Check out the companies making headlines in midday trading. Airbnb — The online booking company plunged 13% after second-quarter earnings missed Wall Street estimates. Airbnb reported earnings of 86 cents per share, while analysts polled by LSEG were looking for 92 cents. The company also said it’s seeing signs of slowing demand from its U.S. customers. Reddit — Shares ticked down 2% despite the company’s second-quarter results beating Wall Street estimates on the top and bottom line. The social news company reported better-than-expected daily active user metrics. Reddit also issued its third-quarter revenue outlook, calling for $290 million to $310 million while analysts polled by LSEG called for $279 million. Wynn Resorts — The resort and casino operator added 2% despite posting disappointing second-quarter results. Wynn reported adjusted earnings of $1.12 per share on revenue of $1.73 billion, compared to an estimate from analysts polled by LSEG that expected $1.14 per share and $1.75 billion in revenue. Rivian Automotive — The electric vehicle stock pulled back more than 2% after the company reaffirmed its 2024 guidance for a loss of $2.7 billion in adjusted earnings before interest, taxes, depreciation and amortization. For the second quarter , Rivian reported a smaller-than-expected adjusted loss of $1.13 per share and $1.16 billion in revenue, while surveyed by LSEG forecast a loss of $1.21 per share and $1.14 billion in revenue. However, Super Micro Computer — Shares of the server company fell nearly 7%. Super Micro’s adjusted earnings for the fiscal fourth quarter came in at $6.25 per share, while analysts called for $8.07 per share, according to LSEG. The company also announced a 10-for-1 stock split . Lumen Technologies — Stock in the telecommunications firm surged more than 77%. Lumen’s second-quarter revenue of $3.27 billion surpassed Wall Street estimates. Analysts surveyed by LSEG were expecting $3.25 billion in revenue. Instacart — The grocery delivery stock advanced 7% on the heels of a second-quarter beat on the top and bottom line. Instacart’s earnings of 20 cents per share and $823 million in revenue surpassed an estimate from analysts polled by LSEG that called for 13 cents per share and $807 million of revenue. Tripadvisor — Shares fell more than 11% following a second-quarter revenue miss. The booking company reported revenue of $497 million, while analysts surveyed by LSEG forecast $505 million. Adjusted earnings of 39 cents per share surpassed estimates that were looking for 37 cents, respectively.
Source: www.cnbc.com