U.S. Movers: eBay, Rivian, Roblox, Robinhood Markets, Toast

Scott Peters
08 Nov, 2023
New York City

Robinhood Markets Inc. dropped 12.4% to $8.55 after the online trading platform reported weaker-than-expected sales of $467 million in the third quarter.

Revenue in the third quarter increased by 29% to $467 million, driven by a 96% increase in net interest income to $251 million.

Transaction-based revenues decreased 11% from a year ago to $185 million, driven by a decline in equities trading by 13% to $27 million, crypto trading by 55% to $23 million, and flat options trading of $124 million.  

Net loss in the quarter shrank to $85 million from $175 million, and diluted loss per share fell to 9 cents from 20 cents a year ago.

Average revenue per user increased by 27% to $80, and monthly active users fell 16% to 10.3 million.

Net deposit inflow in the quarter was $4 billion, and assets under custody surged 34% to $87 billion, reflecting higher equity valuations and a continued net inflow of assets.

eBay Inc. declined 5.8% to $38.45 after the online marketplace reported mixed quarterly results.

Revenue in the third quarter increased 5% to $2.5 billion from $2.4 billion, the company swung to a net profit of $1.3 billion from a loss of $69 million, and diluted earnings per share increased to $2.47 from a loss of 13 cents a year ago.

The company guided fourth-quarter revenue to fall between $2.47 and $2.5 billion and diluted earnings per share between 70 cents and 75 cents.

eBay estimated full-year 2023 revenue to range between $10.02 billion and $10.08 billion and diluted earnings per share between $4.53 and $4.58.

Toast Inc. plunged 16.5% to $14.39 after the restaurant software developer swung to a quarterly loss.

Revenue in the quarter rose 34% to $1.03 billion from $752 million, net loss shrank to $31 million from $98 million, and diluted loss per share declined to 9 cents from 19 cents a year ago.

Gross payment volume soared 34% to $33.7 billion, and the average revenue run rate in the third quarter was up 40% to $1.218 billion.

However, the stock fell on worries that the macroeconomic headwinds may continue to negatively impact same-store sales and slow gross volume through the platform.

For the full year 2023, Toast expects revenue in the range of $3.83 billion to $3.86 billion, up from the previous range between $3.81 billion and $3.87 billion.

Roblox Corp. jumped 15.2% to $40.44 after the company reported stronger-than-expected quarterly results.

Revenue in the third quarter increased 38% to $713.2 million from $517.7 million, net loss declined to $277.8 million from $301.9 million, and diluted loss per share fell to 45 cents from 50 cents a year ago.

Bookings on the platform jumped 20% to $839.5 million, and average daily active users soared 20% to 70 million.

Rivian Automotive Inc. fell 4.5% to $16.63 after the company reported quarterly results and a weak production outlook.

Revenue in the third quarter jumped to $1.1 billion from $536 million, net loss fell to $1.4 billion from $1.8 billion, and diluted loss per share decreased to $1.19 from $1.57 a year ago.

During the quarter, vehicle deliveries jumped to 15,564 from 6,584 a year ago.

The company increased 2023 production guidance by 2,000 to 54,000 vehicles.