Sending Rumbles Through The Market

Two stocks were on the move from both a price and message volume perspective after they reported earnings. Let’s recap. 📝

First up is the EV charging network operator EVgo. 🔋

The company reported a fourth-quarter loss per share of $0.06 on $27.3 million in revenue. That topped the expected $0.16 per share loss and $21.8 million in revenue. 👍

Executives say they added about 59,000 new customer accounts, grew network throughput by 76% YoY to 14.4 GWh, and ended the year with 2,800 fast-charging stalls in operation. Its eXtend unit saw sharp growth, rising to 61% of the company’s total revenue. The program has attracted customers like General motors, Pilot, and JPMorgan Chase.

However, its 2023 guidance came with a caveat, given it’s unsure how many U.S.-made chargers it will be able to procure. As a result, it expects revenue of $105 to $150 million, an adjusted EBITDA loss of $60 to $78 million, and roughly 3,400 to 4,000 fast-charging stalls in operation or under construction. ⚡

Revenue guidance was slightly less than the $153.7 million expected. But investors appeared to look past that shortfall. $EVGO shares rose 22% on the day. 📈

Next is the online video platform and popular YouTube alternative, Rumble. 💻

The company reported a breakeven fourth quarter, while analysts expected a $0.06 per share loss. Revenue of $20 million also topped the $10.2 million expected by analysts. Executives say the platform’s global monthly active users grew 142% YoY to 80 million. 

$RUM shares rose 30% on the news, still up about 15% as of writing this. 👍

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Zoom Avoids Doom (Again)

Zoom Video Communications hasn’t made headlines for many good reasons lately, scraping the bottom of its range as a public company as investors look for other opportunities. However, the stock is jumping today on better-than-expected results, so let’s take a look. 👇

The video chat software vendor’s adjusted earnings per share of $1.22 on $1.15 billion in revenues topped expectations of $1.15 and $1.13 billion. Revenue growth remains anemic, rising just 3% YoY, but the company’s cost-cutting has helped it drive positive earnings vs. last year’s loss. 

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Lyft’s IR Department Just Whiffed

Investor relations departments are the silent heroes of a public company, receiving little recognition for the critical role they play. When they do receive a lot of attention, it’s generally not for good reason. That’s unfortunately what Lyft’s team is finding out today. 😵‍💫

After the bell, ridesharing company Lyft reported fourth-quarter results that were good, not great. But the stock immediately shot up and notched as high as a 60% gain before anyone realized what happened. Did the company just invent a cure for rare diseases? Are they pivoting to crypto or semiconductors? What was the cause of this?

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$NET Makes The Bears Regret

Network provider Cloudflare is surging after the bell following better-than-expected results. 📝

The company’s adjusted earnings per share of $0.15 on $362.50 million in revenues topped estimates of $0.12 and $353.10 million. YoY revenue growth of 32% was consistent with its third quarter, while its GAAP net loss narrowed significantly from the year prior.

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The Battle Of The Clothing Boxes

The online personal styling business might’ve been a solid bet during the ZIRP era, but it has really taken a beating in the post-pandemic world. Today, we heard from Stitch Fix and ThredUp, battling for survival in the public markets. 📦

First up, Stitch Fix reported a $0.29 per share loss on $330.40 million in revenues. Both numbers missed estimates of a $0.22 loss and $330.88 million. Looking ahead, the company’s third-quarter revenue guidance of $300 to $310 million also missed expectations. 🔻

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