimistic guidance for the third quarter and full year.
Super Micro Computer
Information technology company Super Micro Computer experienced a 23% decline in shares despite reporting adjusted earnings of $3.51 per share on revenues of $2.18 billion. Analysts expected earnings of $2.96 per share on revenue of $2.08 billion. However, the company’s guidance exceeded expectations.
Bumble
Dating platform Bumble saw a 7% slide in shares after providing weaker-than-expected adjusted EBITDA expectations for the current quarter. Bumble anticipates adjusted EBITDA of $71 million to $73 million, falling slightly below estimates of $74.8 million.
Akamai Technologies
Shares of software provider Akamai Technologies surged 9% as the company reported stronger-than-expected quarterly results. Akamai Technologies posted earnings of $1.49 per share, excluding items, on revenues of $935.7 million, surpassing the anticipated $1.41 per share and $930.4 million.
Axon Enterprise
Taser-maker Axon Enterprise experienced a 14% increase in shares after reporting strong quarterly results that exceeded Wall Street’s expectations. The company posted adjusted earnings of $1.11 per share on revenues amounting to $374.6