Check out the companies that make headlines in midday trading.
Coinbase reported a 27% drop in revenue in the first quarter due to a drop in usage of the platform.
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Coinbase – Cryptocurrency service operator’s stock is up around 6% despite the company reported a larger-than-expected loss the end of Tuesday and the decline in volume in the most recent quarter. The rally coincides with bitcoin’s higher gains after key inflation figures show Price increase slowed down better than expected.
Wendy’s – The restaurant chain saw its stock drop more than 2% after it reported falling revenue. Similar US restaurant sales rose 2.3% – less than analysts estimated – as consumers spent more cautiously. However, Wendy’s earnings for the latest quarter topped estimates.
Roblox – Shares of the video game platform fell 5% in afternoon trading after Tuesday’s postmarketing earnings missed analysts’ expectations. Roblox’s quarterly loss was larger than expected, and its bookings, which include revenue recorded for the quarter and deferred revenue, fell 4% year over year.
Twitter – Social media company up more than 3% after Elon Musk revealed the sale of nearly $7 billion in Tesla stock in the past few days. Investors aren’t sure if a Delaware Chancery court will force Musk to abide by the deal to buy Twitter for $44 billion. Shares of Tesla rose more than 2.5%.
Sweetgreen – Shares fell 5% after the salad chain cut its full-year forecast, and second-quarter revenue fell short of analyst estimates. Sweetgreen also said they have laid off 5% of the support center staff.
Trading desk The digital ad company’s shares jumped 35% after issuing an upbeat forecast for the current quarter and beating revenue estimates for the just-ended quarter.
fox The media company grew 4% even after Fox missed its latest quarterly revenue and profit estimates. Earnings per share were 1% below estimates.
Unity software The software company jumped more than 7% after Unity reported an adjusted loss of 18 cents per share, 3 cents better than estimates, according to Refinitiv. Unity revenue and instructions were lower than expected. Shares are currently trading in a 10% range of $58.85 per share, which is the price quoted by AppLovin in a non-binding merger proposal earlier this week.
H&R Block The tax preparation company grew more than 12% after increasing its dividend and allowing new $1.25 billion buybacks. H&R Block also beat top and bottom estimates in the most recent quarter.
BuzzFeed – BuzzFeed dropped 4.3% after the earnings announcement. The company reported a larger-than-expected loss per share, noting that it faces soaring costs and a troubled advertising market.
– CNBC’s Tanaya Macheel, Sarah Min, Carmen Reinicke, Jesse Pound, Michelle Fox, and Yun Li contributed reporting.
