Check out the companies making headlines in midday trading.
Coinbase reported a 27% drop in revenue in the first quarter as usage of the platform decreased.
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Coinbase – Shares of the crypto services operator rose about 6% despite the company reporting a bigger-than-expected loss late Tuesday and a drop in volumes in the latest quarter. The rally coincided with a move higher in bitcoin after a key inflation reading showed a better-than-expected slowdown in rising prices.
Wendy’s – The restaurant chain saw its shares fall more than 2% after it reported a revenue loss. Same-restaurant sales in the US rose 2.3% – less than analysts had estimated – as consumers spent more carefully. However, Wendy’s earnings in the latest quarter beat estimates.
Roblox – Shares of the video game platform fell 5% in midday trading after postmarket earnings on Tuesday missed analysts’ expectations. Roblox’s quarterly loss was larger than expected and its bookings, which include sales recognized during the quarter and deferred revenue, fell 4% year over year.
Twitter – The social media company rose more than 3% after Elon Musk disclosed the sale of nearly $7 billion in Tesla stock in recent days. Investors are uncertain whether a Delaware Court of Chancery will force Musk to follow through on his $44 billion deal to buy Twitter. Tesla shares gained more than 2.5%.
Sweetgreen – Shares fell 5% after the salad chain cut its full-year forecast and second-quarter revenue missed analysts’ estimates. Sweetgreen also said it laid off 5% of its support center employees.
Trade Desk – Shares of the digital advertising firm surged 35% after it gave an upbeat forecast for the current quarter and beat revenue estimates in the quarter just ended.
Fox – The media company rose 4% even as Fox lost ratings on top and bottom lines in the latest quarter. Earnings per share came in 1 cent below estimates.
Unity Software – The software company jumped more than 7% after Unity reported an adjusted loss of 18 cents per share, three cents better than estimates, according to Refinitiv. Unity’s revenue and guidance were lower than expected. The stock is now trading within 10% of $58.85 a share, which is the price offered by AppLovin in a non-binding merger proposal earlier this week.
H&R Block – The tax preparation services company jumped more than 12% after raising its dividend and authorizing a new $1.25 billion buyback. H&R Block also beat top-line and bottom-line estimates last quarter.
BuzzFeed – BuzzFeed fell 4.3% after posting earnings. The company reported a bigger-than-expected loss per share, noting that it faces rising costs and a struggling advertising market.
– CNBC’s Tanaya Macheel, Sarah Min, Carmen Reinicke, Jesse Pound, Michelle Fox and Yun Li contributed reporting.
