Explore the latest developments in the stock market during midday trading.
Roblox — Roblox’s shares plummeted by 20% after the online gaming platform failed to meet second-quarter estimates. The company reported a loss of $0.46 per share, falling short of the predicted $0.45 loss from analysts surveyed by Refinitiv. Despite revenue of $781 million, slightly below the anticipated $785 million, Roblox referred to it as “bookings.”
Penn Entertainment, DraftKings — Following the announcement of a 10-year partnership with Disney-owned ESPN to rebrand and relaunch its sportsbook as ESPN Bet, Penn Entertainment’s stock surged by 7%. This collaboration marks the first time ESPN’s brand will appear on a sports betting platform. However, rival company DraftKings experienced a 9% drop in shares after the news.
Upstart — Shares of consumer lending platform Upstart plummeted by over 32% due to disappointing guidance. The company projected third-quarter adjusted EBITDA and revenue to reach approximately $5 million and $140 million, respectively. Analysts from StreetAccount estimated higher figures of $155 million in revenue and $9.6 million in adjusted EBITDA. Despite this decline, Upstart exceeded second-quarter expectations, including a surprising adjusted profit of $0.06 per share.
Lyft — Following the release of its second-quarter earnings, Lyft’s shares dropped by about 8%. The company reported revenue of $1.02 billion, matching analysts’ estimates, while its adjusted earnings per share amounted to $0.16, surpassing the anticipated loss of $0.01 per share. However, Lyft’s revenue per active user experienced a decline as a result of the company’s efforts to compete with Uber by reducing ride fares.
Rivian — Following a smaller-than-expected loss, shares of electric vehicle maker Rivian dropped by over 8%. The company reported an adjusted loss per share of $1.08 in the second quarter, surpassing the Street’s forecasted loss of $1.41 per share according to Refinitiv. However, analysts warn of challenges that lie
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