Benzinga’s “10 Stocks Down More Than 10%” aims to deliver investors the news surrounding hot stocks with significant price action for the week beginning May 9, 2022.
The information provided for these hot stocks is compiled using the Movers and News tools in Benzinga Pro.
Coinbase Global Inc COIN, -40.93%: The cryptocurrency trading platform lost $1.98 per share on $1.17 billion in revenue, missing EPS projections of 17 cents on $1.48 billion in revenue. In addition, the company reported a 44% reduction in crypto trading transactions for the quarter, which it linked to the highly volatile crypto markets.
Cloudfare Inc NET, -36.46%: Following the company's earnings release last week, shares have continued to fall. Even though the cybersecurity firm's quarterly results exceeded analyst forecasts, investors reacted unfavorably to its current quarter bottom-line prediction, as the company implied it would likely miss in its following report.
Palantir Technologies Inc PLTR, -30.9%: Palantir posted quarterly earnings of 2 cents per share on Tuesday, falling 50% short of analyst expectations. Sales of $446 million were reported for the quarter, exceeding analyst projections of $443.42 million. This marks a 31% increase above revenues of $341.23 million in the same period the previous year. Meanwhile, Palantir expects sales of $470 million in the second quarter, which is lower than analyst expectations of $483.84 million.
Roblox Corp RBLX, -29.94%: Roblox announced quarterly losses of 27 cents per share, falling 22.73% short of analyst expectations. The company posted quarterly sales of $537.10 million, which were 16% below analyst expectations. This is a 39% gain over last year's $386.98 million. DAUs were 53.1 million in April, increasing 23% year over year, according to Roblox. The company also estimated 3.8 billion hours were spent playing in April, up 18% year-over-year.
Unity Software Inc U, -29.09%: Unity's first-quarter revenue climbed 36% year-over-year to $320.1 million, falling short of analysts' expectations of $321.49 million. The company's adjusted loss per share was 8 cents, which was in line with expectations. Unity expects revenue in the second quarter to be between $290 million and $295 million, down from the $361 million forecasts. In comparison to the $1.5 billion predictions, the company expects full-year sales of between $1.35 billion and $1.45 billion in 2022.
Rivian Automotive Inc RIVN, -28.76%: Last Friday, the stock began its decline, falling 12.45% throughout the session. The announcement that Ford Motor Company F had sold more than 8 million shares worth about $214 million in the EV startup pushed losses into this week.
Shopify Inc SHOP, -27.9%: Last week, shares began to decline after the company reported a 22% increase in first-quarter revenue from the same period the previous year. Shopify reported 20 cents per share in adjusted quarterly earnings, down from $2.01 per share a year ago. As the week progresses, several analysts have decreased their price expectations for Shopify, aiding in the drop in share prices.
Trade Desk Inc TTD, -27.45%: Trade Desk announced quarterly earnings of 21 cents per share, up 50% over the same period last year, and revenue of $315 million, up 43%. Despite exceeding analyst expectations, the stock is declining due to unfavorable market circumstances and inflation concerns.
Zscaler Inc ZS, -26.58%: Shares are in correction territory amid a rise in yields, which has weighed on growth sectors. Higher rates lower the present value of future cash flows, which can pressure the valuations of growth stocks.
CrowdStrike Holdings Inc CRWD, -23.83%: Shares began slipping last week as analysts lowered their price targets on the stock amid fears of recession.
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