Several companies made headlines in midday trading, with some experiencing significant movements in their stock prices. Uber Technologies saw its shares fall over 8% after reporting mixed first-quarter results. While the company’s revenue exceeded expectations at $10.13 billion, it posted a loss of 32 cents per share, missing analysts’ forecasts. Reddit, on the other hand, saw its shares rise about 3% after reporting stronger-than-expected revenue and robust daily active user growth. Intel also saw a decline of 2.8% after revising its second-quarter guidance due to export license revocation for China-based Huawei by the Department of Commerce.
Lyft experienced a surge of 5% in its stock price after reporting faster-than-expected growth in the first quarter. The company reported $1.28 billion in revenue, surpassing the FactSet consensus of $1.16 billion. Total bookings also exceeded estimates. Shopify, however, saw its shares plummet by 19% as disappointing revenue and profit guidance for the current quarter overshadowed better-than-expected results for the previous reporting period. Electronic Arts also faced a decline of more than 2% after reporting weak results for the fiscal fourth quarter, with earnings and net bookings falling below analysts’ expectations.
Rivian Automotive, an electric vehicle manufacturer, saw its shares fall approximately 2% following its quarterly earnings announcement, revealing a loss of nearly $39,000 per vehicle delivered in the first quarter. South Korea-based e-commerce company Coupang shed 8% after its first-quarter adjusted earnings came in line with estimates, while revenue slightly exceeded analyst estimates. Toast, a cloud-based restaurant management software company, rallied 12% after reporting first-quarter revenue higher than analysts’ estimates. Arista Networks, on the other hand, saw its shares jump 7% following better-than-expected first-quarter results.
Tripadvisor’s shares plunged 29% after announcing that its special committee had not found any potential deals with third parties that would be in the best interest of shareholders. Dutch Bros, a coffee chain, experienced an 11% jump in its stock price after reporting first-quarter results above expectations. Twilio saw its shares drop 6% after giving disappointing guidance for the second quarter. Affirm, a “buy now, pay later” company, faced an 8% decline in its stock price despite reporting fiscal third-quarter results that topped Wall Street estimates. Match Group, a dating app company, fell around 5% after issuing second-quarter guidance below expectations.
Teva Pharmaceuticals, on the other hand, saw a nearly 14% increase in its shares after reporting better-than-expected revenue in the first quarter. The company highlighted “robust growth” in its generics business, as well as success with migraine medication Ajovy and Huntington’s disease treatment Austedo. Overall, the stock market saw a mix of ups and downs among various companies, reflecting the diverse nature of the market and the impact of various economic and industry-specific factors on individual stocks.
