Several stocks made headlines on Wednesday, May 8, with notable movements in pre-market trading. Uber Technologies saw a 7% decline after reporting mixed first-quarter results. While overall revenue exceeded expectations at $10.13 billion, booking revenue fell below estimates at $37.65 billion. On the other hand, Reddit rose 11% as its first quarterly report beat expectations, with a loss of $8.19 per share on $243 million of revenue, surpassing analyst predictions. Lyft also experienced a positive 5% increase in its shares after reporting faster-than-expected growth in the first quarter, with $1.28 billion in revenue which exceeded consensus expectations.
Electronic Arts saw a decline of more than 3% after disappointing results for the fiscal fourth quarter, with adjusted earnings per share and net bookings falling short of analyst estimates. Intel’s shares fell over 2% following revised second-quarter guidance due to the revocation of export licenses for a Chinese customer, causing revenue expectations to be below $13 billion. Twilio also faced a 7% decrease in its shares after issuing disappointing guidance for the second quarter, despite beating expectations for the first quarter on both the top and bottom line. Rivian, a struggling automaker, reported a loss of $527 million for the first quarter, causing shares to drop 7%.
Toast, a cloud-based restaurant management software company, witnessed a positive movement with its shares climbing more than 5% after posting revenue of $1.08 billion, higher than estimates, although the loss was slightly above expectations. Dutch Bros, a coffee chain, rose over 8% following a better-than-expected first quarter, reporting adjusted earnings per share and revenue that surpassed analyst forecasts. Affirm, a fintech stock, saw a 2.7% increase after its fiscal third quarter topped Wall Street estimates with a loss of 43 cents per share on $576 million of revenue. On the other hand, Tripadvisor experienced a notable 17% decline after the company announced that its special committee had not found potential deals with third parties in the best interest of shareholders.
Cirrus Logic, a semiconductor stock, jumped more than 12% after surpassing expectations in its latest quarter with adjusted earnings of $1.24 per share and revenue of $371.8 million. Shopify, an e-commerce stock, fell 18% as second-quarter guidance called for a shrink in gross margin year-over-year. Arista Networks, a computer networking company, surged 6% after reporting better-than-expected results in the first quarter, with earnings per share and revenue exceeding analyst estimates. Match Group, a dating app stock, saw a decrease of more than 5% after delivering second-quarter guidance below expectations, with projected revenue falling short of analyst forecasts. Overall, market movements in pre-market trading reflected a mix of positive and negative outcomes for a variety of companies across different sectors.
