On this episode of Stock Movers:
- Lyft (LYFT) shares are up. The company reported better-than-expected gross bookings in the first quarter, drawing a sharp contrast with the disappointing results issued by its much-larger ride-hailing rival Uber Technologies Inc. a day earlier. Gross bookings for the first quarter were $4.16 billion, Lyft said in a statement Thursday, slightly beating the average of analysts’ estimates compiled by Bloomberg. Rides increased 16% from a year earlier to 218.4 million, also ahead of expectations. Lyft expects gross bookings for the current period to be between $4.41 billion and $4.57 billion, with the midpoint landing just above estimates.
- AppLovin (APP) shares soar after the AI-powered advertisement platform reported first-quarter results that beat expectations. The company also agreed to sell its video-games unit to London-based Tripledot Studios to focus on its advertising technology business.
- Coinbase (COIN) shares are down in post market trading. The company's first-quarter revenue jumped while profit declined as the largest US crypto exchange navigated the volatile price swings of the digital asset market. Revenue increased about 24% to $2 billion from the year-ago period, though it was around 10% sequentially lower from the fourth quarter, the San Francisco-based company said in a blog post Thursday. Revenue was expected to be $2.105 billion, according to the average forecast of analysts surveyed by Bloomberg. Net income fell 94% to $66 million, or 26 cents per share. Coinbase’s shares fell about 3% in after-hours trading. The stock is down 17% so far this year.
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