RDDT, LYFT, RIVN and more
Check out the companies making headlines in after-hour trading. Reddit — The social media stock popped nearly 18% on the back of a better-than-expected quarterly earnings in its first report since the company’s IPO in March. Reddit saw a faster rate of advertising revenue growth than its top competitors. Reddit posted $243 million in revenue, while analysts polled by FactSet forecast $212.8 million. Reddit’s $8.19 loss per share for the period may not compare with the $8.71 loss expected by analysts surveyed by LSEG. Lyft — The ride-share company advanced more than 3% after first-quarter sales and earnings beat analyst estimates. Lyft reported adjusted earnings of 15 cents per share on $1.28 billion in revenue. Analysts polled by LSEG forecast earnings of 3 cents per share on $1.16 billion in revenue. Rivian Automotive — The electric vehicle manufacturer lost more than 3%. Rivian said that it lost $38,784 per vehicle delivered in the first quarter, but following a retooling upgrade, the company expects “significant improvement in the material and conversion cost of its vehicles and remains confident in its path to achieving modest gross profit in the fourth quarter of this year.” Rivian posted revenue of $1.2 billion, beating analysts’ estimates of $1.16 billion, according to LSEG. Wynn Resorts — The resort-and-casino stock added 2.3% on the back of better-than-expected first quarter earnings. Wynn posted $1.59 in earnings per share, excluding one-time items, on revenue of $1.86 billion, while analysts polled by LSEG forecast $1.27 per share and $1.79 billion, respectively. Electronic Arts – The video game company slid 4% in extended trading after fourth quarter revenue of $1.67 billion on a bookings basis trailed analysts’ consensus estimate of $1.77 billion, according to LSEG. Earnings per share came in at $1.52 although that figure is not comparable to the estimate provided by analysts. Arista Networks — The cloud-networking company inched higher by roughly 1%. Arista Networks earned $1.99 per share on revenue of $1.57 billion in the first quarter, while analysts polled by LSEG anticipated earnings of $1.74 per share and revenue of $1.55 billion. Revenue guidance for the current quarter ranged between $1.62 billion and $1.65 billion, while analysts called for $1.62 billion. Sonos — The audio product maker tumbled 9% after reporting a wider loss than Wall Street expected. Sonos lost 56 cents per share in the second fiscal quarter, 10 cents more than analysts surveyed by LSEG had penciled in. However, the California-based company saw $253 million in revenue for the three-month period, above the consensus forecast of $247 million. Toast — The cloud-based restaurant management software company saw shares jump more than 2% in extended trading after its earnings report. Toast saw first-quarter revenue of $1.08 billion, higher than an LSEG consensus estimate of $1.04 billion. A loss of 15 cents came in 1 worse than the 14 cents expected. Twilio – Twilio shares dropped more than 5%. The software company topped first-quarter earnings expectations by 20 cents per share and beat revenue estimates, but offered disappointing second-quarter revenue guidance. Twilio expects revenue to range between $1.05 billion and $1.06 billion versus an LSEG average estimate of $1.08 billion. Cirrus Logic — The maker of analog, mixed-signal and audio DSP integrated circuits climbed 11% postmarket after fiscal Q4 earnings ex-items of $1.24 topped Wall Street’s highest estimate, according to FactSet. Q1 revenue guidance of $290-$350 million was also above the range of 7 analysts. Myriad Genetics — The molecular diagnostic testmaker jumped more than 6% after first-quarter revenue and EBITDA both topped analysts’ consensus estimates, according to FactSet. The quarter “saw early indications of market share gains in hereditary cancer and prenatal testing,” management said. — CNBC’s Tanaya Macheel, Yun Li, Hakyung Kim, Pia Singh, Darla Mercado, Scott Schnipper and Samantha Subin contributed reporting
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