Movers: Airbnb, Akamai Technologies, Dutch Bros, GoodRx, Icahn Enterprises, Rivian

Scott Peters
10 May, 2023
New York City

Airbnb Inc plunged 13.6% to $109.56 after the company released quarterly results and forecasted weak second quarter outlook. 

Revenue in the first quarter increased 20% to $1.8 billion from $1.5 billion and gross booking value soared 19% to $20.4 billion. 

The online booking company swung to a profit of $117 million compared to a loss of $19 million and diluted earnings per share was 18 cents compared to (3 cents) a year ago. 

Nights and experiences booked on the platform increased 19% to 121.1 million. 

The company forecasted revenue in the second quarter between $2.35 billion and $2.45 billion, an increase between 12% and 16%. The company also estimated a slight decline in average daily rate driven by "driven by mix shifts and the introduction of new Host pricing tools."

Akamai Technologies Inc increased 5.1% to $82.90 after the cloud computing services provider lifted its annual revenue outlook on better-than-expected quarterly results. 

Revenue in the first quarter increased to $915.7 million from $903.6 million and net income dropped to $97.1 million from $133.4 million and diluted earnings per share fell to 62 cents from 82 cents a year ago. 

The company estimated revenue in the second quarter between $927 million and $937 million and for the full-year 2023 between $3.740 billion and $3.785 billion. 

Akamai forecasted capital expenditure as a percentage of revenue to range between 21% and 22% in the second quarter and between 18.5% and 19.0% in the full-year 2023. 

Dutch Bros Inc declined 7.3% to $30.33 after the coffee chain operator reported weaker-than-expected same store sales and total revenue in the first quarter. 

Company-operated store revenues soared 33.0% to $173.2 million, as compared to $130.2 million in the same period of 2022.

Total revenue in the first quarter increased 29.6% to $197.2 million from $152..2 million and net loss shrank to $9.4 million from $16.3 million and diluted loss per share fell to 7 cents from 10 cents a year ago. 

In the quarter, the company opened 45 new stores, 42 of which were company-operated, across 9 states. 

Systemwide same store sales declined 2% and company owned same stores sales fell 3.% in the quarter. 

GoodRx Holdings Inc decreased 5.1% to $4.45 after the company reported quarterly results that were ahead of market's expectations but the online pharmacy estimated weaker-than-expected second quarter and full-year results. 

Revenue declined to $183.9 million from $203.3 million and the company swung to a net loss of $3.3 million from a profit of $12.3 million and diluted earnings per share was ($0.01) compared to 3 cents a year ago. 

Net loss in the quarter was impacted by $25.5 million of stock-based compensation expense, $6.9 million of which related to the non-recurring awards  granted to co-founders in connection with the company's initial public offering. 

As of the end of March, GoodRx had cash and cash equivalents of $761.1 million and total outstanding debt of $665.3 million.

Icahn Enterprises LP plunged 16.5% to $31.69 and extended previous week's loss of 25% after the company said in a regulatory filing that the U.S. Attorney's office for the Southern District New York is seeking information related to corporate governance, dividend, valuation and marketing materials. 

Rivian Automotive Inc soared 8.2% to $15.0 after the electric vehicle maker reiterated its 2023 production target of 50,000 trucks and reported narrower-than-expected quarterly loss. 

The company delivered 7,946 vehicles and produced 9,395 vehicles in the first quarter.  

Revenue in the first quarter surged six-fold to $661 million from $95 million and net loss narrowed to $1.4 billion from $1.6 billion and diluted loss per share shrank to $1.45 from $1.77 a year ago. 

The company confirmed its capital expenditure in 2023 of $2 billion and adjusted operating earnings of $4.3 billion. 

Negative free cash flow increased to $1.8 billion from $1.45 billion in the quarter a year ago.