Earnings Movers| UPST+50% While AFRM -10%; RIVN +6% as FSR -17%
Growth stocks are reporting their earnings recently. Their results diverge. Some companies like $Upstart Holdings, Inc.(UPST)$ surged 50% overnight; while $Affirm Holdings, Inc.(AFRM)$ & $Twilio(TWLO)$ fell 10% yesterday.
Even stocks in the same sector performed opposite after earnings. We gonna brief these earnings movers in pairs.
1. Finance: $Upstart Holdings, Inc.(UPST)$ + 53.73% on positive guidance; $Affirm Holdings, Inc.(AFRM)$ -10.89% on negative guidance for costs
A: Upstart + 53.73% after earnings outlook positively surprises
$Upstart Holdings, Inc.(UPST)$ surged 50% after the AI-lending company reported a smaller loss than expected for the recent quarter.
The company reported an adjusted loss of 47 cents a share. Analysts polled by Refinitiv anticipated a loss of 81 cents per share.
EPS: -47 cents vs. -81 cents
Revenue: $102.9 mln vs. $99.8 mln
Guidance: $135 mln vs. $126.2 mln
Revenue for the quarter ended March 31 was $102.9 million, down from $310.1 million a year earlier. Analysts expected $99.8 million.
The company said it expects Q2 revenue of about $135 million. Analysts expect $126.2 million.
B: $Affirm Holdings, Inc.(AFRM)$ -10.89% as the company warned of higher costs
Shares of the buy now pay later fell more than 10% as said it expects funding costs to remain elevated amid the recent financial turmoil, placing pressure on a key revenue metric.
Losses for the quarter tripled over last year.
However, the company shared a narrower loss than anticipated and a revenue beat. Affirm aslo gave better-than-expected guidance for its fiscal fourth quarter.
EPS: -$0.69 vs. -$0.91
Revenue: $380.98 mln, surpassing estimate by 3.85%
2. EV Maker: $Rivian Automotive, Inc.(RIVN)$ +6.64% vs. $Fisker Inc.(FSR)$ -16.92%
A: RIVN +6.64% after it beat on EPS and revenue
The electric vehicle stock gained more than 6% in extended trading. Rivian reported a narrower-than-expected loss and revenue beat Wall Street’s expectations.
The company also reaffirmed that it’s still on track to meet a 50,000-vehicle production target for 2023.
Total revenue soared year over year from $95 million, according to the company.
Adjusted EPS:- $1.25 vs. -$1.59 expected
Revenue: $661 mln vs. $652.1 mln expected.
B: $Fisker Inc.(FSR)$ -16.92% as it reported a wider loss
Electric vehicle startup Fisker on Tuesday reported a wider first-quarter loss than expected and cut its production guidance for the full year, both of which it blamed on last-minute snags as it begins production of its Ocean SUV.
CEO Henrik Fisker said that the company expects regulatory approval to begin deliveries of the Ocean in the U.S. before the end of May. The company began delivering vehicles to customers in Europe last week.
EPS: -38 cents vs. 30 cents
Revenue: $198,000 vs. $14.4 mln
3. $Twilio(TWLO)$ -14.71% on weaker guidance
Twilio shares shed 14.71% after providing a lighter-than-expected forecast for the current quarter. The company beat on revenue and EPS.
Adjusted EPS: 47 cents vs. 21 cents
Revenue: $1.01 bln vs. $1.00 bln
Guidance: $990 mln vs. $1.05 billion
Twilio said adjusted earnings in the second quarter will be 27 cents to 31 cents per share on $980 million to $990 million in revenue.
Analysts polled by Refinitiv had been looking for 29 cents in adjusted earnings per share on $1.05 billion in revenue.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
