SPOT, CAVA, RIVN and more
Check out the companies making headlines in extended trading. Spotify Technology – Shares of the music-streaming service jumped about 8%. Total monthly active users for the third quarter came in at 640 million, reflecting an 11% jump from a year earlier and beating FactSet consensus estimates of 639.0 million. Still, Spotify fell short of the Street’s expectations on the top and bottom lines in the period. Skyworks Solutions — The semiconductor company slipped nearly 2% after posting an earnings beat in the fiscal fourth quarter. Skyworks reported adjusted earnings of $1.55 per share, while analysts polled by LSEG had forecast $1.52 per share. Revenues of $1.02 billion came in line with estimates. Meanwhile, the company’s forward guidance for the first quarter came in lighter than expectations. Cava — The fast-casual chain popped 14% after reporting a top- and bottom-line beat in the third quarter. Cava announced earnings of 15 cents per share on revenues of $244 million. Meanwhile, analysts had forecast earnings of 11 cents per share and $234 million in revenues, per LSEG. Occidental Petroleum — Shares of the oil company added 0.9% on mixed third-quarter results. Occidental Petroleum reported adjusted earnings of $1 per share, which beat consensus estimates by 26 cents, per LSEG. However, revenues of $7.15 billion came below the $7.23 billion expected by analysts. Maplebear — Shares lost 3% even after the grocery delivery company reported third-quarter results that beat analysts’ expectations. Maplebear, also known as Instacart, earned 42 cents per share on revenue of $852 million. Analysts polled by LSEG expected a profit of 22 cents per share on revenue of $844 million. Rivian Automotive — The electric vehicle manufacturer gained 5% after announcing its joint venture with Volkswagen Group. The deal, worth $5.8 billion, will combine Volkswagen models with Rivian’s software and electrical architecture. Rocket Lab – Shares of the launch service provider surged more than 22%. Rocket Lab forecasted fourth-quarter revenue of $125 million to $135 million, besting the Street’s estimate for $122 million, per LSEG. The company’s third-quarter results also topped estimates, with Rocket Lab posting a narrower-than-expected loss for the period. Flutter Entertainment – The gambling company added nearly 5%. Flutter reported third quarter adjusted earnings of 43 cents per share on revenue of $3.25 billion. That topped the Street’s estimates for 10 cents per share in earnings and revenue of $3.07 billion. — CNBC’s Fred Imbert and Darla Mercado contributed reporting
- Finance
