Lyft President John Zimmer and CEO Logan Green applaud as Lyft lists on the Nasdaq at an IPO event in Los Angeles March 29, 2019.
Mike Blake | Reuters
Check out the companies making headlines after the bell:
Shares of Lyft rose as much as 13% in after-hours trading after the ridesharing platform reported better-than-expected second-quarter earnings and strong guidance, but then lost those gains after the company announced share lock-ups would expire in August rather than September. The company reported an adjusted loss per share of 68 cents on revenue of $867 million, versus the loss per share of $1.74 on revenue of $809 million analysts polled by Refinitiv had been expecting. The company said it now expects revenue to reach between $3.47 billion and $3.5 billion this year, topping the previously stated range of $3.275 billion to $3.3 billion.
Shares of Lyft’s rival Uber rose 3%. Uber is scheduled to report earnings on Thursday.
IAC climbed as much as 6% after the media and Internet company’s CEO Joey Levin said in a letter to shareholders that it is exploring a possible distribution of its interests in Match Group and ANGI Homeservices. The announcement came alongside IAC’s second-quarter earnings, which beat Wall Street’s expectations. The company reported adjusted earnings per share of $1.19 on revenue of $1.19 billion. Analysts had expected earnings per share of 95 cents on revenue of $1.18 billion, according to Refinitiv. The stock later pared its gains and fell nearly 1% below its closing price amid thin trading volume.
Roku jumped 9.9% following the release of the streaming platform’s better-than-expected second-quarter earnings. The company reported a loss per share of 8 cents on revenue of $250 million. Analysts had expected a loss per share of 22 cents on revenue of $224 million, according to Refinitiv. In a letter to shareholders, the company said its “ongoing investment in areas of competitive differentiation continue to drive growth and attract users, advertisers and content publishers.”
Shares of American International Group rose 5.7% after the insurance company’s second-quarter earnings beat estimates. The company reported adjusted earnings per share of $1.43 per share, versus the estimated $1.15 per share analysts surveyed by Refinitiv had been expecting. AIG’s CEO Brian Duperreault said in a statement said, “General Insurance achieved its second consecutive quarter of underwriting profitability resulting from underwriting and expense discipline, and reinsurance actions, and remains on track to deliver an underwriting profit for the full year.”
Fox Corporation ticked up 1.9% after the news and entertainment company beat analysts’ expectations for its fourth-quarter earnings. The company reported adjusted earnings per share of 62 cents on revenue of $2.51 billion. Analysts had expected earnings per share of 59 cents on revenues of $2.47 billion, according to Refinitiv. The company said it saw growth across across its operating segments and key revenue categories. Fox shares later lost steam and were last seen little changed in late trading.
TripAdvisor fell as much as 6.2% following the release of the travel company’s lower-than-expected second-quarter earnings. The company reported adjusted earnings of 45 cents per share on revenue of $422 million. Analysts had expected earnings per share of 51 cents on revenue of $446 million, according to Refinitiv.