Investing.com -- AppLovin Corporation (NASDAQ: APP) saw its shares crater 20% after delivering second-quarter results that proved sky-high profit growth isn’t always enough for Wall Street. Despite surging year-over-year earnings, the marketing software titan missed sales targets and issued a lukewarm forecast for the quarter ahead.
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The decline in profit was driven by higher costs of revenue from more orders, as well as increases in sales, marketing, and research and development expenses and other overhead costs, the company said.
Fedena reduced his direct equity stake by 18% following a 213% one-year stock surge, while maintaining a 0.11% ownership interest in the refiner.
Block stock fell amid Q2 earnings and revenue that topped consensus estimates while profit guidance met expectations.
SpaceX shares dropped 14%. Elon Musk’s space company late Tuesday said its capital expenditures topped $18 billion last quarter, double the previous quarter’s total, mainly tied to its artificial-intelligence build-out. AMD shares also fell 7% after Musk said SpaceX would exclusively use chips from rival Nvidia, shares of which gained 4%.
The company now expects organic growth of 4% to 5% for the full year, down from its prior forecast of 7% to 9%.
Flutter Entertainment announced the resignation of its longtime CEO Peter Jackson when it reported second-quarter earnings on Wednesday. Despite a nine-year tenure that saw Flutter grow from a $2 billion U.K.-focused business to a $16 billion international betting titan, Jackson isn’t going out on a high note. Shares of the world’s largest betting firm and FanDuel parent company were down as much as 14% Wednesday after the firm reported mixed results and reduced its full-year guidance.
ViaSat beat earnings last night, but its stock still costs way too much.
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SPOT's Q2 earnings miss estimates as higher marketing, cloud and AI costs offset record margins, subscriber gains and stronger cash flow.
Google DeepMind CEO Demis Hassabis is transitioning to DeepMind chair, as Google chief scientist Jeff Dean exits.
Shares of Uber Technologies fell 6% in midday trading Wednesday after the ride-hailing company issued a softer-than-expected outlook for the current quarter. Uber reported quarterly revenue of $14.19 billion, up 12% from a year earlier amid an increase in both rides and deliveries. For the current quarter, Uber forecast adjusted earnings of 84 cents to 88 cents a share, compared with analyst expectations of 87 cents a share.
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Uber reported second-quarter results on Wednesday that beat on bookings and profit, but shares fell as the ride-hailing giant's bookings guidance missed analyst projections. Uber says its robotaxi push is still well underway, with investments set to grow.
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Walt Disney's (DIS) fiscal third-quarter earnings rose above Wall Street's estimates on Wednesday ev
Chipotle Mexican Grill (NYSE:CMG) rose around 3. 5% in pre-market trading on Wednesday after Minnesota health officials said they have no ongoing concerns about the company following a recent salmonella outbreak investigation.
AstraZeneca (NASDAQ:AZN) shares climbed around 6% on Wednesday after Reuters reported that there are “no discussions” between the company and Bristol Myers Squibb (NYSE:BMY) regarding a potential merger, contradicting recent speculation that had unsettled investors. The report eased concerns surrounding a deal that, if completed, would have created a pharmaceutical group valued at close to $400 billion.
BetterHelp remains Teladoc’s biggest headache as customers shift toward insurance-covered therapy and provider capacity struggles to keep up.
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The biotech raised its full-year revenue forecast to $38.2 billion–$39.4 billion after second-quarter revenue rose 10% to $10.1 billion
CEO Paul Prager said the company is transitioning from "platform formation" to "scaled execution" as it expands its AI infrastructure business.
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Revenue rose 92% and beat estimates in the first report as a public company
The ride-hailing company's bookings and earnings forecasts for the current quarter came in below analyst expectations
Shares of SpaceX slumped more than 10% premarket to around $111 this morning, even after the rocket company reported a 92% surge in quarterly revenue. Investors were spooked by the company’s $18.4 billion in capital expenditure in the second quarter alone, which compared with just $2.8 billion in the prior year. “The concern for investors is how fast expenditure growth is outpacing revenue growth,” said Kathleen Brooks, research director at brokerage XTB.
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