Check out the companies making headlines in midday trading.
Coinbase reported a 27% decline in revenues in the first quarter as usage of the platform dipped.
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Coinbase – Shares of the crypto services operator jumped about 6% despite the company reporting a wider-than-expected loss late Tuesday and a decline in volumes in the most recent 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 reporting a revenue miss. U.S. same-restaurant sales rose 2.3% — less than analysts had estimated — as consumers spent more cautiously. Wendy’s earnings in the latest quarter topped estimates, however.
Roblox – Shares of the video game platform were down 5% in midday trading after postmarket earnings Tuesday missed analyst expectations. Roblox’s quarterly loss was wider than expected, and its bookings, which include sales recognized during the quarter and deferred revenue, declined by 4% year over year.
Twitter – The social media company climbed more than 3% after Elon Musk disclosed the sale of nearly $7 billion in Tesla shares in the past few days. Investors are uncertain whether a Delaware Chancery court will force Musk to follow through on his deal to buy Twitter for $44 billion. Shares of Tesla gained more than 2.5%.
Sweetgreen — Shares dropped 5% after the salad chain lowered its full-year forecast, and second quarter revenue missed analyst estimates. Sweetgreen also said it laid off 5% of support center employees.
Trade Desk — Shares of the digital advertising firm soared 35% after it gave an upbeat forecast for the current quarter and revenue beat estimates in the quarter just ended.
Fox — The media company rose 4% even after Fox missed estimates on the 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 per share, which is the price offered by AppLovin in a nonbinding merger proposal earlier this week.
H&R Block — The tax preparation services company jumped more than 12% after it raised its dividend and authorized a new $1.25 billion buyback. H&R Block also beat top and bottom line estimates in the most recent quarter.
BuzzFeed — BuzzFeed slumped 4.3% after posting earnings. The company reported a bigger-than-expected loss per share, noting that it faces rising costs and a troublesome advertising market.
— CNBC’s Tanaya Macheel, Sarah Min, Carmen Reinicke, Jesse Pound, Michelle Fox and Yun Li contributed reporting.
