Check out the companies making headlines in midday trading.
Coinbase reported a 27% drop in revenue in the first quarter as usage of the platform declined.
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Coinbase – Shares of the crypto service operator are up about 6%, despite the company late Tuesday reporting a bigger-than-expected loss and a drop in volumes in the most recent quarter. The rally coincided with bullishness in Bitcoin after a key inflation gauge showed a better-than-expected slowdown in rising prices.
Wendy’s – The restaurant chain saw its shares fall more than 2% after reporting a loss of sales. U.S. same-restaurant sales rose 2.3% — less than analysts had estimated — as consumers became more cautious about spending. However, Wendy’s earnings in the most recent quarter beat estimates.
Roblox — Shares of the video game platform fell 5% in midday trade after Tuesday’s postmarket gains missed analysts’ expectations. Roblox’s quarterly loss was higher than expected and its bookings, which include sales recorded in the quarter and deferred income, declined 4% year over year.
Twitter – The social media company is up more than 3% after Elon Musk announced the sale of nearly $7 billion worth of Tesla stock over the past few days. Investors are unsure if a Delaware court will force Chancery Musk to honor his deal to buy Twitter for $44 billion. Tesla shares are up more than 2.5%.
Sweetgreen – Shares fell 5% after the salad chain lowered its full-year guidance and second-quarter sales missed analyst estimates. Sweetgreen also said it laid off 5% of the support center’s staff.
Trade Desk – Shares of the digital advertising company soared 35% after it issued an upbeat guidance for the current quarter and topped sales estimates for the quarter just ended.
Fox – The media company rose 4% even after Fox missed estimates for revenue and earnings last quarter. Earnings per share came in 1 cent below estimates.
Unity Software — The software company rose more than 7% after Unity reported an adjusted loss of 18 cents a share, three cents better than estimates, according to Refinitiv. Unity’s revenue and guidance were lower than expected. The stock is now trading within 10% of $58.85 per share, which is the price AppLovin offered in a non-binding merger proposal earlier this week.
H&R Block — The tax consulting firm rose more than 12% after increasing its dividend and approving a new $1.25 billion buyback. H&R Block also beat sales and earnings estimates in the most recent quarter.
BuzzFeed – BuzzFeed plummeted 4.3% after earnings were released. The company reported a larger-than-expected loss per share, noting that it was facing rising costs and a tough advertising market.
– CNBC’s Tanaya Macheel, Sarah Min, Carmen Reinicke, Jesse Pound, Michelle Fox and Yun Li contributed coverage.