Uber Technologies saw a drop of over 8% in midday trading after reporting mixed first-quarter results. While the company’s revenue exceeded expectations at $10.13 billion, it also posted a loss of 32 cents per share, missing analysts’ forecast of 23 cents per share. Reddit, on the other hand, saw its shares rise by 3% after reporting better-than-expected revenue and robust growth in daily active users. Intel fell 2.8% after revising its second-quarter guidance due to the revocation of export licenses for Huawei by the Department of Commerce.
Lyft surged 5% as a result of faster-than-expected growth in the first quarter, reporting $1.28 billion in revenue, above the FactSet consensus. However, Shopify shares plummeted 19% after the company issued disappointing revenue and profit guidance for the current quarter. Electronic Arts also saw a drop of over 2% after reporting weak results for the fiscal fourth quarter, with guidance for the current quarter falling below expectations. Rivian Automotive fell roughly 2% after reporting a loss of nearly $39,000 per vehicle delivered in the first quarter.
Coupang, a South Korea-based e-commerce company, shed 8% despite reporting in-line adjusted earnings and slightly above-estimate revenue for the first quarter. Meanwhile, Toast rallied 12% following its earnings report, with first-quarter revenue of $1.08 billion surpassing analysts’ estimates. Arista Networks saw its shares jump 7% after reporting better-than-expected first-quarter results, reporting $1.99 in earnings per share on $1.57 billion of revenue. Tripadvisor, on the other hand, saw a 29% plunge in its shares after announcing that no potential deals with third parties had been found in the best interest of shareholders.
Dutch Bros, the coffee chain, saw an 11% jump in its shares after reporting first-quarter results above expectations, showing adjusted earnings of 9 cents per share on revenue of $275.1 million. Twilio, the cloud communications company, saw a 6% drop in its stock after giving disappointing guidance for the second quarter, with revenue expected to range between $1.05 billion and $1.06 billion. Affirm, despite topping Wall Street estimates in its fiscal third-quarter results, saw an 8% drop in its shares. Match Group fell around 5% after issuing second-quarter guidance below expectations, projecting between $850 million and $860 million in revenue. Teva Pharmaceuticals, on the other hand, saw its shares rise nearly 14% after reporting better-than-expected revenue in the first quarter, highlighting growth in its generics business and specific medications.
