(UPST) fell 17% after the artificial-intelligence lending company issued an earnings and revenue forecast for the third quarter that was below expectations.
expects revenue in the quarter of $140 million, lower than forecasts of $155.3 million. The company also expects adjusted earnings before interest, taxes, depreciation and amortization of $5 million vs. analysts’ expectations of $9.6 million.
(PENN) was up 17% after saying its Barstool Sportsbook app would be rebranded as ESPN Bet this fall as part of a 10-year agreement with ESPN, which is owned by
Penn will pay ESPN $1.5 billion over the 10 years. Penn also divested 100% of its stake in Barstool Sports to Barstool founder David Portnoy. Shares of rival
(DKNG) declined 3.6%.
(MQ) surged 20% after the company extended its deal with
(SQ) to power the Cash App debit card through June 2027.
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(LYFT), the ride-hailing service, posted adjusted earnings in the second quarter of 16 cents a share, well ahead of estimates that called for a loss of 1 cent, and issued a third-quarter sales forecast also ahead of expectations. But the stock was falling 6.8% following an outlook for the fourth quarter that disappointed. Executives on the company’s conference call said the “preliminary view of the fourth quarter suggests revenue will grow low to mid-single digits quarter over quarter.”
(DOCS) was tumbling 28% after the physician cloud-software company said it would be cutting 10% of its workforce, about 100 employees, and reduced revenue guidance for fiscal 2024 to a range of $452 million and $468 million, down from previous guidance of $500 million to $506 million.
(AKAM) reported second-quarter adjusted earnings that topped estimates as revenue rose 4% to $936 million. Shares of
Akamai
,
which has been diversifying into security software and cloud computing from its original content delivery network business, were up 6.1%.
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‘s (TTWO) adjusted earnings in the fiscal first quarter missed expectations but the stock rose 2.8% after CEO Strauss Zelnick touted the videogame maker’s “powerful, powerful release schedule.”
(RIVN) posted better-than-expected second-quarter results and raised its full-year production forecast. The electric-vehicle maker said it expects to make 52,000 vehicles in 2023, up from previous expectations of 50,000. The stock rose 1.2.
(TWLO) rose 7% after the software developer said it expects operating income for the full year of $350 million to $400 million, higher than prior guidance of $275 million to $350 million. Analysts were expecting operating income of $329 million.
(TOST) , the cloud-based platform for restaurant operations, was rising 13% after topping second-quarter revenue expectations and recording positive free cash flow of $39 million.
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(WE) tumbled 22% to about 16 cents a share after the provider of co-working spaces said as a result of its “losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the company’s ability to continue as a going concern.”
Earnings reports are expected Wednesday from
(DIS),
(TTD),
(ILMN),
(RBLX),
(WYNN),
(APP),
(PLUG), and
(WEN).
Write to Joe Woelfel at joseph.woelfel@barrons.com
Read More:Upstart, Penn, Marqeta, Lyft, Doximity, Rivian, Akamai, and More Market Movers
2023-08-09 11:21:00
