Close up of a vertical sign with logos for ride sharing companies Uber and Lyft.
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Find out which companies are making headlines in the midday business.
Lyft – Shares of Lyft fell about 32% after the ride-hailing company released a disappointing second quarter guidance and said it would increase spending to attract more drivers, due to soaring prices gasoline.
Uber — The ride-hailing app saw its shares plummet nearly 8% after the company posted a massive loss on its investments. Uber announced a loss of $5.9 billion in the first quarter, mainly due to its equity investments in Grab, Aurora and Didi. The sale came even as Uber recorded an increase in revenue as it recovers from its coronavirus lows.
Advanced Micro Devices – The semiconductor stock rose 2.7% after beating revenue and profit estimates last quarter. AMD sales jumped 71% even as analysts worry about a slowdown in PCs.
Starbucks – Shares jumped about 7% after Starbucks beat revenue expectations in its latest earnings report. The coffee chain earned 59 cents per share on an adjusted basis, meeting Refinitiv’s consensus expectations. The company reported revenue of $7.64 billion, versus $7.6 billion forecast by Refinitiv analysts, following strong domestic sales that offset declines overseas.
Airbnb — The vacation rental stock gained about 1.6% after Airbnb reported a smaller-than-expected loss for the first quarter. The company reported a loss of 3 cents per share on $1.51 billion in revenue. Analysts polled by Refiniv had expected a loss of 29 cents per share on $1.45 billion in revenue. The company said it saw its highest number of bookings and more than $1 billion in free cash flow in the quarter.
Match Group – Shares of the online dating company fell around 1.5% after Match issued a weak forecast and announced that its CEO Shar Dubey would step down at the end of May. Zynga chairman Bernard Kim will take over as chief executive, Match said.
CVS Health – CVS Health rose 3% after the company beat estimates in the last quarter and raised its guidance for the year. The company also said it saw a decline in demand for pandemic-related services during the first quarter.
Caesars Entertainment – Shares of Caesars Entertainment fell more than 7% after the company released its quarterly results. The casino operator posted revenue of $2.29 billion for the quarter, missing analysts’ estimates of $2.35 billion, according to FactSet’s StreetAccount.
Skyworks – Shares of Skyworks fell more than 10% despite the semiconductor company beating revenue estimates in the last quarter. The company announced earnings in line with analysts’ estimates, but shared a weak forecast.
Akamai Technologies – Shares of Akamai fell 11% after the cybersecurity company missed earnings estimates in the last quarter. Turnover was in line with expectations.
Generac – Generac stock rose 9% after the generator maker beat estimates on the top and bottom lines in the first quarter. The company posted adjusted earnings per share of $2.09 on revenue of $1.14 billion. Analysts had expected $1.94 per share on $1.09 billion in revenue.
Brinker International – Shares fell more than 16% as the parent company in Chile reported earnings per share 10 cents below estimates. Brinker International’s revenue fell in line with estimates, but the company issued a lower-than-expected profit forecast.
– CNBC’s Tanaya Macheel, Yun Li, Jesse Pound, Sarah Min and Hannah Miao contributed reporting