The financial market witnessed significant movements as companies released their fourth-quarter earnings reports. The Trade Desk, Fastly, Equinix, MGM Resorts, Dutch Bros, Applovin, Robinhood, and Reddit were among the key players making headlines. While some companies surpassed expectations and saw their stock prices soar, others faced declines due to underperforming results.
The Trade Desk reported a revenue of $741 million for the fourth quarter, falling short of the consensus forecast of $759 million. This led to a loss of 3 cents per share, wider than analysts' estimates. Fastly also faced challenges, projecting a loss of 9 cents to 15 cents per share for the period, contrary to the anticipated profit of 4 cents per share by analysts polled by LSEG.
Equinix experienced a 2% decline despite posting revenue of $4.27 billion, which exceeded consensus estimates. However, the company took a positive step by raising its quarterly cash dividend by 10% to $4.69 per share, showcasing its commitment to shareholder returns.
In contrast, MGM Resorts saw an 8% increase in stock price after reporting $4.35 billion in revenue for the fourth quarter. Dutch Bros surged 19%, surpassing earnings expectations and issuing an optimistic full-year revenue outlook. Applovin also impressed investors, with its stock surging 20% after beating Wall Street's predictions for the fourth quarter and providing strong current-quarter revenue guidance.
Robinhood's performance was another highlight, as it reported $1.01 billion in revenue for the three-month period, surpassing the consensus estimate of $944.6 million. Consequently, its stock jumped 13%. However, Reddit faced a 17% slide in its stock value after user numbers fell short of Wall Street's expectations, despite beating analysts' expectations on both the top and bottom lines.
Fastly's stock tumbled about 16% following weak guidance for the full year, adding to its challenges in meeting market expectations. Meanwhile, Applovin earned $1.73 per share on $1.37 billion in revenue, both figures exceeding analysts' expectations.