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Airbnb Stocks Drop 8% Amid Bleak Outlook; Bumble Surges 14% on Global Download Rise, and More in Earnings

Fernanda T
Latest News
May 09 2024 7:56AM

Airbnb (NASDAQ:ABNB) – Airbnb’s shares fell 8.4% in pre-market trading despite surpassing first-quarter expectations with earnings per share of 41 cents, compared to the expected 24 cents, and a revenue of $2.14 billion, beating the forecast of $2.06 billion. However, the company provided a less optimistic outlook for the future. Airbnb projected second-quarter revenue to be between $2.68 billion and $2.74 billion, while analysts, according to LSEG, expected a figure at the higher end of this range, at $2.74 billion.

Bumble (NASDAQ:BMBL) – Bumble’s shares rose 14.1% in pre-market trading after beating Wall Street’s revenue expectations for the first quarter, driven by growth in paying users. Their marketing efforts attracted younger users and women, resulting in an 18% increase in global downloads. Quarterly revenue reached $267.8 million, 10.2% above estimates, while earnings per share were 19 cents, compared to the expected 7 cents. The company expects second-quarter revenue between $269 million and $275 million, maintaining the outlook for the year.

TripAdvisor (NASDAQ:TRIP) – In the first quarter, the company reported a net loss of $59 million or 43 cents per share. Adjusted earnings were 12 cents per share, beating FactSet’s forecast of 4 cents. Total revenue of $395 million grew 6% year-over-year and was nearly in line with the consensus of $395.1 million. Previously, there had been discussions about selling the company, but after a more detailed analysis, a special committee concluded that none of the proposals received were favorable to the company’s interests. CEO Matthew Goldberg explained that the committee will continue to evaluate alternatives.

AppLovin (NASDAQ:APP) – AppLovin saw a pre-market increase of 15.7% after reporting that first-quarter earnings reached 67 cents per share and revenue hit $1.06 billion. These results surpassed analysts’ expectations, who had forecast earnings of 57 cents per share and revenue of $974 million.

Duolingo (NASDAQ:DUOL) – Duolingo’s shares fell 12.9% in pre-market trading after the quarterly report showed a slower growth in daily active users since 2022. The 31.4 million DAUs, above the average projection of 31.1 million, disappointed investors despite first-quarter earnings of 57 cents per share, double the consensus estimate. The company raised its revenue outlook to up to $735.5 million, citing an expansion of its subscription levels.

The Trade Desk (NASDAQ:TTD) – The Trade Desk exceeded earnings expectations last quarter, driven by growth in connected TV ads. Net income rose to $32 million, or 6 cents per share, while revenue increased to $491 million. Analysts’ estimates were $480 million in revenue. The company expects strong continued performance, with projected revenues of at least $575 million for the next quarter. Shares rose 1.1% in pre-market trading.

Six Flags (NYSE:SIX) – Six Flags reported a larger loss in the first quarter and revenue below expectations. The net loss was $83 million, or 98 cents per share, with revenue of $133 million, below the $137 million estimate. Total spending per guest dropped to $74.35. The company noted an increase in 2024 season pass sales but still faces revenue challenges. Shares were stable in pre-market trading.

AMC Entertainment (NYSE:AMC) – AMC exceeded first-quarter revenue estimates but expects a weaker current quarter due to strikes delaying film releases. The company raised $124.1 million through stock sales, reducing debt. First-quarter revenue was $951.4 million, slightly below the previous year’s revenue. The net loss decreased to $163.5 million, compared with $235.5 million in the same period last year. Shares fell 3.5% in pre-market trading.

Fox Corporation (NASDAQ:FOX) – Fox exceeded profit expectations in the third quarter, driven by reduced operating expenses despite a more than 15% drop in advertising revenue. Reporting an adjusted profit of $1.09 per share, the company also posted a net profit of $666 million. Total revenue was $3.45 billion, in line with estimates. Shares rose 1% in pre-market trading.

New York Times (NYSE:NYT) – The New York Times exceeded revenue and profit estimates in the first quarter, driven by its bundled content offering. Revenue reached $594 million, with an adjusted profit of 31 cents per share. Although it added 210,000 digital subscribers, total advertising revenue fell 2.4%.

Arm Holdings (NASDAQ:ARM) – Arm’s shares fell 8.3% in pre-market trading, even after the company reported a year-over-year revenue increase of 21%, reaching $928 million. Non-GAAP earnings were 36 cents per share, exceeding the company’s own estimates of 28 to 32 cents. The chip manufacturer also released its full-year revenue expectations, projecting between $3.8 billion and $4.1 billion, while Wall Street forecasts, according to LSEG, were around $3.99 billion.

Equinix (NASDAQ:EQIX) – Equinix announced revenues of $2.13 billion and quarterly funds from operations (FFO) of $8.86 per share in the first quarter. The company also reported an EBITDA of $992 million, surpassing analysts’ expectations from FactSet, who anticipated $981.3 million.

SolarEdge (NASDAQ:SEDG) – Shares of solar energy company SolarEdge plummeted 9.3% in pre-market trading after reporting a first-quarter loss greater than expected, at $1.90 per share, exceeding projections of a $1.57 per share loss. Revenue of $204.4 million surpassed consensus estimates of $194.18 million. However, the revenue forecast for the second quarter was discouraging, ranging between $250 million and $280 million, below analysts’ expectations of $306 million.

Robinhood Markets (NASDAQ:HOOD) – Robinhood’s shares rose about 5.3% in pre-market trading after reporting a profit of 18 cents per share and revenue of $618 million in the first quarter, surpassing analysts’ predictions from LSEG, who expected a profit of 6 cents per share and revenue of $549 million. Revenue from cryptocurrency transactions contributed $126 million for the quarter. Robinhood also reported an increase of 810,000 in its number of funded accounts, totaling 23.9 million. Additionally, assets under custody grew 65% year over year, reaching $129.6 billion.

Klaviyo (NYSE:KVYO) – Klaviyo announced optimistic projections for the second quarter, forecasting revenue between $211 million and $213 million, surpassing analysts’ expectations from LSEG, who projected $210 million. For the full year, Klaviyo revised its operating profit forecast upwards for 2024, now estimating between $97 million and $105 million. In the first quarter, the company reported revenue of $210 million, marking a 35% growth from the previous year.

Beyond Meat (NASDAQ:BYND) – Beyond Meat’s shares fell 13.5% in pre-market trading after reporting a larger-than-expected quarterly loss in the first quarter, with an 18% decline in revenue. The downturn is attributed to higher-priced plant-based meat products, which impacted sales volumes. Revenue was $75.6 million, slightly above the average analyst estimate of $75.2 million. The company reported an adjusted loss per share of 72 cents, compared to estimates of a 67 cent per share loss. Annual revenue and gross margin forecasts were maintained.

BRF SA (NYSE:BRFS) – BRF SA, one of the world’s leading chicken suppliers, recorded its highest profit since 2022, driven by lower costs and higher prices, surpassing analysts’ estimates. Earnings before interest and taxes more than tripled compared to the previous year, reaching $414 million, exceeding market expectations. BRF also reduced its net debt to the lowest level in eight years.