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Monday, March 27, 2023
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Lyft, Blizzard, Take-Two and more

Lyft (LYFT): Lyft shares fell more than 8% in extended trading after the ride-hailing giant’s active riders for the third quarter missed estimates. Active riders totaled 20.31 million, short of the street’s estimate of 21.1 million. Revenue of $1.05 billion also came in just shy of expectations. On an upbeat note, revenue per active user rose to $51.88, up 13.7% from a year ago.

Activision Blizzard (ATVI): Results from the video game maker pushed shares slightly higher in after hours trading. Profit and sales were lower from a year ago but beat the street’s expectations. The company announced Call of Duty: Modern Warfare II crossed $1 billion iin worldwide sell-through in the first 10 days of its release, making it the fastest selling title in franchise history. Activision Blizzard CEO Bobby Kotick noted he expects the company’s sale to Microsoft to ”close in Microsoft’s current fiscal year ending June 2023.”

Take-Two Interactive (TTWO): The company cut its full-year net bookings guidance, sending shares lower by more than 10% in after-hours trading. For its fiscal year, Take-Two sees revenue in the range of $5.4 billion to $5.5 billion, down from its prior estimate of $5.8 billion to $5.9 billion. For its fiscal second quarter, net bookings totaled $1.5 billion, missing the street’s estimate.

Groupon (GRPN): The company reported third-quarter revenue fell 33% from a year ago, pressurizing the stock in extended trading. Global revenue was $144.4 million during the third quarter while global billings totaled $433.9 million. Groupon also detailed additional cost-cutting measures, saying the company is ‘well on the way’ to achieve its goal of reducing its cost structure by $150 million annual and has a goal to “identify an additional $50 million of savings and related cost actions by the end of 2023.”

TripAdvisor (TRIP): Shares fell 10% after TripAdvisor’s profit missed expectations. Adjusted earnings were 28 cents a share for the third quarter, short of the street’s estimate of 39 cents. The online travel company expects fourth-quarter revenue of low-single digit increases from 2019 levels.

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