Check out the companies making headlines in midday trading.
Roblox — Shares tanked 22% after the online gaming platform fell short of second-quarter estimates. Roblox reported a loss of 46 cents per share, versus the 45 cent loss expected by analysts polled by Refinitiv. Revenue came in at $781 million, shy of the $785 million anticipated. The revenue figure is referred to as bookings by Roblox.
Penn Entertainment, DraftKings — Shares of sports betting company Penn Entertainment surged 9.1% a day after the firm said it is partnering with Disney-owned ESPN to rebrand and relaunch its sportsbook as ESPN Bet in a 10-year deal. It’s the first time ESPN’s brand will be on a sports betting platform. Penn rival DraftKings saw shares dropping 10.9% following the news.
Upstart — Shares plunged more than 34% on disappointing guidance. Upstart, a consumer lending platform, said it expects third-quarter adjusted EBITDA and revenue to come in around $5 million and $140 million, respectively. Analysts estimated $155 million in revenue and $9.6 million in adjusted EBITDA, per StreetAccount. Despite the stock move, the company reported second-quarter results that topped estimates, including a surprise adjusted profit of 6 cents a share.
Lyft — The ride-sharing company’s shares tumbled 10% following its second-quarter earnings announcement after the bell Tuesday. Lyft posted revenue of $1.02 billion, which came in line with analysts’ estimates, according to Refinitiv. The company’s adjusted earnings came in at 16 cents per share, beating estimates of a loss of 1 cent per share. However, the company’s revenue per active user declined following the company’s efforts to reduce ride fares to compete with Uber.
Rivian — Shares of the electric vehicle maker slipped 9.9% a day after it reported a smaller-than-expected loss. Rivian posted an adjusted loss per share of $1.08 in the second quarter, while the Street anticipated a loss of $1.41 per share, per Refinitiv. Analysts, however, noted that headwinds remain for the company, which could indicate a “long path to profitability,” including steeper competition and a depletion of free cash flow.
Carvana — The online car retailer’s stock slipped nearly 6%. Carvana shared better-than-expected guidance for the third quarter, saying it expects EBITDA above $75 million. Analysts polled by FactSet called for EBITDA to come in a little over $46 million.
Twilio — Twilio added 2.2% a day after topping second-quarter earnings expectations. The company reported earnings, excluding items, of 54 cents a share on $1.04 billion in revenue. That came in ahead of the EPS of 30 cents and revenue of $986 million expected by analysts, according to Refinitiv.
Celsius Holdings — Celsius Holdings soared 20.5% after the beverage company known for its line of energy drinks beat analysts’ expectations in its second quarter. Late Tuesday, the company posted earnings of 52 cents per share, exceeding the 28 cents per share estimate from analysts polled by Refinitiv. Revenue came in at $326 million, far better than the anticipated $276 million.
Toast — The restaurant management software stock gained 14.6%. On Tuesday, Toast reported $978 million in revenue for the second quarter, beating analysts’ estimates of $942 million, per Refinitiv. The company also issued rosy guidance for third quarter and full year.
Super Micro Computer — The information technology company and beneficiary of the latest artificial intelligence craze cratered more than 23%. On Tuesday, Super Micro Computer reported adjusted earnings of $3.51 per share on revenue of $2.18 billion. Analysts surveyed by Refinitiv anticipated earnings of $2.96 per share on revenue of $2.08 billion. The company also offered guidance with a midpoint slightly above expectations.
Bumble — Dating platform Bumble slid more than 7%. On Tuesday, the company offered weak expectations for adjusted EBITDA in the current quarter when compared with a consensus estimate compiled by FactSet. The company anticipates adjusted EBITDA of $71 million to $73 million, compared with estimates of $74.8 million.
Akamai Technologies — Shares of Akamai Technologies jumped 8.5%. The software provider posted stronger-than-expected quarterly results Tuesday. The company reported earnings of $1.49 per share, excluding items, on revenue of $935.7 million, ahead of the $1.41 per share and $930.4 million anticipated by analysts, per FactSet.
Axon Enterprise — Shares of the taser maker popped 14% on strong quarterly results that topped Wall Street’s expectations. On Tuesday, Axon Enterprise posted adjusted earnings of $1.11 per share on revenue totaling $374.6 million. Analysts anticipated 62 cents in earnings per share and revenue of $350.5 million, per FactSet. The company also boosted its full-year guidance.
IAC — Shares of the media and internet company sank more than 16% on disappointing quarterly results. On Tuesday, IAC posted a larger-than-expected loss of $1.07 per share, ahead of an 82 cent loss expected by analysts, according to Refinitiv. Revenue came in at $1.11 billion, slightly behind the $1.12 billion expected.
Marqeta — Shares of the payments platform company surged about 12% a day after Marqeta announced it had struck a deal to continue servicing Block’s CashApp through June 2027. The company also reported a mixed second quarter. Marqeta lost 11 cents per share on $231 million of revenue. Analysts surveyed by Refinitiv were expecting a loss of 9 cents per share on $219 million of revenue.
— CNBC’s Hakyung Kim, Pia Singh, Brian Evans, Jesse Pound, Alex Harring, Yun Li and Sarah Min contributed reporting.
