Warner Bros. Discovery (WBD): Shares fell 2% in extended trading after the company’s revenue and subscriber growth fell short. Sales for the quarter totaled $9.82 billion, weighed down by a slowdown in advertising. WBD swung to a loss of $2.31 billion, compared to net income of $156 million a year ago.
HBO, HBOMax and Discovery+ added 2.8 million subscribers during the quarter, missing the street’s estimates despite the success of its “Game of Thrones” spinoff.
Starbucks (SBUX): The company’s third-quarter revenue and earnings beat estimates, pushing shares higher in after hours trading. North America same-store sales soared 11% while global same-store sales increased 7%.Net revenue was $8.41 billion, up 3% from a year ago.
DoorDash (DASH): Shares jumped 9% after DoorDash reported strong results and guidance. Third-quarter sales were up 33% from a year ago while order volume soared 27%. Fourth-quarter guidance for Marketplace order value was $13.9 billion to $14.2 billion, topping estimates.
PayPal (PYPL): Shares dropped 13% in after hours trading after the company cut its revenue outlook. PayPal expects full-year revenue growth of 8.5%, down from its prior outlook of 18%. For the third quarter, the company beat on both the top and bottom lines. Adjusted earnings were $1.08 per share while revenue totaled $6.85 billion. PayPa also lifted its full year EPS guidance by 16 cents to $4.07 to $4.09.
Block (SQ): Shares soared 11% in extended trading after the company’s earnings and revenue beat expectations. Net revenue rose 18% from a year ago to $4.52 billion. Adjusted earnings of 42 cents per shares topped analyst estimates. Block’s Cash App Card showed ‘significant momentum’ during the quarter, scaling to more than 35% of its monthly actives.
Carvana (CVNA): Shares fell 7% after the company’s third-quarter revenue missed as economic headwinds put pressure on sales. Revenue fell 3% to $3.39 billion, short of the Street’s estimate of $3.71 billion. Carvana CEO Ernie Garcia warned on the earnings call that gross profit per unit will likely drop further in the fourth quarter.