Check out the companies making headlines in the midday trade.
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 services operator jumped around 6% despite the company reporting a bigger-than-expected loss late Tuesday and a decline in volumes in the latest quarter. The rally coincided with a surge in bitcoin after a key inflation reading showed a better-than-expected slowdown in rising prices.
Wendy̵[ads1]7;s – The restaurant chain saw its shares fall more than 2% after reporting a revenue miss. Same-restaurant sales in the US rose 2.3% – less than analysts had estimated – as consumers spent more cautiously. However, Wendy’s earnings in the most recent quarter topped estimates.
Roblox – Shares of the video game platform fell 5% in midday trading after postmarket results on Tuesday missed analysts’ expectations. Roblox’s quarterly loss was larger than expected, and orders, which include sales recognized in the quarter and deferred revenue, fell 4% year over year.
Twitter – The social media company climbed more than 3% after Elon Musk disclosed the sale of nearly $7 billion in Tesla shares in recent days. Investors are uncertain whether a Delaware Chancery court will force Musk to follow through on his $44 billion deal to buy Twitter. Tesla’s shares rose more than 2.5 percent.
Sweetgreen — Shares fell 5% after the salad chain lowered its full-year forecast and second-quarter revenue missed analyst estimates. Sweetgreen also said it was laying off 5% of support center staff.
Trade Desk — Shares of the digital advertising firm surged 35% after it gave an upbeat forecast for the current quarter and earnings estimates for the quarter that just ended.
Fox — The media company rose 4% even after Fox missed top- and bottom-line estimates in its most recent quarter. Earnings per share came in 1 cent below estimates.
Unity Software — The software company jumped more than 7% after Unity reported an adjusted loss of 18 cents per 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 offered by AppLovin in a non-binding merger proposal earlier this week.
H&R Block — The tax preparation services company jumped more than 12% after it raised its dividend and approved another $1.25 billion buyback. H&R Block also beat top and bottom line estimates in the latest quarter.
BuzzFeed — BuzzFeed fell 4.3% after posting earnings. The company reported a bigger-than-expected loss per share, noting that it faces rising costs and a troubled ad market.
— CNBC’s Tanaya Macheel, Sarah Min, Carmen Reinicke, Jesse Pound, Michelle Fox and Yun Li contributed reporting.