Biggest movers in after hours trading: Reddit, Lyft, Rivian, Twilio and others

After-hours trading is a critical period for investors to keep an eye on company movements that can sway the market. In the recent report, Reddit, the social media stock, surged nearly 18% due to its impressive quarterly earnings exceeding expectations since the company went public in March. With a faster rate of advertising revenue growth compared to its competitors, Reddit posted $243 million in revenue, surpassing the $212.8 million forecast by FactSet analysts. Similarly, Lyft, the ride-share company, saw a 3% increase after reporting better-than-expected first-quarter sales and earnings. This included an adjusted earnings of 15 cents per share on $1.28 billion in revenue, higher than the estimated 3 cents per share on $1.16 billion in revenue.

On the contrary, Rivian Automotive, the electric vehicle manufacturer, experienced a 3% decline in after-hours trading due to the company’s report of losing $38,784 per vehicle delivered in the first quarter. However, Rivian remains optimistic about improving material and conversion costs following a retooling upgrade, with a projected modest gross profit in the fourth quarter of this year. Wynn Resorts, the resort and casino stock, added 2.3% due to better-than-expected first-quarter earnings of $1.59 in earnings per share on $1.86 billion in revenue, outperforming the $1.27 in earnings per share and $1.79 billion in revenue forecasted by analysts.

Electronic Arts, the video game company, faced a 4% dip in extended trading after its fourth-quarter revenue of $1.67 billion on a bookings basis fell short of analysts’ consensus estimate of $1.77 billion, according to LSEG. Earnings per share came in at $1.52, which was not directly comparable to the analyst estimate. Arista Networks, the cloud-networking company, saw a slight increase of 1% in after-hours trading after reporting first-quarter earnings exceeding expectations with $1.99 per share on revenue of $1.57 billion. Revenue guidance for the current quarter was estimated between $1.62 billion and $1.65 billion, higher than the $1.62 billion anticipated by analysts.

Sonos, the audio product maker, witnessed a 9% decrease in after-hours trading following a wider loss than expected with a loss of 56 cents per share in the second fiscal quarter. Despite this, the company’s revenue of $253 million exceeded the consensus forecast of $247 million. Toast, the cloud-based restaurant management software company, experienced a positive response with shares rising over 2% after reporting first-quarter revenue of $1.08 billion, surpassing the $1.04 billion estimated by LSEG. Twilio, the software company, faced a more than 5% drop in after-hours trading despite beating first-quarter earnings and revenue expectations. The disappointing second-quarter revenue guidance projected a range between $1.05 billion and $1.06 billion, lower than the $1.08 billion estimated by LSEG.

Cirrus Logic, the maker of analog, mixed-signal, and audio DSP integrated circuits, saw an 11% increase after-hours following a strong fiscal fourth-quarter earnings report that exceeded Wall Street’s highest estimate. First-quarter revenue guidance between $290 million and $350 million also exceeded analysts’ forecasts. Myriad Genetics, the molecular diagnostic test maker, jumped more than 6% after surpassing analysts’ consensus estimates for first-quarter revenue and EBITDA. Market share gains in hereditary cancer and prenatal testing are seen as positive signs for the company moving forward. Ultimately, after-hours trading remains a crucial time for investors to monitor market movements and company performance closely.