Rocco (ROKU): Shares fell in extended trading after the company forecast a larger-than-expected loss. Roku expects an adjusted EBITDA of negative $135 million for the fourth quarter, more than three times what analysts had been expecting. In the third quarter, revenue was $761.4 million, up 12% from a year ago, while average revenue per user increased 10% year-over-year to $44.25.
In the earnings statement, Roku outlined plans to slow hiring, and wrote, “We will continue to slow headcount and OpEx growth in response to the overall environment, while continuing to make disciplined investments in most of our strategic projects that will increase market penetration of both our platform and customer value over the long term.”
Qualcomm (QCOM): The chip maker’s guidance for the first quarter was below Wall Street estimates, adding pressure on stocks in extended trading. Qualcomm expects fiscal first-quarter adjusted earnings of $2.25 to $2.45 per share on revenue of $9.2 billion to $10 billion. Christopher Rowland, chief equity analyst at Susquehanna Group International, told Yahoo Finance that Qualcomm’s forecast is “the worst evidence in years.” Qualcomm also warned of rapid weakness in demand and rising inventory levels.
Etsy (ETSY): Shares jumped hours later after the company’s revenue and total merchandise sales beat expectations. Third-quarter revenue was $594.5 million, up 12% from a year ago, while total merchandise sales were $3 billion.
reservation holdings (BKNG): The summer travel boom helped drive Booking.com’s third-quarter results as the company more than doubled its profits from a year ago. Revenues of $6.05 billion exceeded analysts’ expectations. Room nights booked in the third quarter increased 31%. In the earnings statement, CEO Glenn Fogg noted “an improvement in room nighttime trends” despite growing concern about macroeconomic headwinds.
Robin Hood (Hood): Shares rose 3% in extended trading after Robinhood reported a smaller-than-expected loss. Net loss was $175 million, or 20 cents per share, compared to a net loss of $295 million in the prior quarter. Revenue was $361 million, beating expectations.