Stocks React to Earnings Reports

Published on August 7, 2024, several companies reported their second-quarter earnings, leading to significant stock movements in after-hours trading. Discovery's revenue fell short of analysts' expectations, raising concerns about its financial performance. In contrast, Zillow exceeded forecasts with adjusted earnings of 39 cents per share, surpassing the estimated 27 cents, and reported revenue of $572 million, exceeding the anticipated $538 million. Klaviyo also impressed investors, posting adjusted earnings of 15 cents per share and revenue of $222 million, both above Wall Street's expectations. Analysts had predicted earnings of 10 cents per share and revenue of $212 million. However, Bumble faced a sharp decline, with shares plummeting over 28% after reporting second-quarter revenue of $269 million, which was below the expected $273 million. In a positive turn, Dutch Bros raised its full-year revenue guidance to between $1.215 billion and $1.23 billion, aligning closely with analysts' estimates. The company anticipates earnings per share between 9 and 11 cents on revenue of $105 million to $106 million. Duolingo also reported strong results, generating 51 cents of earnings per share, significantly above the expected 32 cents. Meanwhile, Applovin's stock dipped 2% despite beating profit estimates, and Fastly projected a loss of 11 to 16 cents per share on revenue between $530 million and $540 million.