Another round of earnings reports created trading opportunities for individual stocks on Thursday. This included financial figures from Robinhood Markets (NASDAQ:HOOD), which sent the stock lower in midday trading.
Digital Turbine (APPS) and International Flavors & Fragrances (IFF) also came under selling pressure following their respective earnings reports. Both stocks posted double-digit percentage declines in intraday action.
On the other side of the spectrum, Applovin (APP) expanded its value by nearly a third after issuing a Street-beating quarterly update.
Decliners
Robinhood Markets (HOOD) edged 2% lower in intraday action, weighed down by its latest earnings report, which showed a wider-than-expected Q4 loss. The financial trading app also missed projections with its revenue figure, which rose 5% from last year to $380M.
In other news, HOOD also disclosed that it is in talks with U.S. authorities about buying back the 7.6% stake of the company owned by Sam Bankman-Fried, the former FTX head now under indictment on fraud charges following the collapse of the bankrupt crypto exchange.
Elsewhere, a disastrous earnings report led to a 22% intraday slide in Digital Turbine (APPS). The mobile growth and monetization platform reported a Q3 non-GAAP profit of $0.29 per share, missing expectations by $0.08 per share. Meanwhile, revenue slumped by a more-than-expected 25% to reach $162M.
Looking ahead, APPS also provided a disappointing forecast. The company projected full-year revenue between $660M and $670M, below the approximately $728M projected by analysts.
The release of financial figures also put pressure on International Flavors & Fragrances (IFF). The company announced mixed Q4 results, including earnings that edged past expectations despite a 6% slide in revenue. However, the company also gave a disappointing 2023 sales forecast, fueling an 18% intraday decline in its stock.
Gainer
Applovin (APP) surged in the wake of its quarterly report, with shares skyrocketing 32% in intraday action. The mobile app technology company revealed adjusted EBITDA of $260M, near the top end of its previous guidance.
APP’s revenue for the quarter dropped 11% from last year. However, the total of $702M still came in above the amount analysts were predicting. For Q1, the company predicted total revenue between $685M and $705M, topping Wall Street consensus of $682.6M.
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