On this edition of Stock Movers:
- CoreWeave (CRWV) shares dropped after the company posted steeper losses as it continued to build to meet demand from artificial intelligence developers. The company’s shares fell 5% in after-hours trading. Second-quarter adjusted net losses in the period steeped significantly to $130.8 million, compared to $5 million last year, it said in a statement Tuesday. Analysts had projected losses of $96.3 million. “We are scaling rapidly as we look to meet the unprecedented demand for AI,” Chief Executive Officer Michael Intrator said in the statement. Revenue tripled to $1.21 billion, the company said, ahead of expectations for $1.08 billion.
- Cava Group (CAVA) shares plummeted after the company trimmed its annual sales outlook after a sharp deceleration in the second quarter as skittish diners spent less on restaurant meals, showing the pressure the brand is facing to keep up with its speedy growth in recent years. Cava’s shares fell about 23% in postmarket trading in New York on Tuesday, which would be its largest decrease on record if it holds through Wednesday’s close. The company’s stock declined roughly 25% this year through Tuesday’s close, compared with the 3.8% slump in the S&P 400 Consumer Discretionary Index. The fast-casual Mediterranean chain now says sales at established locations will expand 6% at most this year, while it previously forecast an increase of as much as 8%. The cut follows Cava’s slowest advance for that metric going back to the first quarter of 2021, according to data compiled by Bloomberg.
- eToro (ETOR) shares fell after the trading and investment platform reported second-quarter results. TD Cowen called the print “uneven” as the adjusted earnings per share beat was driven by a low tax rate.
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