- Scott Peters
- 16 Aug, 2022
- New York City
Ziprecruiter Inc dropped 7.3% to $19.45 after the online employment website operator said second quarter revenues increased 31% to $239.9 million.
The company swung to net income of $13.1 million from a loss of $53.3 million a year ago. Diluted earnings per share were 11 cents compared to a loss of 55 cents.
Ziprecuiter stock declined after the company said during the conference call with investors that the demand for employees began to soften towards the end of the quarter.
- Scott Peters
- 16 Aug, 2022
- New York City
ThredUp Inc soared 16.4% to $3.59 after the online apparel resale platform operator said second quarter total revenues increased 27% to $76.4 million.
Gross margin in the second quarter fell to 68.9% from 73.6% a year ago.
Net loss in the quarter expanded to $28.4 million from $14.4 million a year ago.
Diluted loss per share increased to 29 cents from 15 cents a year ago and number of outstanding shares increased to 99.3 million from 94.4 million a year ago.
Active buyers increased 29% to 1.7 million and active orders soared 40% to 1.7 million in the second quarter.
The retailer guided third quarter revenues between $64 million and $66 million and gross margin between 65% and 67% and fourth quarter revenues between $70 million and $72 million and gross margin between 64% and 66%.
For the full-year 2022, Thredup lowered its estimate of revenues between $283 million and $287 million from the previous estimate between $315 million and $325 million but retained its gross margin estimate between 67% and 69%.
- Barry Adams
- 16 Aug, 2022
- New York City
U.S. stocks inched higher in choppy trading and investors digested the latest earnings from retailers and awaited the release of the Fed's minutes of meetings on Wednesday.
Retailers traded higher after better-than-expected quarterly results from Home Depot and Walmart.
Natural gas prices continued to advance after several regions in the U.S. continue to experience above average temperatures.
Stocks struggled in the first two hours of trading following the weakness in tech and semiconductor stocks.
The strength in the retail sector lifted benchmark indexes above the flat-line in choppy session.
The S&P 500 index increased 0.2% to 4,306.20 and the Nasdaq Composite index fell 0.2% to 13,103.93.
Futures of crude oil declined $2.55 to $86.88 a barrel and natural gas increased 45 cents to $9.14 a thermal unit.
The yield on 10-year U.S. Treasury notes increased 5 ticks to 2.84% and 2-year notes rose to 3.24%.
Ally Financial increased 3.4% to $36.92 after the Berkshire Hathaway's latest 13-F regulatory filing showed that the company tripled its stake in the online bank in the second quarter.
Bed Bath & Beyond soared nearly 70% before trading down to 57% to $26.72 after Reddit traders ramped up buying following the news that the GameStop chairman Ryan Cohen purchased 1.6 million call options with strike prices between $60 and $80 a share.
Home Depot Inc added 5.7% to $332.56 after the home improvement retailer said second quarter sales rose 6.5% to $43.8 billion.
Net income in the quarter rose to $5.2 billion or $5.05 a diluted share compared to $4.8 billion or $4.53 a diluted share a year ago.
U.S. comparable sales increased 5.4% in the quarter and customer transactions declined 3% to 467.4 million but the average ticket size rose 9.1% to $90.02.
The retailer reaffirmed its total and same store sales guidance for the fiscal year 2022 to 3.0% and diluted earnings per share to grow in mid-single digits percentage.
ThredUp soared 16.4% to $3.59 after the online apparel resale platform operator said second quarter total revenues increased 27% to $76.4 million.
Gross margin in the second quarter fell to 68.9% from 73.6% a year ago.
Net loss in the quarter expanded to $28.4 million from $14.4 million a year ago.
Active buyers increased 29% to 1.7 million and active orders soared 40% to 1.7 million in the second quarter.
The retailer guided third quarter revenues between $64 million and $66 million and gross margin between 65% and 67%.
Walmart Inc increased 6.2% to $140.81 after the retailer reported better-than-expected revenues and earnings in the second and also lowered its decline in annual earnings than previously expected.
Total revenues in the second quarter increased 8.4% to $152.9 billion and net income rose 20.4% to $5.2 billion from $4.3 billion a year ago.
Diluted earnings per share increased $1.88 from $1.52 a year ago.
Comparable sales, excluding fuel, increased 6.5% at the U.S. Walmart location and surged 9.5% at Sam's Club.
The retailer said full-year total sales are expected to rise 4.5% and the U.S. sales, excluding fuel, are estimated to increase 4% and in the second-half expand 3%.
Ziprecruiter Inc dropped 7.3% to $19.45 after the online employment website operator said second quarter revenues increased 31% to $239.9 million.
The company swung to net income of $13.1 million from a loss of $53.3 million a year ago. Diluted earnings per share were 11 cents compared to a loss of 55 cents.
Ziprecuiter stock declined after the company said during the conference call with investors that the demand for employees began to soften towards the end of the quarter.
Zoom Video Communications Inc declined 3.9% to $108.78 after Citigroup downgraded the stock citing rising competition from Microsoft Team and other business challenges rooted in the weakening economic environment.
- Barry Adams
- 16 Aug, 2022
- New York City
U.S. stocks inch higher and investors digested the latest earnings from retailers and awaited the release of the Fed's minutes of meetings on Wednesday.
Retailers traded higher after better-than-expected quarterly results from Home Depot and Walmart.
Bed Bath & Beyond soared nearly 70% after Reddit traders ramped up buying following the news that the GameStop chairman Ryan Cohen purchased 1.6 million call options with strike prices between $60 and $80 a share.
Natural gas prices continued to advance after several regions in the U.S. continue to experience above average temperatures.
Stocks struggled in the first two hours of trading following the weakness in tech and semiconductor stocks.
The strength in the retail sector lifted benchmark indexes above the flat-line in choppy session.
The S&P 500 index increased 0.2% to 4,306.20 and the Nasdaq Composite index fell 0.2% to 13,103.93.
Futures of crude oil declined $2.55 to $86.88 a barrel and natural gas increased 45 cents to $9.14 a thermal unit.
The yield on 10-year U.S. Treasury notes increased 5 ticks to 2.84% and 2-year notes rose to 3.24%.
Ally Financial increased 3.4% to $36.92 after the Berkshire Hathaway's latest 13-F regulatory filing showed that the company tripled its stake in the online bank in the second quarter.
Home Depot Inc added 5.7% to $332.56 after the home improvement retailer said second quarter sales rose 6.5% to $43.8 billion.
Net income in the quarter rose to $5.2 billion or $5.05 a diluted share compared to $4.8 billion or $4.53 a diluted share a year ago.
U.S. comparable sales increased 5.4% in the quarter and customer transactions declined 3% to 467.4 million but the average ticket size rose 9.1% to $90.02.
The retailer reaffirmed its total and same store sales guidance for the fiscal year 2022 to 3.0% and diluted earnings per share to grow in mid-single digits percentage.
ThredUp soared 16.4% to $3.59 after the online apparel resale platform operator said second quarter total revenues increased 27% to $76.4 million.
Gross margin in the second quarter fell to 68.9% from 73.6% a year ago.
Net loss in the quarter expanded to $28.4 million from $14.4 million a year ago.
Active buyers increased 29% to 1.7 million and active orders soared 40% to 1.7 million in the second quarter.
The retailer guided third quarter revenues between $64 million and $66 million and gross margin between 65% and 67%.
Walmart Inc increased 6.2% to $140.81 after the retailer reported better-than-expected revenues and earnings in the second and also lowered its decline in annual earnings than previously expected.
Total revenues in the second quarter increased 8.4% to $152.9 billion and net income rose 20.4% to $5.2 billion from $4.3 billion a year ago.
Diluted earnings per share increased $1.88 from $1.52 a year ago.
Comparable sales, excluding fuel, increased 6.5% at the U.S. Walmart location and surged 9.5% at Sam's Club.
The retailer said full-year total sales are expected to rise 4.5% and the U.S. sales, excluding fuel, are estimated to increase 4% and in the second-half expand 3%.
Ziprecruiter Inc dropped 7.3% to $19.45 after the online employment website operator said second quarter revenues increased 31% to $239.9 million.
The company swung to net income of $13.1 million from a loss of $53.3 million a year ago. Diluted earnings per share were 11 cents compared to a loss of 55 cents.
Ziprecuiter stock declined after the company said during the conference call with investors that the demand for employees began to soften towards the end of the quarter.
- Barry Adams
- 15 Aug, 2022
- New York City
Stocks on Wall Street stretched the market rally for the fifth week in a row and investors look ahead to a week of earnings from retailers.
Children's Place and Walmart are scheduled to release earnings on Tuesday, Bed Bath & Beyond, Lowe's, and Target on Wednesday. BJ's, Kohl's, Ross Stores on Thursday, and Buckle and Footlocker on Friday.
The Federal Reserve is scheduled to release its latest minutes of meetings on Wednesday.
Stocks opened lower on Monday and lacked direction in early trading but managed to climb above the flat-line.
Tech stocks advanced after Tesla reported a surge in production and investors shook off weak economic data from China.
Energy stocks continued to trade lower in the session after crude oil prices dropped 3% and extended a decline to 27% from the peak on March 8.
However, futures of natural gas prices climbed higher on the growing uncertainties about the Russian gas delivery to customers in Europe.
The S&P 500 and the Nasdaq Composite index closed at the highs of the session.
The S&P 500 index increased 0.4% or 16.99 to 4,297.14 and the Nasdaq Composite index rose 0.6% or 80.87 to 13,128.05.
Futures of crude oil declined $3.12 a barrel to $88.92 and natural gas prices rose 8 cents to $8.84.
The yield on 10-year U.S. Treasury notes eased to 2.78% and 2-year notes declined to 3.201%.
Tesla Inc gained 3.1% to $927.96 after the electric vehicle maker's chief executive said the Shanghai plant has produced one million vehicles since its inception in 2018.
Musk also said a total of 3 million Tesla vehicles have been produced with 2 million at its facility in Fremont, California.
Retailers closed higher as investors look ahead to a big week of earnings for the sector.
Walmart, Target, BJ's, Costco, Ross Stores, and Children's Place closed up between 0.3% and 1%.
Home builders were under pressure after the industry association said that the housing recession is well underway.
The National Association of Home Builders said builders' confidence declined for the eighth month in a row as "elevated interest rates, ongoing supply chain problems and high home prices continue to exacerbate housing affordability challenges."
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index fell six points to 49 in August, the first decline below the key break-even measure of 50 since May 2020.
The index measures builders' confidence for the newly built single-family home.
Lennar Corporation, D R Horton, NVR, Pulte Group fell between 0.5% and 1% and extended this year's loss to more than 20%.
German wholesale Inflation Eases in July
European markets closed higher tracking the advance in New York.
Energy prices in the region declined after China reported a flurry of economic data indicating sluggish economy.
The DAX index increased 0.2% to 13,816.61, the CAC 40 index increased 0.3% to 6,569.95, and the FTSE 100 index added 0.1% to 7,509.15.
Energy prices were weak after China unexpectedly lowered key lending rates.
Brent crude oil prices fell $3.12 a barrel to $95.08 but natural gas prices rose 11% to 234.90 euros per MWh for October delivery on the ICE.
German wholesale inflation declined for the third month in a row but remained elevated, Germany's statistics office said today.
Wholesale price index increase slowed to 19.5% in July after rising at 21.2% in June, the Destatis reported Monday.
Resource stocks were traded lower after the release of weak economic data from China.
Anglo American, Antofagasta, and Glencore fell between 1% and 2.5%.
Energy companies were among the leading decliners.
BP Plc, Shell Plc, and TotalEnergies SE fell between 2% and 4%.
Henkel AG rose 1.1% 65.34 euros and the consumer products company reported weak first-half results on rising costs.
Hellofresh SE increased as much as 8% before closing up 2.7% to 30.82 euros after the meal kit provider reported record quarterly revenues.
Uniper SE surged as much as 12% before closing up 4% to 7.75 euros ahead of the German government's decision on the size of the federal government price levy.
Japan's GDP Expands and China Lowers Rates On Slower Rebound
Asian markets closed higher after a day of choppy trading and investors digested the latest mixed economic data from China, Japan and the U.S.
The Nikkei 225 index increased 1.1% to 28,871.78 following the market advance in New York.
Investors bid up stocks in Tokyo after a U.S. private survey showed consumers are lowering inflation expectations after gasoline prices declined for 58 days on a row.
The weaker gasoline prices also supported growing expectations that consumer inflation may have peaked, easing pressures on the U.S. Federal Reserve in lifting rates by a larger amount of 75 basis points.
Japan's economy expanded in the second quarter ending in June but the growth was slower than expected.
The economy expanded at an annual rate of 2.2%, the Cabinet Office said in a preliminary reading on Monday.
After adjusting for seasonality factors, the economy expanded at 0.5%.
The economic contraction in the first quarter was upwardly revised to 0.5% from 1.0% on an annual basis and revised higher to 0.1% contraction from the previous estimate of 0.2% on a monthly basis.
Daiichi Sankyo soared 14.5% to 4,211.0 yen after the company won an arbitration rule against the biotech firm Seagen.
Pan Pacific International Holdings rose 11.5% to 2,408.0 yen after the operator of discount store Don Quijote lifted its annual income outlook.
The company estimated first-half ending in December 2022 sales to increase 4.4% and sales in the full-year ending in June 2023 to increase 3.3%.
Net income per share in the first-half is estimated at 55.34 yen and for the full-year at 95.42 yen.
The Shanghai Composite Index closed nearly unchanged at 3,276.09 and the Hang Seng Index to 20.040.86..
The People's Bank of China lowered its 7-day short term lending rate and medium term one-year rate by 10 basis points to 2.0% and 2.75% respectively.
A barrage of economic data from the statistics bureau painted a mixed but weak economic picture.
Rates have been lowered for the first time since January after the latest industrial production and retail sales data showed persistent weakness in the economy.
Industrial production rose at a slower pace of 3.8% in July after rising at 3.9% in June, the National Bureau of Statistics said Monday.
On a monthly basis, industrial production increased 0.38%.
Retail sales of consumer goods rose at a slower pace of 2.7% in July after rising at 3.1% in June, the NBS data showed. Retail sales rose 0.27% on a monthly basis.
However, international trade activities were one of the brighter aspects of the economy.
International trade shot up 16.6% from a year ago in July after rising 14.3% in June,
Specifically, exports surged 23.9% to 2,244.6 billion yuan and imports jumped 7.4% to 1,561.9 billion yuan. The trade surplus increased to 682.7 billion yuan.
The unemployment rate in July declined to 5.4% from a year ago in July from 5.5% in June.
Consumer prices accelerated at 2.7% rate in July after rising at 2.5% in June.
Markets in India were closed to celebrate the 75th Independence Day holiday ending a century of exploitation and devastation during the U.K's colonial rule.
In cautious trading, Australian market indexes closed higher, reacting to mixed corporate news and ahead of the release of minutes of meetings of the Reserve Bank of Australia's August policy meeting.
The ASX 200 Index rose 0.5% to 7,064.30, while the broader All Ordinaries Index gained 0.5% to end at 7,324.90.
BHP Billiton edged up a fraction and Santos declined 1.1% ahead of the earnings release later in the week.
- Bridgette Randall
- 15 Aug, 2022
- Frankfurt
European markets closed higher tracking the advance in New York.
Energy prices in the region declined after China reported a flurry of economic data indicating sluggish economy.
The DAX index increased 0.2% to 13,816.61, the CAC 40 index increased 0.3% to 6,569.95, and the FTSE 100 index added 0.1% to 7,509.15.
Energy prices were weak after China unexpectedly lowered key lending rates.
Brent crude oil prices fell $3.12 a barrel to $95.08 but natural gas prices rose 11% to 234.90 euros per MWh for October delivery on the ICE.
German wholesale inflation declined for the third month in a row but remained elevated, Germany's statistics office said today.
Wholesale price index increase slowed to 19.5% in July after rising at 21.2% in June, the Destatis reported Monday.
Resource stocks were traded lower after the release of weak economic data from China.
Anglo American, Antofagasta, and Glencore fell between 1% and 2.5%.
Energy companies were among the leading decliners.
BP Plc, Shell Plc, and TotalEnergies SE fell between 2% and 4%.
Henkel AG rose 1.1% 65.34 euros and the consumer products company reported weak first-half results on rising costs.
Hellofresh SE increased as much as 8% before closing up 2.7% to 30.82 euros after the meal kit provider reported record quarterly revenues.
Uniper SE surged as much as 12% before closing up 4% to 7.75 euros ahead of the German government's decision on the size of the federal government price levy.
- Arjun Pandit
- 15 Aug, 2022
- Mumbai
Asian markets closed higher after a day of choppy trading and investors digested the latest mixed economic data from China, Japan and the U.S.
The Nikkei 225 index increased 1.1% to 28,871.78 following the market advance in New York.
Investors bid up stocks in Tokyo after a U.S. private survey showed consumers are lowering inflation expectations after gasoline prices declined for 58 days on a row.
The weaker gasoline prices also supported growing expectations that consumer inflation may have peaked, easing pressures on the U.S. Federal Reserve in lifting rates by a larger amount of 75 basis points.
Japan's economy expanded in the second quarter ending in June but the growth was slower than expected.
The economy expanded at an annual rate of 2.2%, the Cabinet Office said in a preliminary reading on Monday.
After adjusting for seasonality factors, the economy expanded at 0.5%.
The economic contraction in the first quarter was upwardly revised to 0.5% from 1.0% on an annual basis and revised higher to 0.1% contraction from the previous estimate of 0.2% on a monthly basis.
Daiichi Sankyo soared 14.5% to 4,211.0 yen after the company won an arbitration rule against the biotech firm Seagen.
Pan Pacific International Holdings rose 11.5% to 2,408.0 yen after the operator of discount store Don Quijote lifted its annual income outlook.
The company estimated first-half ending in December 2022 sales to increase 4.4% and sales in the full-year ending in June 2023 to increase 3.3%.
Net income per share in the first-half is estimated at 55.34 yen and for the full-year at 95.42 yen.
The Shanghai Composite Index closed nearly unchanged at 3,276.09 and the Hang Seng Index to 20.040.86..
The People's Bank of China lowered its 7-day short term lending rate and medium term one-year rate by 10 basis points to 2.0% and 2.75% respectively.
A barrage of economic data from the statistics bureau painted a mixed but weak economic picture.
Rates have been lowered for the first time since January after the latest industrial production and retail sales data showed persistent weakness in the economy.
Industrial production rose at a slower pace of 3.8% in July after rising at 3.9% in June, the National Bureau of Statistics said Monday.
On a monthly basis, industrial production increased 0.38%.
Retail sales of consumer goods rose at a slower pace of 2.7% in July after rising at 3.1% in June, the NBS data showed. Retail sales rose 0.27% on a monthly basis.
However, international trade activities were one of the brighter aspects of the economy.
International trade shot up 16.6% from a year ago in July after rising 14.3% in June,
Specifically, exports surged 23.9% to 2,244.6 billion yuan and imports jumped 7.4% to 1,561.9 billion yuan. The trade surplus increased to 682.7 billion yuan.
The unemployment rate in July declined to 5.4% from a year ago in July from 5.5% in June.
Consumer prices accelerated at 2.7% rate in July after rising at 2.5% in June.
Markets in India were closed to celebrate the 75th Independence Day holiday ending a century of exploitation and devastation during the U.K's colonial rule.
In cautious trading, Australian market indexes closed higher, reacting to mixed corporate news and ahead of the release of minutes of meetings of the Reserve Bank of Australia's August policy meeting.
The ASX 200 Index rose 0.5% to 7,064.30, while the broader All Ordinaries Index gained 0.5% to end at 7,324.90.
BHP Billiton edged up a fraction and Santos declined 1.1% ahead of the earnings release later in the week.
- Brian Turner
- 15 Aug, 2022
- New York City
China lowered its key lending rates in a surprise move after economic activities continue to weaken across several sectors.
The People's Bank of China lowered one-year and 7-day rates and also injected liquidity to the system.
The seven-day reverse repo rate was lowered to 2.0% from 2.1% and one-year rate was trimmed 10 basis points to 2.75%.
Rates have been lowered for the first time since January after the latest industrial production and retail sales data showed persistent weakness in the economy.
Industrial production rose at a slower pace of 3.8% in July after rising at 3.9% in June, the National Bureau of Statistics said Monday.
On a monthly basis, industrial production increased 0.38%.
Retail sales of consumer goods rose at a slower pace of 2.7% in July after rising at 3.1% in June, the NBS data showed. Retail sales rose 0.27% on a monthly basis.
However, international trade activities were one of the brighter aspects of the economy.
International trade shot up 16.6% in July after rising at 14.3% in June,
Specifically, exports surged 23.9% to 2,244.6 billion yuan and imports jumped 7.4% to 1,561.9 billion yuan. The trade surplus increased to 682.7 billion yuan.
The unemployment rate in July declined to 5.4% in July from 5.5% in June.
Consumer price increase accelerated to 2.7% in July after rising at 2.5% in June.
- Barry Adams
- 12 Aug, 2022
- New York City
Benchmark indexes continued their 2-month long ascend after investors surmised inflation may have peaked, easing pressure on the Federal Reserve in lifting rates.
Optimism reigned on Wall Street on the hopes that the recent continued decline in crude oil prices will be reflected in the inflation data for August.
The inflation peaking theory is taking hold among investors and may are betting that the interest rate hike at the next Fed's policy meeting may be lower than 75 basis points.
The S&P 500 index gained 1.7% to 4,280.15 and the Nasdaq Composite index added 2.1% to 13,047.19.
For the week, the S&P 500 index gained 3.3% and the Nasdaq Composite index jumped 3.1%.
The market rally since mid-June has extended the S&P 500 index by 16.7% and the Nasdaq Composite index by 22.6%.
Tech stocks led the gainers for the fourth week in a row and energy stocks led the losers after crude oil prices continued to slide the for the second month in a row.
Futures of crude oil declined $2.46 to $91.88 a barrel and natural gas inched 9 cents lower to $8.78.
The yield on 10-year U.S. Treasury notes declined to 2.84% and 2-year notes inched up to 3.25%.
Alphabet, Apple, Microsoft, Tesla, and Meta jumped between 1.7% and 5%.
Exxon Mobil, Chevron, Schlumberger, EOG Resources, and Valero gained less than 1%.
Movers: Illumina, Peloton, Poshmark, LegalZoom
Illumina, Inc dropped as much as 20% after closing down 8.4% to $208.33 after after the gene-sequencing technology company said second quarter revenues increased 3% to $1.26 billion from $1.13 billion a year ago.
The company swung to a net loss of $535 million from $185 million a year ago.
The current quarter included $609 million in legal contingencies for the potential fine that the European Commission may impose of up to 10% of our consolidated annual revenues and an estimated accrual of $156 million related to the settlement of litigation with the U.K.-based BGI Group in July 2022.
In the quarter, the diluted loss per share was $3.40 compared to a profit of $1.26 a year ago.
The company also lowered its 2022 revenue growth outlook to between 4% and 5% and GAAP diluted earnings per share loss between $2.93 and $2.78.
The company earlier guided in May at the time of the release of the first quarter results consolidated revenue growth in the range of 14% to 16% and GAAP earnings per diluted share of $2.33 to $2.53.
LegalZoom.com Inc jumped 18% to $12.97 after the online legal content forms and support provider said revenues in the second quarter increased 9% to $163.8 million from $150.4 million a year ago.
Net loss in the quarter shrank to $13.8 million or 7 cents a diluted share from $38.4 million or 31 cents a diluted share a year ago.
Average order value increased 5% to 296 from $282 a year ago and subscription revenues increased to $91.3 million from $69.4 million a year ago.
The company guided third quarter revenues between $149 million and $151 million.
The company lowered its full-year 2022 revenues estimate in the range of $612 million to $616 million from the previous estimate between $650 million and $660 million.
Poshmark Inc fell 8.4% to $11.80 after the social fashion marketplace operator said second quarter revenues increased 9% to $89.1 million and gross merchandise value increased 8% to $483.5 million from $449.6 million a year ago.
Active buyers in the twelve months ending in 12 months to the second quarter increased 14% to 8 million from 7 million a year ago.
Second quarter loss jumped to $22.9 million from $2.5 million a year ago and diluted loss per share rose to 29 cents from 3 cents.
Poshmark guided third quarter revenues between $85 million and $87 million and adjusted operating loss between $9 million and $11 million.
Peloton Interactive Inc rose 13.6% to $13.53 after the expensive fitness equipment maker said it plans to eliminate 780 positions, close a significant number of its 86 retail stores, and increase prices on some of its products.
The company is shifting its model away from a manufacturer to serving its loyal customer base through variable revenue streams.
- Anand Sheth
- 12 Aug, 2022
- New York City
Toast Inc increased 13.6% to $20.59 after the restaurant payment processor posted second quarter revenues increased 58% from a year ago to $675 million.
Gross payment volume on the Toast system increased 62% from a year ago to $23.3 billion.
Net loss in the second quarter shrank to $54 million from $135 million a year ago.
The company guided third quarter revenues between $700 million and $730 million.
The payment platform operator revised higher full-year 2022 revenues to between $2.62 billion and $2.66 billion from the previous estimate between $2.50 billion and $2.55 billion.
Toast acquired employee scheduling software provider Sling on July 7 without disclosing deal terms and expanded its offering through acquisitions and new product launches.
In June 2021, Toast acquired xtraChef following the purchase of HR and payroll software provider StratEx in 2019.
Toast priced its initial public offering at $40 a share and raised $870 million on September 21 and began trading on September 22, 2021.
Toast stock closed at $62.15 on its first day of trading on September 22, 2021.
- Scott Peters
- 12 Aug, 2022
- New York City
Poshmark Inc plunged 15.2% to $10.94 after the social fashion marketplace operator said second quarter revenues increased 9% to $89.1 million and gross merchandise value increased 8% to $483.5 million from $449.6 million a year ago.
Active buyers who purchased at least once in the last twelve months increased 14% to 8 million from 7 million a year ago.
Gross volume on the platform increased 8% to $483.5 million from $449.6 million a year ago.
Gross volume on the platform increased for the 18th quarter in a row.
Second quarter loss jumped to $22.9 million from $2.5 million a year ago and diluted loss per share rose to 29 cents from 3 cents.
Free cash outflow in the second quarter was $3.5 million from inflow of $25.0 million a year ago.
Poshmark guided third quarter revenues between $85 million and $87 million and adjusted operating loss between $9 million and $11 million.
- Scott Peters
- 12 Aug, 2022
- New York City
Olo Inc plunged 33.2% to $8.65 after the restaurant software developer said total revenues in the second quarter increased 27% from a year ago to $45.6 million.
Net loss in the quarter was $11.7 million or $0.07 per share compared to $2.4 million or $0.02 per share a year ago.
Olo lowered its third quarter and full-year revenue growth outlook.
For the third quarter, revenues are now estimated between $46.5 million and $47.0 million.
The company estimated full-year 2022 revenues between $183.0 million and $184.0 million, lower than the previous estimate between $195.0 and $197.0 million.
- Scott Peters
- 12 Aug, 2022
- New York City
Mister Car Wash Inc dropped 10.1% to $10.79 after the company said second quarter revenues growth slowed but revenue share from members rose.
Second quarter revenues increased 14.2% to $225.2 million from $197.1 million a year ago.
Comparable store sales plunged to 2.4% in the second quarter compared to 93.0% a year ago.
The company swung to net income of $35.7 million or 11 cents a diluted share from a loss of $110.3 million or 42 cents a diluted share.
The company added net new 59,000 members for its Unlimited Car Wash Club and increased the membership total 20% from a year ago to 1.841 million.
The company opened four new greenfield locations and opened six acquired locations in the quarter, bringing the total number of car wash locations to 409 compared to 351 a year ago, an increase of 16.5%.
For the full-year 2022, the company lowered same store growth outlook to 3.0% to 5.0% from the previous estimate of 5.0% to 7.0%.
The company also lowered its 2022 revenues estimate between $860 million and $880 million from the previous estimate between $875 million and $895 million.
In the first quarter, revenues increased 25.1% to $219.4 million and comparable store sales rose 11.0% from a year ago.
Unlimited Wash Club member revenue percentage of total revenues increased to 66.2% in the second quarter from 64.3% in the first quarter.
The company retained its target of opening 30 new greenfield locations in 2022.
- Scott Peters
- 12 Aug, 2022
- New York City
LegalZoom.com Inc jumped 23.2% to $13.58 after the online legal content forms and support provider said revenues in the second quarter increased 9% to $163.8 million from $150.4 million a year ago.
Net loss in the quarter shrank to $13.8 million or 7 cents a diluted share from $38.4 million or 31 cents a diluted share a year ago.
Average order value increased 5% to 296 from $282 a year ago and subscription revenues increased to $91.3 million from $69.4 million a year ago.
The company guided third quarter revenues between $149 million and $151 million.
The company lowered its full-year 2022 revenues estimate in the range of $612 million to $616 million from the previous estimate between $650 million and $660 million.
- Scott Peters
- 12 Aug, 2022
- New York City
Illumina, Inc plunged 8.8% to $207.67 after the gene-sequencing technology company said second quarter revenues increased 3% to $1.26 billion from $1.13 billion a year ago.
The company swung to a net loss of $535 million from $185 million a year ago.
The current quarter included $609 million in legal contingencies for the potential fine that the European Commission may impose of up to 10% of our consolidated annual revenues and an estimated accrual of $156 million related to the settlement of litigation with the U.K.-based BGI Group in July 2022.
In the quarter, the diluted loss per share was $3.40 compared to a profit of $1.26 a year ago.
The company also lowered its 2022 revenue growth outlook to between 4% and 5% and GAAP diluted loss per share between $2.93 and $2.78.
The company earlier guided in May at the time of the release of the first quarter results consolidated revenue growth in the range of 14% to 16% and GAAP earnings per diluted share of $2.33 to $2.53.