Stocks making the biggest moves after the bell: Lordstown Motors, eBay, Sonos and more
Check out the companies making headlines after the bell Wednesday:
eBay — Shares of eBay are down 2.4% after the company reported disappointing revenue for the second quarter. EBay posted $2.67 billion in revenue for the quarter, missing a Refinitiv forecast of $3 billion. Gross merchandise volume also fell 7% on a year-over-year basis to $22.1 billion, and its third-quarter outlook fell light on both earnings and revenue.
Sonos — The maker of audio products saw its stock jump 7% following its earnings report, which came in at 12 cents per share. Analysts polled by Refinitiv expected a loss of 17 cents per share. Sonos also recorded strong revenues of $378.7 million, compared with an estimate of $313.6 million. CEO Patrick Spence said in a statement that “with more video content going direct-to-home, consumers are demanding a theater-like audio experience in the home.”
Rackspace Technology — Shares of the cloud technology services company fell more than 5% after a disappointing third-quarter forecast overshadowed stronger-than-expected results for the previous quarter. The company said it expects third-quarter revenue to range between $750 million and $760 million. That’s below a StreetAccount estimate of $763.2 million. Rackspace did beat the Street on second-quarter earnings and revenue, which were 24 cents per share and $744 million, respectively.
Lordstown Motors — The electric vehicle maker’s stock rose nearly 4.5% despite the company posting a bigger-than-expected loss for the second quarter. Lordstown reported a loss of 61 cents per share. That’s larger than the 49 cents per share analysts polled by Refinitiv expected. Lordstown said it still plans to start production on its electric truck in September, with initial deliveries beginning in the first quarter of 2022.
