Lyft Surges After Strong Q4 Results and Guidance
Lyft shares jumped 21% after the ride-hailing company reported better-than-expected fourth-quarter results and issued positive guidance. The company posted adjusted earnings of 18 cents per share, surpassing the consensus estimate of 8 cents per share. Revenue of $1.22 billion met analysts’ expectations. However, Lyft’s shares pulled back slightly after it corrected an overstatement in its initial press release regarding its margin forecast.
Robinhood Beats Earnings and Revenue Expectations
Robinhood’s stock soared around 16.5% after the investing platform exceeded expectations for the fourth quarter. The company reported a profit of 3 cents per share on $471 million in revenue, outperforming analysts’ forecasted loss of 1 cent per share on $457 million in revenue.
Angi Reports Narrower-Than-Expected Quarterly Loss
Shares of Angi jumped 7% following the home services platform’s announcement of a narrower-than-expected loss for the fourth quarter. The company reported a loss of 1 cent per share, better than the anticipated loss of 2 cents per share. However, Angi’s revenue of $300.4 million fell short of the consensus estimate of $309.9 million.
DaVita Posts Earnings and Revenue Beat
Healthcare company DaVita saw its shares rise over 7% after reporting better-than-expected earnings and revenue for the fourth quarter. DaVita posted adjusted earnings of $1.87 per share on revenue of $3.15 billion, surpassing analysts’ expectations.
Zillow Group Exceeds Analyst Estimates
Real estate marketplace Zillow Group experienced a more than 5% increase in premarket trading after reporting earnings of 20 cents per share on revenues of $474 million. The results beat analysts’ estimates of 12 cents per share on revenues of $452 million.
Kraft Heinz Misses Revenue Expectations
Despite slightly beating adjusted earnings expectations, Kraft Heinz shares declined over 1% due to fourth-quarter revenue that fell short of estimates. The company reported revenue of $6.86 billion, below the consensus estimate of $6.99 billion.
Akamai Technologies Falls Short on Revenue
Shares of Akamai Technologies dropped 5.4% after the server network provider missed analyst expectations for fourth-quarter revenue. However, the company’s earnings per share of $1.69 exceeded Wall Street’s forecast of $1.60.
GoDaddy’s Revenue Meets Expectations
Web hosting company GoDaddy reported revenue in line with expectations for the fourth quarter, but its 2024 revenue guidance was at the lower end of estimates. Although shares dipped about 2%, GoDaddy reported $1.10 billion in revenue, matching analysts’ estimates.
SentinelOne Receives Upgrade from Bank of America
Cybersecurity stock SentinelOne surged 6.2% in premarket trading after receiving an upgrade to buy from neutral by Bank of America. The upgrade is based on positive momentum from strong industry and macro trends.
Crypto Stocks Rise with Bitcoin
Stocks tied to the price of bitcoin soared as the cryptocurrency reached a more than two-year high and regained its $1 trillion market cap. Trading platform Coinbase and bitcoin proxy Microstrategy both gained 7%. Miners Iris Energy, CleanSpark, Marathon Digital, and Riot Platforms also saw significant increases.
Airbnb Reports Strong Revenue but Faces Pressure
Despite posting better-than-expected revenue and optimistic guidance, Airbnb’s stock slumped 4% due to concerns about pressure on nights booked in the first quarter. The company attributes this pressure to tough comparisons from the previous year.
Upstart Beats Loss Expectations
Online lender Upstart saw its shares slide 14% despite reporting a narrower-than-expected adjusted loss for the fourth quarter. The company’s revenue of $140 million beat analysts’ estimates of $135 million.
Bernstein Initiates Coverage on Wingstop
Bernstein initiated coverage of restaurant stock Wingstop at outperform, labeling it as a “multi-decade growth” story. As a result, shares climbed nearly 3%.
MGM Resorts Beats Expectations in China but Suffers in the US
MGM Resorts International’s stock dipped over 3% despite surpassing fourth-quarter expectations globally. While its China business exceeded expectations, the company faced challenges in its US casino business due to a worker strike in Detroit.
Topgolf Callaway Brands Misses Revenue Expectations
Golf company Topgolf Callaway Brands experienced a more than 3% decline in shares after issuing first-quarter revenue guidance that fell short of expectations. Analysts were anticipating $1.22 billion, while the company expected revenue between $1.14 billion and $1.16 billion.
Ecolab Downgraded by JPMorgan
JPMorgan downgraded food safety company Ecolab to neutral from overweight, citing its recent outperformance. However, the firm raised its price target to $220 from $200. Ecolab shares closed at $221.18.
Conclusion
In summary, Lyft, Robinhood, Angi, DaVita, and Zillow Group all reported positive financial results, exceeding expectations in various aspects. However, Kraft Heinz and Akamai Technologies fell short on revenue expectations. Meanwhile, crypto stocks experienced significant gains as bitcoin reached a new high. Airbnb, Upstart, Wingstop, MGM Resorts International, Topgolf Callaway Brands, and Ecolab faced challenges or missed expectations in certain areas. Overall, the market showed a mix of successes and disappointments across different industries.
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