Robinhood Markets Inc. (HOOD) experienced a significant surge in cryptocurrency trading volumes during the third quarter, with a 112% year-over-year increase. This growth fueled a substantial rise in cryptocurrency-related revenue, reaching $61 million. The company also saw a notable increase in rebates for crypto traders. Despite this positive performance, Robinhood’s overall revenue missed analyst expectations, leading to a decline in its share price after hours.
Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, reported strong third-quarter earnings, exceeding analyst expectations on both revenue and earnings per share. The company’s revenue grew 19% year-over-year, driven by strong advertising performance and growth in daily active users. Meta’s CEO, Mark Zuckerberg, highlighted the company’s progress in artificial intelligence (AI) as a key driver of its success. Looking ahead, Meta expects continued growth in revenue and increased investments in its Reality Labs division.
Microsoft exceeded analyst expectations in its first-quarter earnings report, fueled by a strong performance in cloud services and a surge in AI-driven products. The company’s revenue rose by 16% year-over-year, reaching $65.6 billion, while earnings per share also surpassed estimates.
Reddit’s stock price surged over 40% on Wednesday after the company reported strong third-quarter earnings and upbeat revenue guidance, exceeding analyst expectations. Multiple analysts also raised price targets, citing the company’s impressive growth and profitability.
Crocs, Inc. (CROX) reported better-than-expected third-quarter earnings, but lowered its revenue guidance due to continued struggles with the HEYDUDE brand. While Crocs brand revenue grew, HEYDUDE saw a significant decline, prompting the company to adjust its outlook for the remainder of the year.
Chipotle Mexican Grill (CMG) shares are down despite reporting better-than-expected earnings. While the company exceeded analysts’ estimates on adjusted EPS, a revenue miss and mixed analyst reactions are driving the stock lower.
Martin Marietta Materials Inc. (MLM) reported a 5% decline in third-quarter revenue, missing analyst expectations, as severe weather events negatively impacted its operations. The company also lowered its 2024 revenue and adjusted EBITDA guidance, citing the impact of the storms on product shipments and pricing. Despite the challenges, Martin Marietta remains optimistic about long-term growth prospects driven by infrastructure investments and a potential recovery in the housing market.
Taiwan’s United Microelectronics Corp (UMC) reported a 6% year-on-year revenue increase in the third quarter, exceeding analyst expectations. The company sees demand stabilizing and inventory levels decreasing, but faces potential challenges from geopolitical tensions and a declining gross margin. UMC’s stock performance has been volatile, impacted by analyst downgrades and Donald Trump’s recent comments.
Garmin Ltd. announced record third-quarter results, with consolidated revenue surging 24% to $1.59 billion. This strong performance was driven by robust demand across various product categories and geographic markets. The company also raised its full-year guidance, reflecting its positive outlook for the holiday season.
YouTube, the video platform Google acquired for $1.65 billion in 2006, has reached a remarkable milestone: generating $50 billion in combined advertising and subscription revenue over the past four quarters. This achievement showcases YouTube’s successful transformation from a user-generated content site to a major streaming player, competing head-on with traditional television and other streaming services. The platform’s focus on premium services, live sports, and a compelling living room experience has fueled its growth.
