Movers: Bumble, Dutch Bros, Rivian Automotive, Six Flags, Tapestry, WeWork, ZipRecruiter

Scott Peters
10 Nov, 2022
New York City

Bumble Inc increased 4.4% to $21.87 after the dating site operator reported weaker-than-anticipated third quarter results and said customers are renewing subscriptions at a slower pace. 

Third quarter revenue increased 16.8% to $232.6 million from $199.1 million a year ago, including $14.0 million foreign exchange translation adjustments. 

The company swung to a profit of  $26.4 million from a loss of $10.4 million and diluted earnings per share was 14 cents compared to a loss of 6 cents a year ago. 

Total paid subscribers increased to 3.3 million from 2.9 million a year ago and average revenue per user increased to $22.96 from $22.81. 

The company guided fourth quarter revenue in the range of $232 million to $237 million, including upwardly revised foreign exchange loss by $6 million to $16 million. 

Dutch Bros Inc soared 13.5% to $33.10 after the company said third quarter revenue soared  53.% to $198.6 million from $129.8 million a year ago. 

The company swung to a net income of $1.6 million from a net loss of $116.8 million and diluted earnings per share was 3 cents from a loss of 24 cents a year ago. 

The company revised higher its full-year sales to be at least $725 million and reiterated flat same store sales growth.  

The company plans to open 130 new locations in 2022 and estimated 150 in 2023. 

Rivian Automotive Inc soared 16.9% to $32.82 after the company reported smaller-than-expected loss and reiterated its annual production target despite ongoing supply chain challenges. 

Third quarter net loss declined to $288 million from $1.23 billion and diluted loss per share fell to $1.88 from $12.21 a year ago. 

Six Flags Entertainment Corp gained 13.3% to $21.68 and the stocks dropped in early trading after the company reported weak quarterly results. 

Stock rebounded after the company amended a cooperation agreement with H Partners to permit the investment company to increase its beneficial interest to 19.9% from 14.9% in the original agreement. 

Third quarter revenue declined 21% to $505 million from $638 million a year ago. 

Net income dropped to $116 from $157 million and diluted earnings per share declined to $1.39 from $1.82 a year ago. 

In the quarter, park attendance plunged 33% to 8.0 million from 12.0 million a year ago and total guest spending, including admission and in-park, increased 17% to $60.96 from $52.02. 

Tapestry Inc advanced 2.5% to $32.02 after the fashion brands Kate Spade and Coach owner reported better-than-expected quarterly results. 

Revenue in the fiscal first quarter ending on October 2, 2020 was nearly flat at $1.5 billion from $1.48 billion a year ago. 

Net income in the period dropped to $195.3 million from $226.9 million and diluted earnings per share fell to 79 cents from 80 cents a year ago. 

The company trimmed its annual outlook citing Covid-19 restrictions in China and rising dollar.  

WeWork fell 1.9% to $2.38 after the shared workspace operator reported wider-than-expected loss. 

Revenue in the third quarter increased 24% to $817 million from $667 million a year ago. 

Net loss in the quarter shrank to $568 million from $802 million and diluted loss per share fell to 75 cents from $5.50 a year ago. 

Occupancy rate in the quarter was 71% and the company added 7,000 workstations and 8,000 physical memberships. 

ZipRecruiter jumped 15.8% to $16.88 after the online jobs site operator reported better-than-expected quarterly results and expanded its stock repurchase program. 

Revenue in the third quarter increased 7% to $227.0 million from $212.6 million a year ago. 

Net income in the quarter declined to $20.6 million from $22.0 million and diluted earnings per share was unchanged at 17 cents. 

The company announced a stock repurchase program of $200 million in addition to the previously announced $250 million.   

As of September 30, 2022, the remaining amount available to repurchase under the previously authorized share repurchase program was $49.9 million, the company noted in its earnings release.