May 23, 2024

Westside People

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Shopify, Uber, Lyft, Intel, Tesla, Tripadvisor, DoubleVerify, ZoomInfo, Affirm, and more transportation companies

Shopify, Uber, Lyft, Intel, Tesla, Tripadvisor, DoubleVerify, ZoomInfo, Affirm, and more transportation companies

Shopify stock fell 20% after the e-commerce company swung to a surprise loss in its fiscal first quarter and warned that the sale of its logistics business would impact second-quarter revenue growth.

Uber Technologies stock fell 8.7% after the ride-hailing giant swung to a loss of $654 million in the first quarter. The period included a $721 million charge related to Uber’s revaluation
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The company said they are equity investments. Total bookings rose 20% from a year earlier to $37.7 billion, below expectations of $37.93 billion.

Lyft
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Adjusted first-quarter earnings beat expectations, revenue jumped 28% to $1.3 billion, and the ride-hailing company recorded 188 million trips during the quarter, an increase of 23% from a year earlier. Total bookings in the quarter increased by 21%. The stock rose by 5.5%.

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Intel shares fell 2.7% as the chipmaker issued new revenue guidance after the United States revoked export licenses to China. Intel said it expects revenue for the second quarter of 2024 to remain in the original range of $12.5 billion to $13.5 billion, but below the midpoint.

Reddit Shares rose 4% after the social media platform reported a smaller-than-expected loss in the first quarter and revenue in the period jumped to $243 million from $163.7 million a year earlier, beating analysts’ estimates of $214 million. This was Reddit’s first report as a public company. Reddit said the number of daily active users increased 37% to 82.7 million. For the second quarter, Reddit said it expects revenue between $240 million and $255 million, which beats the analyst consensus of $227.5 million.

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Tesla shares fell 1.9% after a report from Reuters said that US prosecutors were investigating the electric car maker to see if statements made by the company and CEO Elon Musk about the company’s driver-assistance technology were considered fraud.

Arista Networks

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It announced first-quarter revenue that rose more than expected and the cloud networking company said its board of directors authorized additional stock buybacks of up to $1.2 billion. Arista reported adjusted earnings for the quarter of $1.99 per share, beating analysts’ estimates of $1.74. Revenue rose 16% from the previous year to $1.57 billion. Shares jumped 6.2%.

Match Group shares fell by 4.7%. First-quarter earnings beat analysts’ expectations, but customers paying for the dating app Tinder fell and Match issued second-quarter guidance that fell short of expectations.

Tripadvisor stock fell 29% after a special committee of its board of directors decided that a potential sale of the online travel booking company was not “in the best interests of the company and its shareholders.” In February, Tripadvisor said it would form a special committee to evaluate potential deals.

DoubleVerify stock fell 40% after the ad data software company cut its full-year forecast, saying it expects revenue between $663 million and $675 million, down from previous guidance of $688 million to $704 million. The company also said it expects adjusted EBITDA in 2024 to be between $199 million and $211 million, compared to a previous range of $205 million to $221 million. The company said it lowered guidance “due to uneven spending patterns among select major advertisers.”

Dutch Bros stock rose 11% after the coffee chain Raise revenue forecasts For the year. The company said same-store sales in the first quarter rose 10% and revenue jumped 39.5% year over year to $275.1 million.

Upstart Holdings stock fell 7.6% after the AI ‚Äč‚Äčlending company Second quarter forecasts Analysts’ expectations were disappointed. Upstart said it expects revenue of $125 million in the period and an adjusted EBITDA loss of $25 million. Analysts had expected revenue of $145 million and an EBITDA loss of $5.9 million.

Shares of ZoomInfo Technologies fell 26% after guidance from the provider of customer contact information databases for second-quarter revenue of $306 million to $309 million, was below analyst estimates of $313.2 million.

Anheuser-Busch InBev stock rose 4%. Budweiser Brewery said first-quarter net profit was $1.09 billion, down from $1.64 billion a year earlier. Core earnings per share rose to 75 cents per share, beating expectations of 62 cents. Revenue in the period rose 2.6% to $14.55 billion and beat expectations.

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Twilio shares fell 8.5% after the cloud communications company said it expected Second quarter revenue From $1.05 billion to $1.06 billion, below Wall Street expectations of $1.08 billion. The company reported first-quarter adjusted earnings of 80 cents per share, beating estimates of 59 cents.

A decline of 9.5% was confirmed. The stock rose earlier in the session after the consumer lending company reported a smaller-than-expected quarterly loss and provided upbeat guidance.

Earnings reports are expected after the closing bell on Wednesday from Arm Holdings
,

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Airbnb, Trade Desk
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HubSpot
,

Lee Otto
,

AppLovin
,

AMC Entertainment
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And Robinhood Markets
.

Write to Joe Woelfel at [email protected]