In after-hours trading, Reddit saw a significant increase in its stock price of nearly 18% after reporting better-than-expected quarterly earnings following its initial public offering in March. The company experienced faster advertising revenue growth compared to its competitors, with $243 million in revenue exceeding analysts’ forecasts of $212.8 million. Lyft also performed well, with a more than 3% increase in its stock price after beating analysts’ estimates for first-quarter sales and earnings. The ride-share company reported adjusted earnings of 15 cents per share on $1.28 billion in revenue, surpassing expectations.
Meanwhile, Rivian Automotive experienced a slight decline of over 3% in after-hours trading after revealing a loss of $38,784 per vehicle delivered in the first quarter. Despite this, the company remains optimistic about improving material and conversion costs, with expectations of achieving modest gross profit by the fourth quarter of the year. Wynn Resorts, on the other hand, saw a 2.3% increase in stock price following better-than-expected first-quarter earnings of $1.59 per share on $1.86 billion in revenue, outperforming analysts’ forecasts.
In contrast, Electronic Arts slid 4% after-hours as fourth-quarter revenue of $1.67 billion fell short of analysts’ expectations of $1.77 billion, according to LSEG. The video game company reported earnings per share of $1.52, which was not directly comparable to analysts’ estimates. Arista Networks saw a slight increase of approximately 1% after beating earnings expectations, reporting $1.99 per share on revenue of $1.57 billion for the first quarter. The company provided revenue guidance for the current quarter above analysts’ forecasts.
Sonos, an audio product maker, experienced a 9% decline in its stock price after reporting a wider loss than expected in the second fiscal quarter. Despite this, the company saw $253 million in revenue for the period, exceeding the consensus forecast. Toast, a cloud-based restaurant management software company, saw shares rise more than 2% after reporting first-quarter revenue of $1.08 billion, slightly above analyst estimates. Twilio, a software company, saw its shares drop over 5% after providing disappointing second-quarter revenue guidance, despite beating earnings and revenue estimates for the first quarter.
Cirrus Logic, a maker of analog, mixed-signal, and audio DSP integrated circuits, saw an 11% increase in its stock price postmarket after reporting better-than-expected earnings for the fiscal fourth quarter. Myriad Genetics, a molecular diagnostic test maker, also experienced a more than 6% jump in its stock price after reporting first-quarter revenue and EBITDA that surpassed analysts’ consensus estimates. The quarter showed early signs of market share gains in hereditary cancer and prenatal testing, according to management. Overall, a mix of positive and negative performance was seen among the companies making headlines in after-hours trading.
