Upwork Inc. (UPWK) stock rallied 18% after the platform for freelancers narrowed its quarterly loss, swinging to an adjusted profit, and reported revenue above Wall Street expectations.
Shares of Clorox Co. (CLX) jumped nearly 6% after the maker of eponymous cleaning products reported quarterly profit and sales well above Wall Street expectations and called for higher earnings and revenue for the year as well.
Unity Software Inc. shares (U) rallied more than 5% after the app-monetization and game-engine company raised its annual forecast and posted a narrower-than-expected loss.
SunRun Inc. stock (RUN) was up 7% after the solar-power company missed revenue expectations for the second quarter but delivered a surprise profit.
Shares of EVgo Inc. (EVGO) jumped 15% after the company, which runs a network of electric-vehicle charging stations, gave a more upbeat full-year sales outlook and reported second-quarter results that were better than expected.
DoorDash Inc. (DASH) shares were up 4.4%. The delivery app reported a slightly bigger second-quarter loss than expected but sales that beat estimates.
Several major companies experienced declines in their stock prices recently. Here are some key details:
Qualcomm Inc. (QCOM)
Shares of Qualcomm Inc. dropped more than 8% following the chip maker’s tie-in between revenue growth and recoveries in the smartphone market and China.
PayPal Holdings Inc. (PYPL)
PayPal Holdings Inc. stock fell 8% after the payments company reported quarterly revenue slightly above Wall Street expectations. However, concerns were raised regarding its credit business.
Etsy Inc. (ETSY)
Despite beating expectations, shares of Etsy Inc. lost 9% for the online marketplace company.
Lemonade Inc. (LMND)
Lemonade Inc.’s stock price soured, dropping more than 6%. Even though the mobile-based insurance company cleared Wall Street expectations, it succumbed to the fact that it had rallied more than 60% year to date.
QuantumScape Corp. (QS)
Shares of QuantumScape Corp. fell 10% after the solid-state battery maker announced plans for a $300 million stock offering.
MGM Resorts International (MGM)
MGM Resorts International shares fell nearly 7% even though the casino and resort operator reported second-quarter results that surpassed expectations. The lifting of pandemic restrictions in global gaming hub Macau contributed to their success.
Robinhood Markets Inc. (HOOD)
Shares of Robinhood Markets Inc. fell 6% after the stock-trading app reported revenue and profit that exceeded expectations. However, there was a drop in transaction sales and monthly active users.
These declines highlight the challenges faced by these companies in various sectors of the market.