Market Updates
Movers: Bumble, Disney, Six Flags, Sonos, Vacasa, Warby Parker
Barry Adams
11 Aug, 2022
New York City
Stocks extend gains on Wall Street after wholesale prices declined in July following the slight cooling in consumer prices.
The S&P 500 index increased 0.03% to 4,211.03 and the Nasdaq Composite index fell 0.5% to 12,795.03.
Tech stocks led the gainers for the second day in a row.
Apple, Amazon, Meta, Alphabet, and Meta traded in the positive.
Six Flags Entertainment Corp plunged 22% to $20.31 after the operator of the amusement park said attendance in the quarter dropped 22% to 6.7 million from 8.5 million a year ago.
Second quarter revenues declined 5% to $435 million from $460 million a year ago. Net income in the period plunged 36% to $45 million from $71 million a year ago.
Total guest spending per person increased 23% to $63.87 from $51.94 a year ago.
Walt Disney Company increased 5.7% to $118.95 after the media and theme park operator reported better-than-expected revenues and earnings on the stronger attendance at parks.
Disney said revenues in the fiscal third quarter ending on July 2 rose 26% to $21.5 billion from $17 billion a year ago.
Net income in the quarter rose 53% to $1.41 billion or 77 cents a diluted share from $923 million or 50 cents a diluted share.
The average monthly revenue per paid subscriber for domestic Disney+ decreased from $6.62 to $6.27 due to a higher mix of subscribers to multi-product offerings, partially offset by an increase in retail pricing.
Free cash flow in the quarter declined to $187 million from $528 million a year ago on higher capital expenditures in parks and resorts.
Sonos Inc declined 25% to $17.06 after the maker of high-end speakers said revenues in the fiscal third quarter ending on July 2 edged down 2% to $371 million.
In the period, the company swung to a loss of $0.5 million from a profit of $17.8 million a year ago.
The company lowered its fiscal year 2022 revenue outlook to a new range between $1.730 billion and $1.755 billion, representing growth of 1% to 2% from fiscal 2021, or growth of 4% to 5% on a constant currency basis.
This compares to a prior outlook range between $1.95 billion and $2.0 billion, which represented growth of 14% to 16% from fiscal year 2021.
Bumble Inc declined 7.8% to $31.79 after the dating app company said second quarter revenues increased 18.4% to $220.5 million from $186.2 million, including the negative currency impact of $9.4 million.
Bumble App revenue soared 33.2% to $169.6 million but Badoo App and other revenue fell 13.7% to $50.8 million.
Average Revenue per Paying User or ARPU increased to $23.65 from $20.88 and average paying customers increased to 3.0 million from 2.9 million a year ago.
Net loss in the quarter shrank to $6.4 million from $11.1 million a year ago.
The dating app operator guided third quarter revenues between $236 million and $240 million and full-year revenues between $920 million and $930 million
Vacasa Inc soared 35.3% to $4.12 after the vacation rental management firm said second quarter revenues increased 31% to $310 million.
Vacasa swung to a net profit of $10 million from a loss of $20 million a year ago.
The rebound in travel lifted the demand for vacation rental properties.
Gross Booking Value soared 32% to $676 million and nights sold increased 17% to 1.6 million.
Gross booking value per night sold increased 13% from a year ago to $411.
Warby Parker increased 19% to $16.82 said second quarter revenues increased 13.7% to $149.6 million and active customers increased 8.7% to 2.26 million.
Average revenue per customer increased 8.2% from a year ago to $254.
Net loss in the quarter increased to $32.1 million or 28 cents a diluted share from $10.3 million from 35 cents a diluted share a year ago.
The eyewear retailer lowered full-year 2022 net revenues to between $584 million and $595 million, representing growth between 8% and 10% a year ago.
The company had previously guided full-year revenues to fall between $650 million and $660 million and growth between 20% and 22% from a year ago.
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