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Reddit Rises 15% After First Quarterly Report, Upstart and Twilio Plunge Due to Weak Q2 Forecast, and More in Earnings

Fernanda T
Latest News
May 08 2024 8:23AM

Reddit (NYSE:RDDT) – Shares of the social media company rose 15% in pre-market trading due to better-than-expected quarterly earnings in its first report since the company went public in March. Reddit generated revenue of $243 million, surpassing the $212.8 million expected by FactSet analysts. The loss per share was $8.19, which may not be directly comparable to the loss of $8.71 expected by analysts surveyed by LSEG.

Upstart Holdings (NASDAQ:UPST) – Upstart shares fell -12.1% in pre-market even after exceeding expectations with its recent earnings, recording a net loss of $64.6 million in the first quarter, or 74 cents per share, better than the $129.3 million, or $1.58 per share, in the same period last year. Revenue rose to $128 million. However, the forecast for the second quarter was below expectations.

Twilio (NYSE:TWLO) – Twilio shares fell 7.5% in pre-market although the software company exceeded first-quarter earnings expectations by 20 cents per share and also exceeded revenue estimates. The second-quarter revenue projection disappointed, with Twilio predicting a revenue range between $1.05 billion and $1.06 billion, below the LSEG average estimate of $1.08 billion.

Lyft (NASDAQ:LYFT) – Lyft shares rose 6% in pre-market after recording an adjusted profit of 15 cents per share, with revenue of $1.28 billion in the first quarter. Analysts surveyed by LSEG expected a profit of 3 cents per share, with revenue of $1.16 billion.

Nikola (NASDAQ:NKLA) – Nikola fell below first-quarter revenue expectations, recording $7.5 million compared to estimates of $15.8 million. The company delivered 75 hydrogen fuel cell trucks and delayed the delivery of its reworked battery trucks to the end of 2024. Truck revenue fell 26%, to $7.4 million. The net loss was $147.7 million, and cash at the end of the quarter was $345.6 million.

Rivian Automotive (NASDAQ:RIVN) – Rivian shares plummeted 4.4% in pre-market after reporting a loss per share of $1.48 and revenue of $1.2 billion in the first quarter. Analysts surveyed by FactSet expected a loss per share of $1.15 with sales slightly below $1.2 billion. During the quarter, Rivian manufactured 13,980 units. Its EBITDA was minus $798 million, falling short of Wall Street’s expectation of minus $843 million. Despite this, with an update in its manufacturing processes, the company projects a significant reduction in material and vehicle production costs, maintaining confidence in its route to achieve a modest gross profit in the last quarter of this year.

Ferrari (NYSE:RACE) – Ferrari’s core profits increased 13% in the first quarter, driven by sales of luxury and custom models. Ferrari’s EBITDA reached €605 million, in line with analysts’ expectations. The forecast for adjusted EBITDA for the full year was reaffirmed at at least €2.45 billion in 2024. CEO Benedetto Vigna emphasized a strategy of value over volume and future investments.

Toyota Motor (NYSE:TM) – Toyota Motor forecast a 20% drop in profits for the current fiscal year. Despite this, it recorded a 78% increase in operating profit in the last quarter, totaling about $34.5 billion for the year, a record for Japanese companies. It projected an operating profit of $27.7 billion by March 2025. In addition, Toyota said it plans to invest approximately $10.95 billion this year in areas such as artificial intelligence and software.

Wynn Resorts (NASDAQ:WYNN) – Wynn Resorts shares increased 3.1% after the hotel and casino operator reported a profit per share of $1.59, excluding one-time items, with revenue of $1.86 billion. This exceeded the expectations of analysts surveyed by LSEG, who projected a profit per share of $1.27 and revenue of $1.79 billion.

Electronic Arts (NASDAQ:EA) – Electronic Arts shares fell 4% in pre-market, due to fourth-quarter revenue of $1.67 billion, based on bookings, below the consensus estimate of analysts surveyed by LSEG of $1.77 billion. The earnings per share were $1.52, not comparable to the estimate provided by analysts.

Sempra Energy (NYSE:SRE) – In the first quarter, Sempra Energy’s total revenue was $3.64 billion, compared to $6.56 billion the previous year. Net profit fell to $801 million, or $1.26 per share, in the quarter ended March 31, compared to $969 million, or $1.53 per share, a year earlier. The company expects earnings per share between $4.52 and $4.82 for 2024, compared to $4.79 per share in 2023.

Duke Energy (NYSE:DUK) – Duke Energy exceeded first-quarter earnings estimates with higher electricity rates. Earnings per share were $1.44, an increase of $0.24 from the previous year. The revenue from the electric utilities segment jumped 29%, to $1.02 billion. Its customer base grew 2.4% in the Carolinas and Florida. Additionally, the company reaffirmed its full-year adjusted earnings forecast of $5.85 to $6.10 per share.

Match Group (NASDAQ:MTCH) – In the first quarter, Match Group’s revenue grew 9%, to $859.6 million, surpassing the estimates of $855.5 million. Earnings per share in the first quarter were 44 cents, compared to the estimate of 40 cents per share. However, the parent company of Tinder forecasted second-quarter revenue between $850 million and $860 million, below the average analyst estimate of $882 million. The company expects annual revenue growth near the lower end of the previous range of 6% to 9%.

Arista Networks (NYSE:ANET) – Arista Networks shares rose 7% in pre-market after announcing earnings of $1.99 per share and revenue of $1.57 billion in the first quarter, surpassing the forecasts of analysts surveyed by LSEG, who estimated earnings of $1.74 per share and revenue of $1.55 billion. For the current quarter, the company projected revenue ranging between $1.62 billion and $1.65 billion, while analysts expected $1.62 billion.

Cirrus Logic (NASDAQ:CRUS) – Cirrus Logic shares rose 11.9% in pre-market after fourth fiscal quarter earnings, excluding items, reached $1.24, exceeding the estimate of $0.67 per share. Cirrus recorded revenue of $371.83 million. The revenue projection for the first quarter, ranging from $290 million to $350 million, also exceeded analysts’ expectations.

Kyndryl Holdings (NYSE:KD) – Kyndryl shares rose 13.1% in pre-market after fourth fiscal quarter revenue was $3.85 billion, surpassing expectations of $3.76 billion. Adjusted EBITDA was $566 million, above the estimates of $541 million, and the company expects to return to positive revenue growth in the first quarter of 2025, surpassing Wall Street projections.

GlobalFoundries (NASDAQ:GFS) – In the first quarter, GlobalFoundries’ revenue was $1.55 billion, surpassing expectations, with an adjusted earnings per share of 31 cents. The company projected second-quarter revenue above estimates, reflecting the recovery in semiconductor demand. Revenue is expected to be between $1.59 billion and $1.64 billion, and adjusted earnings per share between 24 and 34 cents, both surpassing LSEG estimates.

Astera Labs (NASDAQ:ALAB) – Shares of the newly opened semiconductor company Astera Labs fell 6.8% in pre-market, after reporting a net loss in the first quarter of $93 million, or $1.77 per share, with revenue of $65.3 million, surpassing expectations. The company forecasts 10% to 12% revenue growth for the second quarter.

Coupang (NYSE:CPNG) – Coupang shares fell 8.2% in pre-market in response to first-quarter results, with adjusted EBITDA slightly below estimates, at $281 million, while net profit fell 95%. Revenue of $7.1 billion exceeded expectations. The company, seeking growth in new markets, continues to invest billions of dollars to expand fast and free delivery across Korea, including in remote regions.

IAC Inc (NASDAQ:IAC) – IAC presented mixed financial results for the March quarter, highlighted by the first quarterly revenue growth at the Dotdash Meredith editorial unit since the acquisition in 2021. Net profit was $45 million, or $0.51 per share, beating the forecast of a $1.32 per share loss. Revenue totaled $929.7 million, slightly below estimates. Revenue from Dotdash Meredith rose to $390.5 million, while revenue from Angi was $305.4 million. Search revenue was a weak point, and the company reiterated its guidance for the full year, forecasting adjusted EBITDA between $320 million and $400 million.

Sonos (NASDAQ:SONO) – Sonos shares fell 7.2% in pre-market after reporting a second fiscal quarter loss of 56 cents per share, exceeding the 10-cent loss forecast by analysts surveyed by LSEG. However, the company generated revenue of $253 million, surpassing the consensus forecast of $247 million.

DoubleVerify (NYSE:DV) – DoubleVerify shares fell 39.9% in pre-market after the company revised its annual projections downward. It now expects revenue between $663 million and $675 million, and adjusted EBITDA between $199 million and $211 million for 2024, citing irregular spending patterns by large advertisers.

ZoomInfo Technologies (NASDAQ:ZI) – ZoomInfo Technologies shares plummeted 24.2% in pre-market after the company projected second-quarter revenue between $306 million and $309 million, below analysts’ estimates of $313.2 million.

Toast (NYSE:TOST) – Toast shares rose 5.4% in pre-market after reporting revenue of $1.08 billion in the first quarter, surpassing the LSEG consensus estimate of $1.04 billion. However, the loss of 15 cents per share was 1 cent worse than expected, which was 14 cents.

Dutch Bros (NYSE:BROS) – Dutch Bros shares rose 9.6% in pre-market, boosted by the optimistic revenue outlook for the year, reaching up to 8%. The company expects revenue between $1.2 billion and $1.215 billion, surpassing previous estimates. In the first quarter, net profit was $16.2 million, or 9 cents per share, with revenue of $275.1 million, a 39.5% increase from the previous year. Same-store sales grew 10%.

Anheuser-Busch InBev (NYSE:BUD) – Anheuser-Busch InBev shares rose 4.5% in pre-market after recording solid profits, with a profit of $1.09 billion and revenue of $14.55 billion, exceeding first-quarter expectations. The underlying earnings per share rose to 75 cents, above the previous 65 cents.

WK Kellogg Co (NYSE:KLG) – WK Kellogg Co exceeded Wall Street’s quarterly sales estimates due to higher prices, offsetting a slowdown in demand. The company reported sales of $707 million, above the expectation of $697.8 million. Net profit was $33 million, compared to $24 million the previous year, resulting in earnings per share of 37 cents.

Kenvue (NYSE:KVUE) – Kenvue recorded first-quarter revenue of $3.89 billion, exceeding estimates of $3.79 billion. Its adjusted earnings per share were 28 cents, surpassing analysts’ estimates of 26 cents. Kenvue will cut 4% of its global workforce to expand its core brands. Kenvue targets gross savings of about $350 million annually by 2026.

Myriad Genetics (NASDAQ:MYGN) – Myriad Genetics shares increased 8.6% in pre-market after reporting a first-quarter loss per share of 1 cent, surpassing analysts’ expectations of a 10-cent loss. The company reported revenue of $202.20 million, surpassing analysts’ estimates by 4.63%, which was $193.26 million.

Celsius Holdings (NASDAQ:CELH) – Celsius Holdings recorded a 37% jump in revenue to $355.7 million in the first quarter of 2024. The company contributed 47% to the growth of the energy drink market. Gross profit increased by 60%, with margins of 51.2%, and non-GAAP adjusted EBITDA grew by 81%, totaling $879.5 million in cash on hand.