Apple shares rose approximately 2% in anticipation of its second-quarter earnings release after market close. Peloton shares plummeted 13% following the announcement of CEO Barry McCarthy’s departure and plans to lay off 15% of its workforce, or around 400 employees, as part of a cost-cutting measure aimed at aligning spending with revenue. Peloton’s third-quarter fiscal results fell short of Wall Street’s expectations for earnings and revenue.
Qualcomm shares surged by over 9% after the chipmaker reported adjusted earnings per share of $2.44 for its latest quarter, surpassing analysts’ estimates of $2.32 per share according to LSEG. Qualcomm’s revenue forecast for the current quarter exceeded market expectations, with the company citing demand for smartphones requiring their most advanced chips.
Wayfair, a home furniture retailer, jumped 13.5% after surpassing expectations in both earnings and revenue. Wayfair reported an adjusted loss per share of 32 cents, narrower than the 44-cent loss projected by analysts polled by LSEG. Revenue reached $2.73 billion, exceeding the consensus estimate of $2.64 billion.
Used car retailer Carvana surged more than 32% after posting its strongest quarterly earnings report ever. Insurance provider Cigna’s stock fell 2.5% despite exceeding Wall Street estimates for both revenue and earnings in the first quarter. Cigna reaffirmed its prior guidance for the full year.
Moderna, a vaccine manufacturer, climbed over 7% after reporting a smaller-than-expected loss for the first quarter through cost-cutting measures. Moderna also reiterated its full-year guidance. Food delivery service DoorDash declined nearly 14% after posting a wider-than-expected loss per share of 6 cents in its first quarter, against the anticipated 4-cent loss estimated by analysts polled by LSEG. However, the company’s revenue of $2.51 billion exceeded the $2.45 billion consensus.
Shares of Etsy plummeted 15% after the first-quarter earnings miss. Etsy reported adjusted earnings of 48 cents per share, while analysts polled by LSEG expected 49 cents a share. Revenue of $646 million was in line with expectations.
Real estate marketplace operator Zillow saw its stock decline 5% after providing weak guidance for the current quarter. Zillow estimated second-quarter revenue of $525 million to $540 million, below analyst expectations of $559.2 million according to FactSet.
E-commerce company eBay shares retreated almost 3% after issuing a lower-than-expected second-quarter revenue guidance. eBay projected revenue between $2.49 billion and $2.54 billion, while analysts polled by LSEG forecast $2.56 billion.
Shake Shack, a restaurant chain, gained over 2% in midday trading after reporting first-quarter adjusted earnings per share of 13 cents, beating Wall Street’s forecast of 10 cents based on analysts polled by LSEG. Revenue was largely in line with expectations.
Semiconductor stock Qorvo dropped more than 14% on the heels of weaker-than-expected first-quarter earnings guidance. Qorvo now projects earnings of 60 cents to 80 cents per share, while analysts polled by FactSet expected $1.27.
