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Coinbase Global – Missed estimates for first-quarter revenue on Tuesday and posted a loss as turmoil in global markets curbed investor appetite for risk assets including trading in cryptocurrencies. Coinbase reported a 35% slump in total revenue to $1.17 billion for the three months ended March 31. Analysts had expected revenue of $1.48 billion. Trading volumes fell to $309 billion for the quarter ended March 31 from $335 billion a year earlier. Retail trading took a big hit, with volumes tumbling 38% to $74 billion, although the institutional side grew 9% to $235 billion. Net loss attributable to common shareholders was $429.7 million, or $1.98 a share, for the three months ended March, compared with net income of $387.7 million, or $3.05 a share, a year earlier.
Roblox Corp – Lower after saying it expects net losses to continue for the “foreseeable future”, after higher expenses and a slowdown in demand from pandemic-era highs dragged bookings in the first quarter. In the United States and Canada, it saw a decline in hours spent, although strength in other markets helped overall daily active users grow 28% to 54.1 million in the quarter. First-quarter bookings fell 3% to $631.2 million, while analysts had expected $645.3 million. The company generates most of its bookings from its virtual currency “Robux”, which players can purchase with real money to spend in-game on upgrading their avatars with items like outfits, accessories and pets. On an adjusted basis, Roblox lost 27 cents per share in the quarter ended March 31, higher than estimates of 21 cents.
Ford Motor Co – Higher in early trading, confirmed in a SEC filing after the close yesterday sold eight million shares of electric-car maker Rivian for $214 million, or $26.80 apiece. Ford now holds nearly 94 million shares, or a 10.5% stake, and is still the fourth-largest shareholder in the Irvine, California-based company.
Unity Software – Set to open at a record low, company said it now expects Q2 revenue of $290 mln-$295 mln vs est $321.5 mln estimates. Unity also lowered its full-year earnings forecast due to challenges with monetization products. MS out with a negative note on the stock this morning saying “We believe that the most significant driver of the guidance cut was a pullback in advertising spend as customers reacted to the weaker performance of the ad network in 1Q/early 2Q”. Unity reported a net loss of $177.6 million, or 60 cents a share, compared with a net loss of $107.5 million, or 39 cents a share, in the year-ago quarter. Adjusted earnings were a loss of 8 cents a share. Revenue increased 36% to $320.1 million from $234.8 million a year ago.
BIG Tech – Showing relative strength premarket coming off a solid late session rebound yesterday, look to this group for leadership following the CPI number. AAPL, MSFT, NVDA, AMD
Veru Inc – Announced plans to make submission to FDA in Q2 for emergency use authorization (EUA) of COVID-19 drug after regulator says VERU’s current late-stage study data on safety and efficacy of drug is sufficient to support submission. VERU also plans to meet U.S. and ex-U.S. government officials to discuss advance purchase agreements. The company last month reported interim analysis of late-stage study of its oral drug candidate, sabizabulin, which showed a 55% reduction in deaths vs placebo in hospitalized moderate-to-severe COVID-19 patients.
Occidental Petroleum – Higher following an earnings beat for its latest quarter, helped by surging oil prices. Occidental is the top gainer among S&P 500 stocks, having more than doubled this year.
SoFi Technologies – Back on watch with multiple negative analyst moves following yesterday’s earnings leak. Analysts at Morgan Stanley (MS) say SOFI’s Q1 beat was bolstered by personal lending, which is proving to be more resilient than expected. Recent bank launch after obtaining charter and quality underwriting puts SOFI in better spot to handle market volatility – MS
Desktop Metal – The 3D-printing systems maker priced $100 mln 6% 5-yr convertible bonds for general corp purposes. DM on Tues plummeted 61.1% to $1.33 after co launched $150 mln convertible deal and posted Q1 loss of 22 cents/sh, missing consensus by 9 cents, per Refinitiv.